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Standard Procedures Manual #1 reviews all of the major federal and California laws and regulations relevant to consumer lending compliance. The Manual is organized around
the life cycle of a consumer credit transaction, beginning with advertising and marketing, through processing an application, loan closing, loan servicing, and changes after
closing – whether with the borrower’s consent or due to the consumer’s default. This approach allows for a review of each regulation at the stage in the life cycle of a consumer
loan when the regulation is relevant.
Note that this Manual does not address mortgage lending compliance. Refer to BCG Standard Procedures Manual #8, Mortgage Lending Compliance, for the compliance
requirements associated with mortgage lending.
This Manual addresses the following stages of a consumer loan:
- Introduction and coverage of the major regulations, including TILA & Regulation Z; ECOA & Regulation B; Fair Credit Reporting Act; Military Lending Act; Servicemembers Civil Relief Act; and UDAP/UDAAP
- Marketing, advertising and solicitations
- Distributing the application
- Receiving and processing the application
- Loan closing
- Contract and promissory note issues
- Loan servicing
- Subsequent changes
- Creditor’s remedies on default
- Penalties and liability
The Manual also addresses electronic disclosures in consumer lending under the E-SIGN Act.
SPM #1 also includes separate discussions regarding any unique compliance issues associated with the following types of consumer loan products:
- Personal unsecured loans and lines of credit
- Overdraft lines of credit
- Credit cards
- Loans secured by certificates of deposit
- Loans secured by stock
- Automobile lending (direct and indirect)
- Automobile leasing
- Manufactured homes, mobile homes and recreational vehicles
The main text of the Manual is 796 pages, plus 45 pages of appendixes.
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Compliance Companion
Compliance Companion® is a one-stop regulatory compliance resource for financial institutions.
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