In agreements where financial institutions have appilcations for credit cards available for our customers with our name on them, and the cards have our name and logo on them when issued, but we do not do the underwriting, servicing, or adverse actions, are we considered the issuer and therefore subject to REG Z, FCRA, etc.? I’m not sure what responsibility the FI has under these kinds of agreeements. All we would be doing is sending in the app for the customer or providing them the app for them to send in, but our name appears on the app and the card…..thanks.
I’ll tell you what an FDIC examiner told me at their recent FDIC Outreach meeting in a session on third party risk.
He said that if our name and logo is used on the card, then we have risk under the third party risk rules. He indicated we needed to obtain copies of marketing materials, periodic statements, all disclosures, etc. and review them for compliance. He strongly suggested that someone at the bank obtain one of their credit cards so that we can monitor communications sent to customers on an ongoing basis. He did not go so far as to say we had penalty liability under the regs you mentioned.