Vendor Guru Q&A - Compliance

Latest Compliance - Bankruptcy Topics

Recurring Charge on Closed Credit Card-Bankruptcy

06/21/2020

A recurring charge was processed on a credit card that was closed due to bankruptcy. It had originally been denied and then was allowed a few days later. Is this allowed per regulations?

Collection Communication for Demand Deposit Accts.

04/22/2018

Collection communication for demand deposit accounts (i.e., overdraft notices, NSF notices, request for payment, etc) - are we allowed to send such notices if we are aware of an active bankruptcy case? What if we are not made aware of the bankruptcy case?

Credit Reporting on Bankrupt Accounts

12/20/2015

We are dealing with the problem of credit reporting on bankrupt accounts. Our reporting is done at the loan level therefore non bankrupt co-borrowers are affected. Can we just suppress reporting?

How to Report Loan When Files for Bankruptcy

05/26/2014

When a customer files bankruptcy, can we report the loan as being charge off or does it have to be as bankruptcy?

Refuse to Cash Check if Charged Off/Bankruptcy?

12/16/2013

We have a charged off client who filed bankruptcy. Can we refuse to cash a check payable to them by one of our other clients?

Adverse Action Notices for Loan Declines

01/02/2012

If we have two applicants and one has excellent credit and one has bad credit and we decline the loan, is it required that we send out an Adverse Action Notice to the applicant with the good credit and indicate that the co-applicant does not meet the minimum standards?

Bank Responsibility: Refunding Provisional Credit

11/07/2011

REG E Question: A customer authorized a purchase for a product. The product has not been received and the customer contacted the company and found out that the company has filed for bankruptcy. Our customer then filed an unauthorized affidavit for his refund. Is the bank responsible for refunding the provisional credit when the customer did say in his response that he did authorized the purchase?

1099-C Cancellation of Debt - Personal Bankruptcy

11/16/2009

In the case of a personal bankruptcy, I noticed that the IRS rules say we are not required to file. Can we file anyway, and can we file at any time during the year, or should we wait until we prepare the 1098 statements?

Print Ad - Mortgage Lending Compliance

09/21/2009

One of our mortgage lenders would like to place an ad in the classified portion of the local newspaper. The ad reads: Have you filed bankruptcy or had your home foreclosed on in the past two years? Call [name] to get your credit checked. You may be eligible to purchase a home. Numerous programs available to be a homeowner again. Then she lists her name and cell phone. The bank is not mentioned. Does it need to be? Would this ad be considered compliant? What would make it compliant? Is this a bad idea?

Report Cancellation of Debt - Continue Collecting?

08/17/2009

If we report on a 1099-C cancellation of debt to the IRS, can we continue to pursue the debt or only accept voluntary payments? If we report, are we limiting ourselves on the possibility of recovery? I'm excluding bankruptcy issues. Can you provide the citation or source document information for further research?

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TILA and RESPA: Pending Rules for Telling Customers What They Owe

Periodic statements are routine for open-end creditors. Both credit card customers and HELOC borrowers have been getting periodic statements for longer than most people can remember.

Escrow Account Rules

The CFPB used the final rulemaking on mortgage servicing as an opportunity to address and update several issues in the escrow rules of Regulation X.

Importance of Exception Management

10/17/2021

Why is exception management so important for banks?

New Escrow on Existing Loan

10/17/2021

We had a customer ask to start a voluntary escrow account on an existing loan. Do we need a new agreement?

Military Identification Card

10/17/2021

If a customer presents a military identification card and has no other form of ID, it is my understanding is you cannot make a copy of Military ID's. What other forms can be used? This person does not drive and has no transportation to get to the DMV. He does have an expired TX DL but that is all.

Risks for Online Account Opening (CIP)

10/17/2021

How are smaller banks, say in the $200M asset size, managing compliance risk when diving into online account opening? I'm very concerned about CIP-CDD-EDD. I cannot fathom never obtaining a wet signature or seeing a check prior to accepting a deposit. Also, asking the CDD-EDD questions online is completely different than in person regarding getting a feel for the customer. Do most banks also open new accounts online for businesses, trusts, estates, etc? Is there a vetted software company that is preferred for this endeavor?

List of Board Policies (Regs/Acts)

10/17/2021

I was wondering if there is a list of board policies that financial institutions are required to have (regulation/acts) along with how often they should be reviewed by the board?

Latest Compliance - Bankruptcy Topics

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