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• W103666734 abstract "Anne Wallace, a manager in the Washington, D.C., office of KPMG Barefoot Marrinan, a business unit of KPMG Peat Marwick LLP. Originating credit applications on the Internet raises a host of legal and regulatory issues for banks, notably fair lending. Today, the number of applications originated on the Internet is small-estimated at $321 million by one survey. However, if the predictions are accurate, this figure will increase dramatically over the next few years to $40.5 billion by 2001, according to the same survey. Given this projected growth, now is the time to explore the implications of this new channel under the Equal Credit Opportunity Act (ECOA) and Fair Housing Act (FHA) and to integrate Internet lending into the bank's fair lending compliance plan. Technical compliance When the ECOA and the FHA were enacted, no one imagined originating an application for credit electronically. In the 1970s, the credit process was almost entirely paper-based and relied heavily on face-to-face contact. Over the last 20 years, however, an Increasing number of applications have been originated by mail and by telephone. Creditors have figured out how to comply with the technical fair lending rules-such as notices, informational requirements, and signatures-in an environment where the applicant and the creditor cannot see each other. At first, the on-line and physical environments seem very different. But, in fact, an on-line application for credit is similar to a mail-in application and the approaches developed to comply with fair-lending rules in a mail-in application can be transferred to an on-line application. Complying with the notice delivery requirements of Regulation B, including the adverse action and appraisal notice, will be made easier when the Federal Reserve Board finalizes a pending proposal to allow notices that now are required to be delivered in writing to be delivered by electronic communication. This positive assessment of a creditor's ability to comply with the technical requirements of the fair-lending laws on the Internet comes with a caveat. Experience suggests that specialized units not connected to the usual chain of authority are responsible for the development and implementation of on-line banking services. As a result, new product descriptions, advertisements, applications, and agreements for on-line products sometimes slip through the network of management, legal, and compliance controls that apply to the traditional channels. It is important that on-line offerings be subjected to the same review to ensure that elements such as the design of the application form, the placement of the fair housing logo, and the retention of applicable records are not overlooked. Substantive discrimination But what about substantive discrimination? Is cyberspace an upper- income, predominately white census tract? Will a financial institution's use of the Internet to originate applications for credit expose the institution to allegations similar to those on which the Department of Justice's case against Chevy Chase Federal Savings Bank was based--namely, that the institution is violating the ECOA and the FHA by offering its services predominately to white and/or upper income individuals? The concern about selective marketing is based on an assessment of the barriers to entry into the virtual community. These include: * Financial resources: the cost of a personal computer, telephone, and Internet access. * Technology skills: an individual must possess some to access the Internet. A recent Commerce Department study (Falling Through the Net II: New Data on the Digital Divide, available at www.ntia.org), which analyzed telephone and computer penetration rates, illustrates the concern. The study reports that income significantly affects access to phones and computers. …" @default.
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• W103666734 title "How the Net Measures Up under Fair Lending" @default.
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