Latest Compliance - Applications Topics

Joint credit reports and FCRA notices

12/01/2002

Identity Theft: Some Problems & Some Solutions

11/01/2002

COMPLIANCE CALENDAR

11/01/2002

COMPLIANCE CALENDAR

10/01/2002

Internet Banking Disclosure Requirements For Mortgage Applications

07/15/2002

We are considering adding mortgage applications and possibly home equity applications to our internet banking site. If we do this, what are the requirements for diclosing properly? Are there sites containg disclosures that could be downloaded by hyperlink with the applications or some kind of electronic acknowledgements? How do other banks disclose with online applications?

Notification Requirements When Pulling Credit Reports

07/15/2002

Our Consumer Lending unit received the following response to a recent audit. "According to the regulation, a bank may pull a credit report on a person if they have a permissible purpose. An application for credit is considered a permissible purpose. When the Contact Centers take applications over the telephone (he doesnt mention anything about the Internet) they are only speaking with one of the applicants, but if the application is joint, credit bureaus aer obtained for both applicants. Without talking to the joint applicant, the bank can not be sure that the second individuaal is aware of, or wants to apply for a loan. If a co-applicant does not want to be an applicant on the loan, the Bank would not have a permissible purpose for obtaining the credit bureau. It is recommended that the Consumer Lending Dept require that all parties on a loan application be made aware that a credit bureau will be obtained." I realize that this is only a recommendation, but this team believes because a compliance auditor wrote this, they need to act on this recommendation. Is there some litigation that suggests we need to do this? I simply can not find anything, anywhere that states we are required to verbally inform a co-app that we are going to pull a cbr. What am I missing here? Is this a business decision and if so, based on what? If its written somewhere, I would like to see it. What are other institutions doing?

Personnel File Records Retention

07/01/2002

How long do you have to keep personnel files for the following: hiring records (job applications, resumes, etc.); basic employee information (name, address, date of birth, etc.); payroll records (daily schedules, pay rates, etc.); tax records; employment actions (hires, seperations,etc.); health, medical, safety data (medical exams, job realted illness, etc.)?

Newly Covered by HMDA

06/17/2002

We have opened a branch in a metropolitan area this week. We are now HMDA reportable. When do we begin maintaining the LAR now or January 1st of 2003? Also, we are still classified as a small bank with assets less than $250,000 when we begin maintaining the LAR do we do it for all branches or just for the branch in the metropolitan area?

When HMDA Applies

06/03/2002

For HMDA reporting requirements, I am aware that a bank with an office in a MSA or PMSA must report. I am needing to know the parameters concerning the MSA or PMSA and distance requirements. I know that there used to be an explanation concerning this in the HMDA regulation concerning number of miles surrounding an MSA. If your bank or branch was within so many miles from an MSA, you were covered by the regulation. I cannot find in the regulation where the mileage is stated. I am thinking that it is 25 miles, but I cannot find that information. Your assistance will be appreciated.

Appraisal Right Notice On A Commercial Loan

06/03/2002

<a href="http://www.bankersonline.com/regs/202/202.html">Regulation B</a> Loan issued to an individual for the purpose of refinancing commercial property. Are we required to provide the "Right to Receive Copy Of Appraisal Notice"?