Most Popular Compliance Content
Reg CC Holds on Treasury Checks
01/29/2023
Can a US Treasury check be placed on a funds availability hold and for how long?
Freezing Future Deposits Upon Notice
01/29/2023
If an account doesn't have the entire amount specified in a "Notice of Freeze" and in this case it is from the Florida Department of Revenue, do we hold just what is in the account the day we receive the notice, or do we place a hold on the account for the entire amount of the notice thereby holding all future deposits up to the hold amount? (The Florida DOR collects taxes and child support.)
State Law and HMDA Categories
01/22/2023
I have a general question about Texas Home Equity law and HMDA reporting. If under Texas law, a home equity loan is considered a refinancing or cash out refinancing regardless of whether the new loan satisfies an existing dwelling secured debt, can that be reported as a refinancing or cash out refinancing on the HMDA LAR? To my understanding, state law does not impact the reporting of loan purpose under HMDA rules. If a new loan does not satisfy an existing dwelling secured debt, should it be reported as refinancing or cash out refinancing? I’m specifically referring to the Texas A6 Home Equity loan product. Under Texas law, this product is always classified as refinancing or cash out refinancing regardless of any other definition of refinance.
Reg CC Holds on Treasury Checks
01/22/2023
Can a US Treasury check be placed on a funds availability hold and for how long?
Combined Deposit Statement Contents
01/15/2023
Pertaining to Reg DD and combined statements; Under 1030.6, a bank is not required to provide a periodic statement for CDs and IRAs. However, we are providing combined statements for a subset of our clients that that includes information on CDs and IRAs and other account types. The combined statements do not include APYs (as required by 1030.6) for these account types but includes a "current rate" and includes all the other elements that Reg DD specifies should be on the period statement if one is provided. The official interpretation of 1030.6 states that, "institutions may provide information about an account on the periodic statement for another account without triggering the disclosures required by this section, as long as ..." Our Vendor says that it cannot change "Current Rate" to APY on these combined statements, nor can it remove "Current Rate." Is this a technical violation of Reg DD? If so, what is the potential risk associated with this violation? I have not been able to find any enforcement actions on this issue to help us understand the risk.