Cassandra Phillips requested a loan to purchase a boat. She asked for $15,000 at 7.5 percent for seven years. The bank c

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Cassandra Phillips requested a loan to purchase a boat. She asked for $15,000 at 7.5 percent for seven years. The bank considered her request but decided, considering her income and credit history, the best offer of credit the bank could make was $10,000 at 8.25 percent for five years. Rhonda Mays, the loan officer, wrote a letter, setting forth the terms the bank could offer. The letter was mailed on July 1. Ms. Phillips received the letter and began to look elsewhere for a loan on the terms and conditions she wanted. Does the bank have any additional responsibility to Ms. Phillips?

A. No. Because the bank made the offer of a loan, there is no further responsibility.
B. No. Because the customer decided to look elsewhere, there is no further responsibility.
C. Yes. The bank must follow up with a phone call to determine if Ms. Phillips is still interested.
D. Yes. The bank must send an adverse action notice because Ms. Phillips did not take the bank's counteroffer.