Bio:
Jim Bedsole is the Senior Vice President and Chief Compliance & Risk Officer for BankSouth headquartered on Lake Oconee in Greensboro, GA. Mr. Bedsole has thirty years of experience in managing bank risk, regulatory compliance, auditing,
security, and corporate governance with both regional and community banks. He has a Bachelor of Science degree in Business Administration from The Citadel, The Military College of South Carolina in Charleston, SC. He is also a graduate
of the ABA National Graduate School of Compliance Management. He is a Certified Regulatory Compliance Manager, Certified Bank Auditor, Certified Financial Services Auditor, and Certified AML and Fraud Professional.
Jim is a frequent speaker on the topics of risk management, compliance, consumer protection regulations, auditing, and Internet banking regulation. He is currently the chairman of the Georgia Bankers Association Compliance Committee and the vice chairman of the GBA Compliance School Board. He formerly served as co-chair of the ABA Enterprise Risk Management Working Group for Community Banks and on the ABA Risk Management Forum Advisory Committee. He is a former chairman of the SC Bankers Association Compliance and Regulatory Committee and former chairman of the SC Bankers Association Disaster Recovery Committee. He has served on the faculty of the ABA National Compliance School and the NC School of Banking and is currently on the faculty of the Georgia Bankers Association Bank Compliance School.
He has authored articles appearing in both regional and national publications, including ABA Bank Compliance Magazine, Palmetto Banker and numerous Internet web sites. He is also an active private pilot with an instrument rating.
Areas of Expertise:
Compliance Consulting
Compliance Review
Compliance Seminars
Compliance Training
Risk Management Training
Questions Answered
04/07/2003
Can we set up a list of (preferred) customers that would have no float on any items they deposit? In Reg CC I've read that we can make funds available immediately. Are there any requirements if we want to flag an account so that deposited items are always treated as no floats?
03/17/2003
Management wants to reduce paperwork by creating one application for many bank products. They want to take the application for checking, savings and ready cash accounts and add blanks for HMDA reporting data on the back of the application so it be can used for loan applications as well. The instructions on the back will state the HMDA reporting information is to be completed by creditors only. Are there compliance issues that we should be concerned about?
03/17/2003
In regards to Reg Z and Sec. 32. Is a courier fee "always" a Sec. 32 charge?
03/03/2003
With regard to HOEPA, Reg. Z 226.32 commentary discusses how to determine the comparable Treasury security. In this commentary, they state to use the yield on the security that has the nearest maturity at issuance to the loan's maturity. It goes on to give several examples. However, it does not address how to determine the comparable security for a 30 year maturity. Can you please tell me which comparable security should be used for 30 year loans?
03/03/2003
We made an error in a deposit to a customers IRA that was a rollover. We owe her $594.00. Can we deposit this to her existing IRA? If not what is my course of action so the customer is not affected.
03/03/2003
When a customer obtains a loan in which 40% of the proceeds will be used to refinance an existing loan secured by their primary residence and 60% of the proceeds will be used to consolidate debt, do you obtain government monitoring information?
02/10/2003
In regards to Reg Z and Sec. 32. Is a courier fee "always" a Sec. 32 charge?
02/03/2003
Beginning January 1, 2003, lenders must ask for the government monitoring information over the telephone when someone applies for a loan that is reportable for HMDA purposes. If the applicant refuses to provide the information when given the option, is the lender required to obtain this information by visual observation or surname if the applicant is approved? Or does the lender report it as "Not provided?"
02/02/2003
Does HMDA apply when the loan purpose is for a down payment on a home, however the collateral offered is a car? It's my understanding that the loan purpose must be for the purchase of a home AND the loan must be secured by the home being purchased or another dwelling. If the car is the only collateral, HMDA does not apply ?
02/02/2003
What type(s) of variable rate R/E loan (s) exempt from ARM disclosures?
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