Your lenders and loan interviewers need to be intimately familiar with Reg B and the Equal Credit Opportunity Act’s requirements. Why? Because if they don’t know the reg and the requirements, they are quite likely to violate them.
Electronic delivery can be your virtual friend before, during and after a pandemic. It helps the bank protect relationships, save time and money and satisfy customers who want information delivered quickly.
Regulation CC includes rules on check collection and the relationships between depository institutions that provide for collection, presentation, and return of checks.
There was a headline which read, “Big Bank Pays $15.5M Penalty for Reg E Violations.” It wasn’t all claims related but fines for that were included in the total penalty.
Recorded on March 30, 2021
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If your bank delays the availability of customer deposits, it needs to ensure that its Funds Availability Disclosures include the types of holds you may place and that the holds conform to the limits imposed by Regulation CC.