Commercial loan not permissible purpose for credit report
By Sandra M. Traicoff
Commercial Banking, Collections, and Bankruptcy,
October 2000
The Federal Trade Commission ("FTC") recently issued a staff interpretative opinion letter that concludes there is no permissible purpose under the Fair Credit Reporting Act ("FCRA") for a business lender to obtain a consumer report on an individual who is a principal, owner or officer of a business loan applicant or who signs a personal guarantee in connection with a business loan
New powers for Illinois banks
By Sandra M. Traicoff & Tyler D. Petersen
Commercial Banking, Collections, and Bankruptcy,
March 2000
Recent legislation at both the state and federal levels has expanded the scope of powers authorized for Illinois banks.
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