Vendor Guru Q&A - Compliance

Latest Compliance - Interest Topics

Loan with a right of rescission

09/20/2020

I have a closed-end consumer 1-4 family refinance with new money being loaned. This loan has a right of rescission. Am I to collect interest on the refi loan to the date of the loan or the day it comes out of rescission?

CD Product with All Interest Paid Up Front

08/25/2019

Our bank is exploring the idea of a new CD product in which all the interest is paid up front on the date of initial deposit. In the case of early withdrawal, are we able to deduct the penalty from the principal since there would be no interest accruing during the CD term?

Add Higher Balance Tiers On Investment Savings

07/14/2019

Our private banking area is requesting to add two higher balance tiers on an investment savings account. There is no regulation or rule that would hinder this correct? The only thing I can see is if we are not offering this to other bank customers, but only to these high end customers.

CD Interest Paid Monthly Change to Compound

01/13/2019

If a customer with a 4 year CD with interest paid monthly, after 6 months, decides to have it compound annually, what would be the next date for interest to be paid? The opening date was 1-1-2016.

Reg E- De Minimis Rule-Interest Amount on Claim?

12/23/2018

Is there a de minimis rule under Reg E denoting at what amount interest needs to be provided on a claim and with provisional credit? We have scenarios where the customer is owed a penny or two and it isn't worth the cost of the entry.

Can Commercial DDAs Be Interest-Bearing?

11/25/2018

Can commercial DDAs be interest- bearing?

Rate Sheet Required for Interest Bearing Accounts?

01/14/2018

On interest bearing accounts, must a bank whether in person or via online e-disclosures provide a rate sheet to their clients or is this discretionary?

Reg D Interest Bearing Checking Account

06/07/2015

With regard to Reg. D, I was always under the impression that a single member LLC could have an interest bearing checking account. Can you add anything to that?

Simple Interest Method for LOCs

05/25/2015

We have several consumer LOCs where the note states average daily balance is calculated using the simple interest method. Our system charged interest on interest. What steps do we take to correct?

Periodic Statement for Transfer of Interest COD

01/19/2015

Is it necessary to provide a customer with a periodic statement for a monthly transfer of interest from a certificate of deposit to one of their accounts at another financial institution?

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Action Training: What Is An APR?

Oh my. The head of the Consumer Financial Protection Bureau cannot explain what an APR is.

Church/Credit Union: Non-government Organizations?

08/01/2021

We are going back and forth as to whether or not a credit union or a church are actually considered non-government organizations? Although we know that they are non-profit, I have read conflicting information and am trying to settle this internally.

Record Retention for Debit Card Dispute Docs

08/01/2021

How long do we need to keep debit card dispute docs? (What is the time of retention?)

Advertising-more than ECOA, TILA, TISA and Fair Housing

08/01/2021

Is following the standard Regs, B, Z, DD and fair housing going to ensure advertising compliance?

Handling Reg E claims on older transactions.

07/25/2021

If an EFT claim is made long after the statement is sent showing the transaction, the rules of investigation don't apply. So why do we investigate any of these claims?

Compliance Info on Paper Checks

07/25/2021

I was wondering if you could point me in the right direction as to where to find more information on compliance for paper checks? Whenever I place a stop payment on a paper check, there's a disclosure that says "this request will expire in 6 months in order to comply with regulatory requirements." For the customers who ask for a more in-depth answer, what can I tell them?

Latest Compliance - Interest Topics

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