Most Popular Compliance Content
Correctly stating APYs over the phone
02/11/2024
When orally quoting a deposit rates over the phone, if the APY is 3.00%, does the the employee need to state the APY as 3.00% or can they say the APY as 3%? Likewise if the APY was 3.50% do they need to say the APY is 3.50% or can they say the APY is 3.5%?
What Annual Training is Required Per Regs?
02/11/2024
What are the mandatory (required) training courses for employees to take annually?
CD Renewal Rate Disclosures
02/11/2024
I have a question about a CD special. The bank's rate sheet lists a 12-month CD as well as a 12-month CD Special that has a considerably higher interest rate/APY than the regular base CD. The bank also allows negotiation and will pay a higher rate to keep business. For the "special" and any other negotiated rate, the rate is only in effect for the initial term and at maturity will renew at the 12-month non-special rate. I'm looking at 1030.5; Comment 5(a)(1)-1 and I am thinking that advance notice would be required since the terms are changing upon the occurrence of an event (renewal). There is nothing on the TIS disclosing that the initial term is a promotional period and that the CD will renew at the lower non-special rate in effect. Am I thinking about this correctly?
HSAs and Balance Transfers
02/04/2024
Are banks held accountable when customers transfer money from HSA accounts to personal accounts or LLC accounts?
Commercial accounts and E-SIGN
02/04/2024
Do business transactions apply to ESIGN - Electronic Signatures in Global and National Commerce Act?