09/15/2014
Do mortgage loans follow the sames rules/regulations as checking accounts in regards to offering a cash or gift card when an account is opened. For example, could we book a mortgage with up before 12/31/14 and receive a $100 Home Depot gift card? Does this violate anything, and if not, what kind of disclosures would have to be paired with such a statement?
12/24/2012
Compliance Related
Attention Deficit Disorder
by Mary Beth Guard
Recently, I was diagnosed with CRADD:
05/28/2012
A minor had a savings account opened when she was four years old with her mother as the custodian/joint owner. The account was overdrawn and charged off. The minor, who is now 18, wants to open a checking account as she is now working. Can the bank offset this account to pay the charged off amount?
12/05/2011
A company decides to use soft inquiries on their customers in order to not affect their credit score. What are the requirements and regulations for credit inquiries?
08/22/2011
Our bank is in the middle of a conversion that will be effective sometime in July. The bank has an “Understanding Your Deposit Account” booklet with the terms and conditions, electronic transfers, fund availability, truth in savings, product information and branch locations. I was reviewing this information and I found out that the booklet does not state any information on Publix Presto ATM at no charge. How would you suggest that we word this?
06/13/2011
We are currently thinking about doing email marketing. We have collected email addresses from our customers when they have signed up for Internet Banking. We would like to use this information to send out marketing information on loans, dda accounts, bank events, etc. My question is do we have to disclose that we are going to be using the email addresses for this reason? What compliance issues do we need to be thinking about? Do we need to send out a opt out notice to give our customers a way to stop these notices? Is there some place that I can look that will give me more information on this subject?
11/15/2010
We are starting the process leading up to electronic statements. I asked that marketing offers be optional links. I would like compliance issues, such as notices of change, to be prominent either at the top of the statement page and/or appear automatically and require action on the part of the customer to move past the notice. I don't know yet what I will get. If we have the technology to obtain customer consent to receive electronic statements, I would think this would be a piece of cake. Of course, I am not a programmer. How are others handling this?
11/01/2010
My bank offers a "second chance" checking account to consumers who have had accounts closed at other banks with charge-offs reported to a credit reporting agency. The accounts are free of maintenance and activity fees, and are covered by our overdraft payment program after sixty days if the consumer opts into it. The overdraft fees for the second chance account are $5 higher than for other checking account customers. If we don't mention our overdraft payment program in our marketing materials for these accounts, can we refer to the accounts as free?
10/25/2010
What is the definition of "non-affiliated" for the new privacy policy form? Specifically, on page one, where the question is "For non-affiliates to market to you"? Would a government organization, such as HEDA be considered a non-affiliate or would a rural housing associaton be a non-affiliate?
09/13/2010
I'm new to compliance and reviewing some ads marketing is proposing. I read a lot on BOL about my job, but I'm in need of help. What is a bonus?