03/25/2013
Under CRA, what constitutes a commercial or Industrial purpose? I have looked for a definition to no avail. Would this include a loan to a small business for a capital injection?
03/25/2013
In reference to this discussion: Question: I am currently going through a review of ATM/Reg E procedures with our internal Compliance dept. They are requesting that we apply interest to disputed Reg E amounts because of the Deposit Compliance Program. I have not heard of having to apply interest to disputed Reg E transactions. Should we be applying interest on transactions that are disputed under Reg E?Answer: Yes, you are required to credit a customer for lost interest when they make a Reg E claim. This is addressed in <a href="http://www.bankersonline.com/regs/12-1005/12-1005-011.html">1005.11(c)(2)(i)</a>The question I have is...if the interest owed is less than one cent, do you still have to post it by rounding it up to one cent?
03/18/2013
We have been charged for an item presented twice (payroll check). The first presentment was apparently a mobile banking deposit made directly to the payee's account at another institution. The second presentment was when a check-cashing business (who is a customer of ours) deposited the original check. Both items were presented to the payor bank on the same day, but the physical item was 150 sequence numbers behind the mobile banking item, making it the second presentment. We feel it is wrong for us to charge our customer for the payee's unscrupulous act (getting the money twice). We are also assuming there should be something in the mobile banking agreement that the payee has with his institution where he is essentially agreeing to secure the physical item against presentment. Can we petition the bank where the mobile deposit was made to recompense us for paid twice charge, as their customer should have secured the item? Would we have to get the the payor bank to do this for us or can we go directly to them? Are there any protections for this under regulations?
03/18/2013
On a custodial savings account, can the minor cash in when they are considered of age (18 or 21) or must the custodian cash in and then give to the minor?
03/18/2013
Does an Attorney in Fact or a Guardian have to sign a signature card to be able to act on an account?
03/18/2013
Is there specific compliance guidance around a form that a bank would use to gather current mortgage information when it does not report to the credit bureau?
03/11/2013
What is the Super Abuser rule as it pertains to Regulation D?
03/11/2013
Scenario: Consumer purpose balloon loan that was originally the borrower's primary residence and fell into the HPML category. The borrower no longer resides in the property and it is now a rental. Since the purpose has changed from consumer to business, do HPML rules still apply? Can we cancel the escrow account? FYI-we are still within 12 months of origination.
03/11/2013
Where in the regulations does it specifically state that a credit report is only valid for 90 days?
03/11/2013
For a CD account with two owners and three beneficiaries, would FDIC insurance apply only to the co-owners? Or would the FDIC insurance also apply to the beneficiaries as it does in a revocable trust?