[jholzknecht]

An adverse action notice must include a statement of the action taken; the name and address of the creditor; a statement of the provisions of section 701(a) of the Act; the name and address of the Federal agency that administers compliance with respect to the creditor; and either:
(i) A statement of specific reasons for the action taken; or
(ii) A disclosure of the applicant’s right to a statement of specific reasons within 30 days, if the statement is requested within 60 days of the creditor’s notification. The disclosure shall include the name, address, and telephone number of the person or office from which the statement of reasons can be obtained. If the creditor chooses to provide the reasons orally, the creditor shall also disclose the applicant’s right to have them confirmed in writing within 30 days of receiving the applicant’s written request for confirmation.

A consumer may request:
* Clarification of the reasons for the action taken. Directing such inquiries to loan officers is appropriate.
* Section 701(a) is the ECOA notice that indicates the consumer can contact your regulator regarding discrimination. The consumer might contact you instead of your regulator.
* In part II of the adverse action form the consumer is told if the denial is based on information obtained from a third party, the consumer can contact you regarding the nature of the information received from the third party.
* You are required to state the reasons for the action taken or to give the consumer the right to request a statement of reasons. If you do not state the reasons then you need to be ready to respond to consumer’s request for the statement of reason.
You should have procedures for responding to any of these items.

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