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General Discussion
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If we generate an ACH debit and send it with an effective date of the following business day, can the receiving bank elect to charge it against the customer's account on the day they receive it, instead of the following day that is listed as the effective date?
For example, we generate the file and send it on the morning of May 9th, with an effective date of May 10th.
The receiving bank gets the file in the afternoon of May 9th and posts it against the account of the customer the same day, even choosing to return it NSF if the account doesn't have funds to cover it. (Even though it would have been fine if they posted it on the actual effective date)
Is this allowed or is this a violation of the ACH rules?
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HMDA
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i need clarification, please, on what property value - which leads into the reported LTV - to report on the LAR.
1003.4(a)(28) states - in general - we "report the property value relied on in making the credit decision." Our presentations have a collateral table that many times state the required appraised value that is needed, as an appraisal is not ordered until the loan is approved by the lender.
The loan is conditioned on receiving an appraisal for at least the stated required value. The associated LTV on the approval is calculated on this required value. These are the values relied on in making the decision.
Is it these presentation values and LTVs that I report? Or, because a condition of the loan is the satisfactory appraisal, do I report the actual final appraised value and the LTV calculated from that final appraisal.
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Need to Remain Anonymous
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CRA Edits
by Anonymous
@ Yesterday at 03:29 AM
Can anyone provide information on fixing CRA Edits? The FFIEC information was not helpful at all - the edits do not make sense at all.
Duplicate MSA/MD, State, County, Tract combination for the same loan type.
Average loan amount of small farm loans originated >$250 not <=$500K
CRA newbie here that needs help, please!!
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CRA
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We have a hotel that we are refinancing from another bank. It's located right on the edge of a middle and moderate income tract, but actually in the middle income tract. I'm sure it draws employees from the surrounding moderate income tracts.
Since it's a not a build or a rehab, but rather just a straight refinance, could we still this qualify as a CD loan under the idea of job preservation?
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Operations Compliance
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Hello. Was hoping to get some opinions on remittance transfer questions that i have.
1. For remittance transfers done by phone, I believe a bank would almost be forced to utilize the separate pre-payment disclosure and receipt rather than using the combined disclosure. I state this because use of the combined disclosure triggers the need to provide proof of payment. And proof of payment must be provided in writing or electronically in a retainable form "...when payment is made for the remittance transfer." And comment 5 to 1005.34(a) tells us that payment is made "... when a sender provides cash to the remittance transfer provider or when payment is authorized." So it would be impossible to provide something in writing over the phone at the time the customer authorizes a wire. They aren't there in person to hand it to. I guess providing it electronically might be an option, but that comes with its own issues. Would you agree or disagree with me here?
2. If a remittance transfer is to provide funds in a foreign currency, we provide an exchange rate on our disclosure as required. My understanding is that exchange rate is only good for that day, as they can change daily (someone please correct me if I'm wrong here). Say the bank has a wire cut-off time of 3:00, but a customer comes in after that cut-off time to request a remittance transfer in a foreign currency. Do we have to send them away and tell them to come back on the next business day since the exchange rate we would provide on that day might change the next day when the wire actually goes out? Or can we estimate that exchange rate using the exchange rate for the current day, disclose to the customer on that day when they come in, and send the wire out the next business day since the cut-off time had already past?
Thank you in advance for looking this over.
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BSA/AML/CIP/OFAC Forum
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I've been looking at SARs for a bank and noticed something I have not seen other folks do, but I don't think it's necessarily wrong. Just wanting to see if anyone here that completes SARs do the same.
First, on the first page of the form on 2 Financial Institution Note to FinCEN they are just putting a brief descriptions of the reason for the filing. I understood that to be when it applies to a guidance/advisory or geographical targeting order, but the regulation does say "etc." and other areas of note say "other activities". So they are putting "structuring" , "check fraud", "transactions below CTR threshold". Anyone else including these 'other activities' there?
Second, in Part II #48 "Product/instrument description" they are putting the date/dollar amount/check number, or dollar amount/date/account type. I always see this in the narrative or a separate attachment if there is a lot. There isn't instructions for 48 except the product marked in 45 and/or instrument marked in 46. So if they are checking deposit account and US currency or personal/business check it could apply. I just feel like that reads more like some type of commodity, stock, etc. I have not ever seen anyone put anything in 48 yet.
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