Most Popular Compliance Content
Identifying "protected funds" in a joint account
07/28/2024
When we receive a garnishment order identifying a judgment debtor who has a joint account at our credit union, and there are federal benefits that have been direct deposited for both of the joint owners of the account, which of those direct deposits do we treat as “protected funds”?
Hazard insurance on TRID disclosures
07/14/2024
If I am refinancing a primary residence, do I need to include last year's insurance on the loan estimate and closing disclosure as a POC fee? Or can I just leave it off because insurance and taxes are accounted for on my Initial Escrow Disclosure?
Is a wheel-spin game allowed?
07/07/2024
We have a “spin the wheel” promotion. To spin, a customer must donate $1 that the bank donates to a charity. All the prize amounts on the wheel are more than $1 therefore all customers will get more than they donate. The amount won is then sent to the customer via our e-wallet app. We set a certain number of spins and it is done on a first-come-first-served basis.
Re-using a recent appraisal
07/07/2024
We have a business account that took out a construction loan 11 months ago on lot A. Our business customer just bought lot B (right beside lot A) and is planning to use the exact same floor plan as lot A for lot B for the construction. Since this appraisal was completed 11 months ago on a different address, would we have to get a new appraisal completed for lot B, or, since everything is the same besides the address (right next door with same floor plan not 1 year old) could we reuse the lot A appraisal for lot B? I am having trouble finding information about this in the regulation.
Facebook and Drawings
06/30/2024
Can we advertise a drawing on social media only?