06/02/2024
We have a credit card product that has an introductory “fixed” rate that changes after 12 months to a variable rate APR. Management wants to really promote that fixed rate period, but I don’t think we can use the word “fixed”, can we?
05/26/2024
My bank just received an SCRA request for rate relief on a customer’s credit card line. The card normally has a 22.99% interest rate, so 6% is a big drop! How do we do it? Is it only on existing balances up to this point, or does it need to remain at 6% for all past and future transactions, until his active duty ends?
05/19/2024
Does the FFIEC APR Calculator work for HELOCs?
05/19/2024
My bank has just acquired another bank that has its own in-house credit card program. We’ve purposely never done an in-house credit card program because of the sizeable compliance burden of them, but now here we are. What do I need to know for compliance on these acquired cards?
05/12/2024
My bank is doing CD specials a lot lately, and with rates being higher, there are now actual differences between the interest rate and the APY. I want to get it right! I’m concerned that something is wrong with our 13 month CD special (interest paid at maturity), because the APY is LESS than the interest rate. How can this be?!
05/12/2024
Is it true that people under the age of 21 are not permitted to get their own credit card?
05/05/2024
Could you benefit from an update of all the lending regulations facing your FI in 2024?
05/05/2024
How often should compliance be testing APY and APR accuracy? I rely on our expensive software to get it right. Is that OK?
04/28/2024
Is your FI ready for all the regulatory changes and updates facing you institution in 2024.
04/28/2024
If we find a loan’s APR is outside of tolerance, can’t we just send a new disclosure showing the correct APR to fix this inadvertent error?