01/07/2013
How soon can a client open another savings after we close the current account due to Reg D violations?
01/07/2013
Is any part of ADA Website Compliance currently being enforced?
12/31/2012
A customer comes into a bank to report a disputed debit card or ACH transaction. Can we require our customer to try to work with the merchant/company before we have them sign the disputed transaction forms? Our network provider has a section on the form asking if the customer has attempted in good faith to resolve this dispute with the merchant, and if marked yes, they ask for details of the attempt to resolve. Also, at meetings they have recommended the customer try to resolve it with the merchant before filing through them.
12/24/2012
I am renewing a loan that was originally a HELOC. The loan matured and I collected an updated "consumer HELOC" application and obtained a new credit report. The loan was approved for renewal but for a lower amount and shorter term. I was told that I should not have collected a new loan application (purpose on application was stated a renewal of HELOC) because this is not a new loan request. No new disclosures were required and only a simple form modification agreement was needed to renew the loan. Can you please advise as to what documentation would be need for this type of transaction?
12/17/2012
Are we required to send any interest payment notices to customers when interest is paid on their time certificates?
12/17/2012
At a recent Indiana Bankers Association Compliance Round table, we became concerned about our employee drawings for a charity. We offer drawings for prizes for first day donation, increased donation etc. We believe this may meet the definition of lottery but can't quite believe this activity would be prohibited. Please comment. We are a state chartered bank.
12/17/2012
We are a small community bank. We have 72 individuals who are non-resident aliens. They regularly wire funds to other countries and also receive funds into their accounts at the bank. These accounts are for students at the local university. The money is used for tuition, housing and miscellaneous expenses. If I am correct since they are not US Citizens FBAR would not be a concern. New Reporting Requirements by U.S. Taxpayers Holding Foreign Financial Assets (Form 8938) Taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. The new Form 8938 filing requirement does not replace or otherwise affect a taxpayer's requirement to file FBAR. A chart providing a comparison of Form 8938 and FBAR requirements, and other information to help taxpayers determine if they are required to file Form 8938, may be accessed from the IRS Foreign Account Tax Compliance Act Web page. Also, we (the bank) have no foreign accounts and only transfer funds to other countries via wire using OFAC guidelines for our customers. Is there anything I need to be aware of for the Report of Foreign Bank and Financial Accounts (FBAR)?
12/17/2012
I seem to have a faint memory of an exception to the "no POAs allowed" that had to do with the Trustees physical capabilities, i.e. blindness, Parkinson's, etc. Do I recall correctly?
12/10/2012
June 15, 2011 titled Debit Cards - Error Resolution Problems Solved. In that training, there were slides on cancelled recurring transactions that stated that these types of transactions were not covered by Reg E. Could you please provide the reference in Reg E where it supports that a transaction that occurs after the recurring transaction is cancelled is not considered unauthorized and therefore not covered by the regulation.
12/10/2012
Does the definition of "customer" include the relationship with an investor that is established when a bank acts as a registered transfer agent for an issuer?