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Compliance Question of the Week
In today’s banking environment as soon as one big new regulation is implemented another pops up. Our compliance resources help your community bank stay one step ahead of the regulators.
If a spouse has no ownership interest in a business, is a creditor permitted to get their signature for a guarantee?
Regulation B places restrictions on when a creditor may get a spouse’s signature, including:
Not permitting a spouse’s signature for an applicant who qualifies for individual credit under 1002.7; and Permitting a signature for community property states under 1002.7(d)(5) of the official staff interpretation.
For spousal guarantees Regulation B states: The rules in 1002.7(d) bar a creditor from requiring the signature of a guarantor's spouse just as they bar the creditor from requiring the signature of an applicant's spouse.
For example, although a creditor may require all officers of a closely held corporation to personally guarantee a corporate loan, the creditor may not automatically require that spouses of married officers also sign the guarantee. If an evaluation of the financial circumstances of an officer indicates that an additional signature is necessary, however, the creditor may require the signature of another person in appropriate circumstances in accordance with 1002.7(d)(2).
Reference: Official Staff Interpretation 1002.7(d)(6).