Does an adverse action notice need to be signed by a bank employee, and if so, must the employee have loan authority?

No, an adverse action notice does not need to be signed by a bank employee — whether the adverse action notice is being sent in accordance with the Equal Credit Opportunity Act (ECOA) and its implementing regulation (Regulation B) or the Fair Credit Reporting Act (FCRA).

Regulation B requires that an adverse action notice contain the name and address of the creditor sending the notice, but there is no requirement that the creditor sign the notice. The FCRA requires that an adverse action notice include the relevant consumer reporting agency’s contact information, but there is no requirement that the person sending the notice sign it.

Additionally, the model forms for sending combined ECOA and FCRA adverse action notices in Regulation B do not include a signature line for the creditor.

For resources related to our guidance, please see:

  • Regulation B, 12 CFR 1002.9(a)(2) (“Content of notification when adverse action is taken. A notification given to an applicant when adverse action is taken shall be in writing and shall contain a statement of the action taken; the name and address of the creditor
  • FCRA, 15 USC 1681m(a) (“If any person takes any adverse action with respect to any consumer that is based in whole or in part on any information contained in a consumer report, the person shall—

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 (3) provide to the consumer orally, in writing, or electronically—

  •  (A) the name, address, and telephone number of the consumer reporting agency (including a toll-free telephone number established by the agency if the agency compiles and maintains files on consumers on a nationwide basis) that furnished the report to the person . . .”)