Reasons for Loan Denial Required under Fair Credit Reporting Act?

[Guest halka]

I thought I'd seen this question but can't find it...

Participant applies for a plan loan and plan committee declines the loan app -- maybe the spousal consent wasn't there or substantiation of home purchase wasn't provided. Does the Fair Credit Reporting Act requirement that a lender provide borrower with the reasons for the loan denial apply to such situations??

THANKS