03/22/2010
Under new RESPA regs, is it ok to give a preapproval for a home loan with a property to be determined (TBD)?
03/22/2010
Does Reg O govern the interest rates one can provide on deposit (DDA and SAV and CD) accounts? Other than related to overdrafts, does Reg O impact deposit accounts in any way?
03/22/2010
With the recent consolidation of the Federal Reserve Bank districts, basically eliminating the non-local check, how does this impact Reg CC with regard to the availability of deposits made at non-proprietary ATM machines? Can we still hold these deposits for five business days or do we have to reduce this to two days as well? Also, how does this impact the numbers of days we can hold deposits that fall under the exceptions?
03/08/2010
I need clarification on balloon payments. Are we not allowed to have balloon payments on any loan or does it just apply to HOEPA, high rate high fee loans?
12/07/2009
While doing some loan compliance reviews, it was discovered that a loan subject to the new MDIA rules was out of tolerance on the APR and the loan closed without providing the borrower with any new disclosures. Would it be prudent (or required) now, even though the loan closed to provide the borrower with a new set of disclosures, or just leave it as it is? The final APR was actually lower than what was disclosed on the preliminary.
11/09/2009
What is the bank's threshold for reporting HMDA? Is it $36 million or $39 million?
08/10/2009
Would you please provide citations that support the answer to this question: <a href="http://www.bankersonline.com/compliance/guru2008/gurus_comp050508a.html">Regulation O - Overdrafts on Insider Accounts</a>, answered by BOL Guru John Burnett?
07/27/2009
In a Reg D audit, I found a few accounts whose eligibility I question. I am new to my position and have been told that an account listed as a PSC (Professional Services Corp.) is eligible for a NOW account under Individual Status. I just wanted to make sure that was correct. Also, will the Secretary of State site tell me under "Company Type" if it is a Sole Proprietor?
07/10/2009
Doesn't the IRS automatically consider a sole owner LLC to be a sole proprietorship (unless they have elected to be treated as a corporation)? As such, would this sole proprietorship not be eligible for a NOW account?
07/06/2009
In Reg Z and RESPA, investment property which will not be owner-occupied is considered business purpose. I'm referring to RESPA 3500.5(b)(2) and Reg Z 226.3(a)(1). During a recent internal review, the analysts used the current OCC Handbook as their guide and it included the following exception on page 2: <i>"Exemptions (24 CFR 3500.5(b)) Transactions exempt from RESPA include loans: For which the primary purpose is business, commercial, or agricultural (definition parallels Regulation Z, 12 CFR 226.3(a)(1)). However, a business purpose loan made to one or more persons, acting in an individual capacity (natural persons) to acquire, refinance, improve, or maintain a one-to-four family residential property used or to be used to rent or lease to other persons is a covered transaction. An action by a sole proprietorship is not considered to be conducted in an individual capacity."</i> What is the authority on which OCC makes this statement of exemption in their Exam Guidebook? The regulation was written by the Federal Reserve - not OCC.