08/01/2003
FDIC has issued examination procedures for payday lending.
07/01/2003
06/01/2003
Some hot new products are wonderful ideas and come with complicated issues. Bounce protection is such a product. The bounce protection product is being sold as a generator of fee income.
04/07/2003
In the regulation, "Consumer Protection in Sales of Insurance", the coverage applies to insurance offered or sold to a consumer. I initially interpreted the text as not covering business transactions, but now I'm not sure. For example, if you have a loan to an individual for business purposes, but credit insurance is solicited or sold, does the regulation apply? If you have a loan to a corporation and an officer purchases credit life, does the regulation apply?
03/01/2003
Payday lending has become an increasingly popular product. And the more popular it gets, the more it gets talked about. The latest word is from the FDIC.
03/01/2003
It should come as no surprise to learn that the 2003 National Consumer Week sponsored by a variety of federal and private agencies highlighted information security.
02/10/2003
Can an overdraft protection line of credit be tied to a commercial DDA?
01/06/2003
There are many new sofware products being offered today to assist in 'verfifying' the identity of new and/or existing bank customers (per proposed rules of the USA Patriot Act). These software packages search a number of various databases to get background and other 'verification' data. Some of the data bases that are 'searched' appear to be readily accessible general public record data bases, but others appear to be data bases that are not so accesssible by the general public. Is it permissible to have a customer sign a form which essentially says that the customer agrees that the bank can search for information to verify the customer's identity without specifically identifying the data bases being searched?
10/01/2002
On October 1, 2002, the new rules and lowered triggers for HOEPA loans took effect. It is a good idea to take a lending compliance tune-up.
09/02/2002
I have been approached by a customer who banks with another financial institution for information because they have not been recredited for forgery losses that they reported to their bank. Their question is... Is there a specific time frame that a bank must follow in recrediting a customer who submits an affidavit of forgery for a forged makers signature? I understand that the customer has one year to report the forgery unless the account agreements specify a different time period, but I am not aware of any banking regulation that states that the bank has to provide credit to the customer within a specific time frame. Can you help clear this up?