Most Popular Compliance Content
Borrower signatures on Right to Rescind notice
06/30/2024
When a right to rescind is involved in a real estate-secured transaction, we are trying to confirm if there is anything in the regulation that requires the borrower(s) to sign all copies of the notice of right of rescission, or only requires the borrower(s) to sign one copy for the lender and leave the borrower copies unsigned. We can only find where the number of copies to be provided is specified (two for each owner if on paper, one for each owner if delivered electronically).
Internal raffles matter
06/23/2024
Can we do an internal raffle (selling tickets for a chance to win a prize) to benefit a non-profit organization?
Borrower-occupied or not for HMDA purposes?
06/23/2024
HMDA: If a reportable loan is secured by a residence but the first two borrowers listed it as investment property whereas the third borrower listed it as primary residence, how would you put the occupancy? The first two borrowers are parents of the third borrower, who'll live in the home. Thank you.
Lottery Exceptions
06/16/2024
Now that banks can participate in lotteries, can we facilitate raffles unrelated to the bank for local service groups, posting lobby posters or selling tickets for or be a sponsor, etc.?
Reporting winners to the IRS
06/09/2024
We ran a contest and no prize was over $300. We didn’t need to collect non-public private information from the winners since the prizes were small, did we?