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BSA/AML/CIP/OFAC Forum
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That is how we discrete file now. It is just a single upload box, with your pin. You must submit the correct form. They used the wrong form, so without working at FinCEN I would say no, they have not filled the SAR officially. They filed an incorrect CTR, based on your statement that the “track Org” e-filling status is CTRX and not SARX.
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Audit
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Vendor discussions are limited to the private forums. Also, if you post there, mentioning your geographic location might be nice. At that size of a bank, I am not sure you want to hire someone from across the country. Have you talked to your external CPA firm or checked with your State banking association, of which I assume you probably are a member?
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BSA/AML/CIP/OFAC Forum
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One CTR.
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Lending Compliance
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That was what I was thinking and I appreciate you confirming this for me.
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Indiana
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Thanks rclarey
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Chat! - BOL Watercooler
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My Immortal--Evanescence
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Chat! - BOL Watercooler
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America--Neil Diamond
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CRA
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Good afternoon,
We have a SBA 504 loan that originated in 2023 with 12 months interest only payments. We just granted a 3 month extension of the note to allow ample time for the SBA debenture sale to take place. Can we get CDL credit this year for the extension?
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FCRA
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Thank you both.
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Flood Compliance
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Thank you, I appreciate your help!
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Lending Compliance
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Yes, you assume correctly. Thank you!
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BSA/AML/CIP/OFAC Forum
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Yes, for the 9k because they are joint on the account and A handled more than 10k.
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The BOL Couch
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Thanks burkemi, and good to hear from you again.
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Lending Compliance
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Got it, thank you!
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Need to Remain Anonymous
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or if the loan or line of credit is secured by a dwelling that is located on real property that is used primarily for agricultural purposes (e.g., a farm).
Just a point of interest. Regardless of the loans purpose if the loan is secured by property used primarily for agricultural purposes the loan is exempt from HMDA reporting.
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Lending Compliance
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Yes, there was no site visit, but an opinion of value is provided. Thank you
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Lending Compliance
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They took the application, did they not? But I would be engaging legal counsel if there is a question.
36(a) Definitions
1. Meaning of loan originator. i. General. A. Section 1026.36(a) defines the set of activities or services any one of which, if done for or in the expectation of compensation or gain, makes the person doing such activities or performing such services a loan originator, unless otherwise excluded. The scope of activities covered by the term loan originator includes:
2. Arranging a credit transaction, including initially contacting and orienting the consumer to a particular loan originator's or creditor's origination process or particular credit terms that are or may be available to that consumer selected based on the consumer's financial characteristics, assisting the consumer to apply for credit, taking an application, offering particular credit terms to the consumer selected based on the consumer's financial characteristics, negotiating credit terms, or otherwise obtaining or making an extension of credit.
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HMDA
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Not in my opinion, if by short-term rental you mean weekend rentals and such. That's transitory housing to me.
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Lending Compliance
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Correct, you cannot go back and collect monies to be paid to the lender. It only applies to third-party fees. You, as the lender, normally collect document preparation fees? Unless you have attorneys on staff preparing your documents, in many States, that would run afoul of the unauthorized practice of law on loans secured by real property.
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Deposits and Payments
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Randy - no. The only notice we are using is the model notice which includes the amount of the hold that we applied.
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BSA/AML/CIP/OFAC Forum
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I just was reviewing a similar CTR and this was a trust with 3 trustees. One trustee was the conductor. I verified it the same way Randy said - 2c for the trust/entity and 2b for the one trustee who was the conductor.
Not wanting to add any confusion, but I have seen an example in BSA training information where the trust is for the conductor only (ie: Jane Doe Trust and Jane Doe Trustee) and a CTR would then make the conductor, Jane Doe, a 2a.
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Chat! - BOL Watercooler
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Congratulations, Susielou!
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Deposits and Payments
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In the supplementary information published with the revised rule, the FDIC included this paragraph (you can find it HERE):
"In response to comments related to technical issues and potential costs, the FDIC recognizes the commenters' concerns. But several comments also highlighted the importance and value of clear and conspicuous signage to prevent consumer confusion. The FDIC believes that the benefits of the FDIC official digital sign outweigh the concerns about costs. To alleviate those concerns the FDIC is reviewing options to provide IDIs with technical assistance or guidance to assist in implementing the FDIC official digital sign requirements. The FDIC will also review options to provide an image of the FDIC official digital sign to IDIs upon request at no charge, similar to the process by which the FDIC provides banks with physical official signs."
When it comes to including the official digital sign on pages of banking apps, it will be difficult, if not impossible, to include the entire thing on one line as it is displayed in the regulation (even the official digital symbol is described as including the letters FDIC and the single line of text the follows it), since most banking apps are portrait-oriented to accommodate the way customers normally hold their mobile phones. Some of the apps don't even allow themselves to be auto-rotated by holding a phone horizontally. I have received no response to a comment on that fact directed to one of the contact individuals identified in the opening paragraphs of the Federal Register document.
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Deposits and Payments
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And comment 229.13(e)-2.d.:
d. There are reasons that may cause a bank to believe that a check is uncollectible that are based on confidential information. For example, a bank could conclude that a check being deposited is uncollectible based on its reasonable belief that the depositor is engaging in kiting activity. Reasonable belief as to the insolvency or pending insolvency of the drawer of the check or the drawee bank and that the checks will not be paid also may justify invoking this exception. In these cases, the bank may indicate, as the reason it is invoking the exception, that the bank has confidential information that indicates that the check might not be paid.
And comment 229.13(g)-5:
5. Record retention. A depositary bank must retain a record of each notice of a reasonable cause exception for a period of two years, or such longer time as provided in the record retention requirements of §229.21. This record must contain a brief description of the facts on which the depositary bank based its judgment that there was reasonable cause to doubt the collectibility of a check. In many cases, such as where the exception was invoked on the basis of a notice of nonpayment received, the record requirement may be met by retaining a copy of the notice sent to the customer. In other cases, such as where the exception was invoked on the basis of confidential information, a further description to the facts, such as insolvency of drawer, should be included in the record.
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Deposits and Payments
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That is why we at BankersOnline have interwoven the Official Staff Commentary (or Official Interpretations) into applicable sections of regulations that we have on our site. It is a reminder that the OSCs or OIs are integral to an understanding of the part of the regulation you are working with, and it is easily at hand, rather than in a separate (huge) document applicable to the whole regulation.
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