Latest Compliance - Applications Topics

The Fair Housing Act, which governs how banks do business with their customers, is now thirty years old. It's actual anniversary is in April.

There's enough to do without having to conduct a complete inventory of a commercial loan applicant's Year 2000 vulnerability and compliance level.

The OCC has announced that it will take preparedness for Year 2000 into consideration when reviewing applications.

Remember the days when we all called it "consumer compliance"? There was the Consumer Credit Protection Act and all those stories about consumers who needed help.

Question: When we consider applications for deposit accounts, we obtain reports from a check reporting system to determine whether there is any fraud or problem activity for that customer on

Question: One of our directors is in the medical profession. This individual is particularly helpful in evaluating business loan applications from members of the medical profession.

by Kathy Curtis, Compliance Manager, Century Bank, Washington, DC

If compliance specialists got a nickel for each time they answered a question on what loans are covered by which regulations or rules, we'd all be in a higher tax bracket.

Question: Regulation B contains a requirement that certain loans be taken in writing.

Question: When we take an application for a HMDA-reportable loan over the telephone and close the loan in the bank, should we collect monitoring data for the Loan Application Register or is