Most Popular Compliance Content
Reporting winners to the IRS
07/09/2023
We ran a contest and no prize was over $300. We didn’t need to collect non-public private information from the winners since the prizes were small, did we?
A bake sale by any other name…
07/09/2023
Every year we do a bake sale to raise funds for Breast Cancer Awareness/Local Hospital Foundation. Is this acceptable?
Lottery Exceptions
07/02/2023
Now that banks can participate in lotteries, can we facilitate raffles unrelated to the bank for local service groups- post lobby posters or sell tickets for or be a sponsor, etc.?
Holding Stock - Original or Copy
07/02/2023
Is there a regulation/law for Trust Departments holding common stock certificate's for clients where it must be the physical copy or is a digital scanned copy acceptable to have on file to verify?
Advertising rates
07/02/2023
If we price HELOCs based on the applicant's credit score and loan to value ratio, so some borrowers get a lower rate than other borrowers, can we disclose the lower rate in our advertisement, or do we need to disclose both rates? Do we also need to specify the criteria for receiving the lower rate?