Consumer Loan Policy Update

Consumer Loan Policy Template Update Detail - 02/22/07

What's New

Topic 3 - Definitions. Several consumer lending definitions were added.

Topic 4 - Responsibility. Includes the following subtopics:

Board of Directors and Senior Management

Loan Committee

Chief Credit Officer

Consumer Loan Department

Loan Officers

Compliance Officer

Credit Review Examination Report Requirements

Topic 14 - Employee Consumer Loan Processing Procedures. Provides sample guidance for the internal review, approval or decline of employee consumer loans.

Topic 15 - Small Dollar Loan Program. Includes the following subtopics:

General

Applicability of Subprime Lending Guidance

Program Overview

Affordability and Pricing Standards

Principal Reduction Standards

Underwriting Standards

Cost Feasibility Standards

Savings Component Standards

Collaboration Standards

Financial Education

Topic 17 - Audit Policy. Provides sample guidance for internal and external lending audit arrangements.

Topic 18 - Staff Training. Provides sample guidance for the periodic training of lending personnel.

Topic 19 - Retention of Documentation. Provides sample guidance for the retention of consumer loan documentation.

What's Revised

Topic 2 - Policy Statement. Includes the following new subtopics:

General

Operational Program Management and Servicing

Regulatory Compliance

Asset Allocation

Portfolio Diversification and Concentrations

Market Conditions

Lending Limits

Loan Pricing

Loan Fees

Insider and Affiliate Credits

Non-Discrimination Policy

Geographic Area Coverage

Enforcement

Exceptions to Policy

Topic 5 - General Credit Underwriting Guidelines. Includes the following subtopics:

General

Loan Types

Application Process

General Underwriting Criteria

Credit Scoring Guidelines and Methodology

Exceptions to Underwriting Decisions and Override Authority

Program Reporting

Policy Exception Reporting

Environmental Hazards

Commitments

Loan Agreements

Loan Officer Responsibilities

Regulations

Terms and Repayment

Joint Applications

Approval or Denial

Problem Loans and Collection

Loan Payment Extensions

Renewals and Special Reviews

Topics 6 through 11 and 13. All of these topics contain revised basic underwriting standards.

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