I know that Reg X allows for E-SIGN use but I cannot find in any of the Regs the definition of "email." Reg X allows for the delivery of corrected disclosures in the cure process. There are time frames to meet to make the delivery effective and email is nearly instant. It seems though that anything other than handing the corrected disclosure to the applicant is considered mailed. Can we email these corrections when time is short?
If a loan is more than 30 days delinquent, can we withdraw funds from their escrow account to make their payment? Are we also obligated to pay their property taxes if there are no escrow funds available to do so? Also, please let me know where I can find the answer in the regs. I've searched RESPA with no luck so I'd like to know how to be better at researching.
I am considering charging customers a small fee for their paper statements. Since Regulation DD requires disclosures on periodic statements, does that prohibit me from charging a fee for the statements? Can I charge a fee for something that I am required to disclose?
We have a dormant checking account and the statements are being returned to us with an invalid address. What procedures would we follow to change this account to e-statements and still be in compliance?
Our bank wants to establish an employee loan program where we offer a 2% discount off of our normal customer rates. Outside of Reg O, are there any regs that I need to consider as we put this together?
Our lenders have been meeting clients offsite more frequently (i.e. at their home or place of business). Since the customer may not enter our branch, how do we meet signage requirements for Regs such as Fair Housing, CRA, CIP, and Truth in Lending?
Can you allow funds payable to someone to be deposited in an account that they have no ownership or withdrawal rights? What reg covers this? We have customers ask us to deposit checks payable to "John Doe" into account for "Jane Doe" where Jane is the only owner/signer. We always explain to them that we do not allow it because John would not be able to withdraw the funds and we do not want to take a chance on John holding the bank liable because he did not receive benefit of the funds. There is often a suspicion that John is trying to hide the funds from the IRS or because of legal judgments. We would like to know which regulation or act specifically addresses this so we can have a basis for our policy. Does this fall under money laundering under the BSA?
We currently have free checking at our bank. The signature card lists the type of the account as "First Free Checking". The account currently has no fees, except overdraft fees. Management intends to change the "First Free Checking" account to our "Classic Checking Account", which requires the account holder to keep a minimum balance of $300.00 in order to avoid a monthly charge of $3.50, effective January 1, 2011. The current signature cards are titled "First Free Checking". Management will send a letter addressed to the account holders affected by this change giving sufficient notice for the change in terms. I have been researching the Regs, but could not find a reference to this type of situation. I am concerned about this change from a compliance standpoint. Do we need to mail new appropriate disclosures and privacy notices with the letter? Also, what about the signature card? Do we need a new signature card reflecting the change inthe account status? Are there any other compliance issues we should be concerned with before going ahead with this change?
Are we required to send a Dormant Notice on Certificates of Deposit regardless of the length of the CD? I believe that if there is no customer contact after the first renewal it should fall under the dormant laws and/or regs.
If we are freezing all HELOC accounts that have adverse credit, what notice has to be provided to the customer and when? We disclosed the bank's ability to do so in the initial disclosure.