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Latest Compliance - Disclosures Topics

Homeownership Counseling Notices for HELOCs

06/09/2014

Does the homeownership counseling notice need to be provided on open-end home equity lines of credit? This is a RESPA requirement, and our HELOCs are not subject to RESPA.

New ECOA Valuation Rule Apply to Home Builders?

06/09/2014

Regarding the new ECOA Valuation Rule that amends the appraisal provision of ECOA's Regulation B. Would it apply to home builders? I can't find anything in the regulation that it wouldn't.

Early Disclosure for Non-Owner Occupied Home?

05/19/2014

My bank never prepared early disclosures for a non-owner occupied home equity in the past. About a month ago someone said we should be making those disclosures, so we have started. My question is: Do we really have to send out early disclosures for a loan being backed by a non-owner occupied home?

Advance On OD Line of Protection- Notice?

05/12/2014

When an advance is made on an overdraft line of protection is a notice (advance notice) required to be sent to the Borrower? If so, which regulation does this fall under?

45 Day Advance Notices Before Imposing Penalty?

04/28/2014

When the bank imposes 25% penalty rate for 60+ days past due credit card accounts, do they need to send 45-days advance notices to delinquent card holders before imposing penalty rate?

Allowed to Pull Credit Report w/o Signed App?

07/15/2013

When an originator takes a phone application, what is acceptable by the regulators that all the proper disclosures have been provided to applicant? My other concern is can we still pull a credit report with written authorization from applicant? ( This usually being provided by a signed application.) I was and still am under the impression that credit should not be pulled until you have an application.

Reg DD Apply to NOW/DDA Used for Personal?

07/08/2013

If a customer has 50% of their total sum in investment products and on occasion uses their NOW or DDA account for personal payments, would regulation DD apply? It is the banks policy not to open consumer accounts. We are Private Banking, and open accounts mainly for investment purposes but do offer for convenience,other types of bank accounts. For these instances we also require the customer to sign a certification letter that states that accounts are being maintained for facilitating the acquisition of investments and only incidentally personal, family or household purposes, which in no event will involve use of more than 50% of the account balance.

Fee Summary At The End of Checking Statement

06/24/2013

My question is about the fee summary at the end of a checking statement. The Total for this period column would be for that specific statement cycle. The Total Year-to-Date column is where my question comes. Assuming that an account had NSF/OD from 12/18/12 thru 12/28/2012 and the statement cycle was 12/18/2012-1/17/2013. The first statement printed in 2013; the Total Year-to Date field should be zero, correct; however the Total for this Period would include the fees for the entire statement cycle. From a compliance perspective, the Total Year-to-Date column would be missing any fees that happened between 12/18/2012-12/31/2012 correct?

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Most Popular Compliance Content

Fraud and FedNow payments

09/08/2024

We are considering allowing customers to use FedNow to receive instant wires. The concern is our customer receives the wire and spends the funds and a day, two, or more go by and we receive a claim to return the funds due to fraud. Which bank would have liability for a fraudulent wire transfer, the sending bank or the receiving bank? Can you provide the references that I should be looking into (UCC, Regulations, etc.)?

Does one mistake make a business an MSB?

09/01/2024

We have a commercial customer that cashes checks, but they are not registered as an MSB because they have a policy to not cash checks for one person over $1000 in one day. We found one instance of checks cashed over $1,000 for one person. Are we required to have the customer register as an MSB, or can we verify their check cashing policy and continue to monitor the account for any further instances?

Consumer Protection for mistake in loan payment transaction

08/25/2024

Scenario: A bank employee inadvertently makes an error while processing a payment authorized by phone by the customer, for example, customer authorized his/her personal loan monthly payment of $100 but the employee processes a debit for $101, or $96. Could this be considered an unauthorized electronic fund based on the amount error? Can this be considered a violation of other consumer protection law/reg? UDAAP?

Lost Debit Card

08/25/2024

We have a customer that lost their debit card but didn't notify us until day five. Under Visa's zero liability policy, would this be considered "gross negligence"? The charges do not all add up to $500.00, so are we required to give the customer any credit at all?

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