05/03/2004
We are implementing a new sales program to target all maturing CD customers. Our business development director will be personally calling those customers whose CDs are maturing and will let them know that our bank will be competitive on rates and to come and see us for further details. Rates will not be specifically quoted (unless they ask, at which point the Annual Percentage Yield will be quoted first). Are there any other guidelines that I, as the Compliance Supervisor, should share with the business director prior to his calling our customers? For example, would he be able to say "We can beat any rate you find elsewhere in town," or something similar?
05/01/2004
The OCC did it first, but now the FDIC and the Federal Reserve System have done it too.
03/15/2004
As far as the Good Faith Estimate is concerned under RESPA, it is my understanding as long as you can document you have given the customer a copy of the Good Faith, you do not need their signature. How about the HUD1 or HUD1A Settlement Statement?
03/15/2004
A opens checking account in 1997 -- balance never over 7500.00. In 2001, A fills out Membership/correction/update form and adds B as a joint owner. A has forged B's signature to the update form. 5 days later Bank receives in mail a check payable to B for 82,000.00. B`s endorsement in blank appears on back of check. Later detemined that the endorsement is forged. Account is now empty. B never contacted by Bank and no statements ever received by B, since update form shows B's address but the address is actually A's address. What standards of care should bank have used, if any, to verify the signature of B on the membership update form and on the endorsed check?
03/01/2004
Congress has asked the Federal Reserve to study the disclosure of fees imposed by account-holding institutions on debit cards issued to consumers.
12/01/2003
We saw it coming. When the privacy regulation was promulgated, the agencies had to set standards for notifications.
12/01/2003
The amendments to the Fair Credit Reporting Act would require reporters of information to conduct investigations into the accuracy of that information when a consumer challenges it.
11/01/2003
The banking industry has been so caught up with 326, 314, and CIP of the PATRIOT Act that some really big legislation almost managed to get by without a whole lot of press or notice.
11/01/2003
Question: Our advertising agency has designed an ad for our investment services.
06/23/2003
I understand that Amount Financed in TIL disclosures equals the note amount less prepaid finance charges. Is Amount Financed a meaningful number, or is it just a disclosure with no meaning other than for comparison of loans with different lenders? For example, is the amount financed the amount we actually accrue interest against, or is that the note amount which includes prepaid fees?