Personal loans that have been made to borrowers are being required to be signed on the personal loan forms, the New York Federal Reserve said in a statement.
The bank’s announcement comes as more than a dozen states and cities are exploring a proposal that would require borrowers to submit personal loans on their personal credit reports, or even personal checks, in order for those loans to be reviewed.
The new rule would be enforced in the New Hampshire state legislature, New York state legislature and in cities and counties across the country, the Federal Reserve Bank of New York said.
It said personal loans that were made to a borrower’s children and grandchildren would still be considered personal loans, but they would have to be registered with the bank.
The New York Fed said personal loan applications would be required to include all of the following information:The loan is made by a creditor or lender of the borrower, or is the result of an extension or extension of credit by the borrower; The loan is for less than $1,000; and The borrower and creditor signed a loan agreement.
The Fed said it also said the borrower must provide documentation of income verification.
The policy change, announced on Friday, is the latest in a series of policy changes to help the U.S. economy.
Last week, the Fed said the Federal reserve will require consumers to have a bank statement to verify income, and that it will stop lending to anyone who fails to provide that documentation.
The Bank of America is also introducing new rules that would allow borrowers to opt out of certain forms of financial reporting.
Those rules, the bank said, will help reduce the likelihood that a borrower will be required by a bank or credit reporting agency to provide financial information.