An adverse action notice is a document sent to a loan applicant stating a bank’s rationale for denying a loan. It may also contain a counteroffer, such as a lesser amount or a request for an approved co-borrower.
An authorized signer form is a document that allows an account holder to grant a range of clearance levels to individuals to perform certain functions within a bank account.
Back-office staff at a bank or credit union encompasses all positions that are not customer-facing. These jobs on the operations side of a financial institution include a wide array of duties necessary to keep a bank functioning.
Bank due diligence refers to the steps that a financial institution takes to investigate, address, and/or minimize risk. Due diligence is performed in a wide variety of banking processes, such as underwriting, BSA, acquisitions, hiring, and vendor management.
Bank loan tickler tracking is a process that enables the timely follow-up of items that must be tracked throughout the life of both consumer and commercial loans.
Bank record retention requirements detail the mandatory minimum length that financial institutions must keep various documents.