Skip to content
 

Latest Compliance - Trust Accounts Topics

Real Estate Loan-Property Owner Is Trust Scenario

03/17/2019

Our borrower is an individual. The purpose of the loan is refinancing a first lien with another lender. The property owner is Trust. Is this acceptable and do you have any recommendations for dealing with this scenario?

EIN for LLC If Single Member is a Trust?

06/17/2018

If a customer wants to open an account as a single member (or sole member) of an LLC, but the single member listed on the Formation of LLC paperwork is the customer's single person revocable trust, can the customer still use their SSN to open the LLC account or should they get an EIN for the LLC since the single member is a trust?

Nominee Entity: Single Member LLC or Partnership

06/17/2018

Would a single member LLC owned by a trust company or the bank, be a more suitable entity to act as a nominee for a trust department than a partnership? The FDIC Examination Manual suggests that partnerships have historically been used but having individual officers be "partners" of the nominee entity doesn't seem to fit since they aren't really owners of the nominee entity but rather seems to be more like nominees for the bank or trust company.

"Statutory" Trust Differentiated From Regular

06/10/2018

How can a "Statutory" trust be differentiated from a regular trust? What specifically should be present for a trust to be a statutory trust and is it just the fact that there is a filing with the Secretary of State?

MMDAs Opened by Internal Trust Department

06/03/2018

Which letter regulations apply to money market deposit accounts (MMDAs) opened by an internal Trust Department that also manages/invests the account activity via an agreement with the trust owner and the Trust Department? [ex. Reg O, Reg DD, Reg D] The customer does not transact on the account and the Bank sponsored Money Market is a product of an omnibus Internal Bank DDA Account.

Responsibilities of Successor Trustee/Beneficiary

05/13/2018

Once a trustee dies what is the responsibility of the Successor Trustee. Can the successor trustee keep the funds in the same trust or do they need to get their own trust drawn up. The successor is also the beneficiary of the trust.

Pages

Most Popular Compliance Content

Inside the CFPB – What’s Going On?

02/16/2025

What's going on inside the Consumer Financial Protection Bureau (CFPB)? Perhaps the short answer is "turmoil." Here's the longer answer, based on what we know as of the date of this writing.

Redirecting an ACH credit for a closed account

02/09/2025

Can an ACH payment coming through on a closed account be posted to an account on which the owner of the closed account is only an authorized signer? The ACH is in the name of the authorized signer of the account the bank manually posted the account to.

Who signs on an account for an irrevocable trust?

02/09/2025

Does the grantor play any role in an irrevocable trust? We have a copy of the trust which states who the grantor is and who the trustee is. We didn't think the grantor had to be on the account, only the trustee. Please advise.

Pages

Penalties View All

Search Topics

Compliance Topics