Required Rescission Signatures
05/20/2002
Regarding the Right to Rescind on refinance transactions: Is the "Confirmation Certificate" section of the form indicating the borrowers do not wish to rescind required to be signed by the borrowers?
John Burnett
Bio:
John has been BankersOnline's resident expert for more than 20 years, serving as Executive Editor and frequent presenter in BOL's suite of events.
Burnett joined Glia Group, Inc., and BankersOnline in 2004. He is a 1990 honors graduate of the Stonier Graduate School of Banking and is an alumnus of the ABA National Compliance School, where he served on the faculty for several years.
John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He moved to Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, and as clerk of the bank's holding company.
He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He is a regular presenter and participant in BOL Conferences events.
Contact info:
You may contact John via email at jburnett@bankersonline.com.
Questions Answered
Reg CC: What time of day does a hold expire?
05/20/2002
<a href="http://www.bankersonline.com/regs/229/22912.html">12CFR229.12</a> refers to the availability of funds hold. It does not specify the time of day that the hold expires. We have found conflicting answers so I need a citable source.
AML Policy Requirement
05/06/2002
What agency requires state banks to have an Anti-Money Laundering Policy in place by April 24, 2002?
Definition: Pyramiding Late Fees
05/06/2002
If you are pyramiding late fees-what exactly are you doing?
How long is a 'new' account new?
05/06/2002
I can not get a clear answer on what length of time do we consider an account "New".
What types of accounts is a LLC allowed to have?
05/06/2002
What types of accounts is a LLC allowed to have?
Corporate Seal Requirements & Documenting Sole Proprietorships
05/06/2002
Is a corporate seal required on a corporate resolution to be valid? Are there any required documents for sole proprietorship accounts?
ISP Charges To Closed Customer Accounts
05/06/2002
I have a question regarding how far does a customer's authorization go? Our bank is experiencing several charges, identified as POS, from an Internet service provider for customer accounts, which at the time of the charges, were closed with zero balances. The bank sends the network a balance file every night to The Midwest Money Access Services (MAC). When customer account balances are zero or the account is closed, how could the charges continue to be charged to the bank? When we talk with MAC representatives, they say that the service provider has the authority toinitiate the charge based on the prior customer authorization. They say this situation is like a recurring loan payment.
Electronic Transfers Between Business & Personal Accounts
05/06/2002
We currently offer internet banking to include the ability of transfering between accounts. We have received many requests to allow for transfers between business and personal accounts via internet banking. What potential risks are we taking to allow these interactions?
Reg D: If a wire transfer request is delivered by messenger, does it count against the limit?
05/06/2002
Reg D Limits: (Scenario: MMDA i/n/o "Deposit Broker, as Agents for others" for which daily settlements are effected.) Are wire transfers from the MMDA limited to 6 per month when the request to wire funds is hand delivered to the institution by a messenger from the deposit broker?