03/11/2002
I am looking for some help interpreting the need for Board approval of executive officer's lines of credit under Regulation O. Must the lines of credit be approved by the Board annually?
08/06/2001
Under the new privacy regulations, in the event that two banks merge, is it permissible for the acquiring bank to contact customers (prior to the merger) that have deposit accounts at both banks, where the aggregate balance of the dualcustomer's combined depository accounts will/may exceed FDIC insurance coverage, to inform them of their options regarding FDIC insurance? This process will require the acquiring bank to use nonpublic information from the target bank.
08/06/2001
I'm thinking of buying OFAC software to look for matches in our existing customer base. Can you suggest any software or companies that are effective and cost effective as well?
08/06/2001
I received the ABA Bank Compliance magazine with an article about releasing account numbers. It stated "in a joint interpretive letter, the agencies reiterated that the GLB prohibits financial institutions from disclosing unencryptedcustomer account numbers to a nonaffiliated party, even with the customer's consent". How does this affect completing credit requests from mortgage companies, bankruptcy proof of claims and such?
01/15/2001
We have a loan request from a company contemplating that one of our outside directors would guarantee the loan. What would be the treatment of the loan under Federal Reserve Regulation O?