Topic: Nonmember Loan Issues
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#83007 – Notice to Cosigner (Rev. 7/23)
Use for: Open or closed-end credit when required by the FTC’s Credit Practice Rule at 16 CFR 444 – basically consumer credit (personal, family, or household purpose) with a cosigner […]
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OCU announces it is holding joint borrower letter “in abeyance”
NEWS: The Wisconsin Office of Credit Unions announced today that it will not enforce General Letter CU 4-18 for now, except in cases where a loan is made to a single non-member. As […]
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CFPB: 12 CFR 1002._7
§1002.7 Rules concerning extensions of credit. ***** (d) Signature of spouse or other person— (1) Rule for qualified applicant. Except as provided in this paragraph, a creditor shall not require […]
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FTC: 16 CFR 444._3
FTC 16 CFR 444 – Credit Practices §444.3 Unfair or deceptive cosigner practices. (a) In connection with the extension of credit to consumers in or affecting commerce, as commerce is […]
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Wis. Stats: 186 Credit Unions (state-chartered only) as regarding accounts and nonmember loans
186.113 Credit union powers. A credit union may: ***** (13) MULTIPARTY ACCOUNTS. Issue multiple accounts in joint tenancy with any person designated by the member. The person first named on […]
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NCUA: Legal Opinion Letter No. 95-0616 – Acceptance of Nonmembers as Joint Applicants on a Loan (1995)
Opinion regarding the ability of a federal credit union (FCU) to permit nonmembers to participate in loans to members.
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NCUA: Legal Opinion Letter No. 00-0605 – Permissibility of Nonmember Co-borrower (August 28, 2000)
Opinion Letter regarding when does nonmember involvement in a loan or line of credit so distort the lending relationship between the FCU and the member to render the transaction an impermissible […]
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NCUA: Legal Opinion Letter No. 98-0915 – Nonmember Joint Owner’s Ability to Obtain Advances Under an Open End Credit Agreement (November 16, 1998)
Opinion Letter regarding whether a nonmember joint account signer at a federal credit union could request advances under an open end credit agreement.
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Wis. Stats: 186 Credit Unions (state-chartered only) as regarding lending
186.098 Loans. (1) Loan approval. The credit union may make loans to members upon terms approved by the credit committee, loan officer or board of directors.
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#82077 – Explanation of Personal Obligation (Open-end) (Rev. 7/23)
Use for: Open-end Wisconsin Consumer Act and Chapter 428 real estate loans with a cosigner or guarantor. Revised 7/23. Revised by fixing a typo in paragraph (a). The fillable fields […]