I have just been nominated compliance officer of a thrift at which I am a new employee (this is my 3rd week). I have 15 years previous banking experience in almost every department but never in compliance. Where should I start?
Question: I am concerned about how the new Regulations B and C definition of preapproval may affect our marketing practice.
Some branches of a bank are open on Sundays. I have two questions concerning business days and Reg Z: 1. Would the bank be considered "substantially open for business" if they take loan applications, disburse loans, take deposits, and make withdrawals at only certain branches on Sunday? (not all the branches are open on Sunday) The back office/operations staff does not work that day. If so, when calculating the 3 business days for early TILs, would they count Sunday as a business day for loans closed at all branches or just the ones opened on Sundays? 2. The definition of business day in Reg Z states that Sunday is never a business day for right of rescission. If this same bank closes rescindable loans on Sundays, when do we begin counting the three days?
We are purchasing a smaller bank. My questions is in regards to the purchsed bank credit card portfolio, both consumer and merchant. I am curious where I can get get guidance into the compliance requirements on the handling of the purchased bank's portfolio.
I am looking for information on the Bank Protection Act. Can you point me in the right direction?
Under BSA rules, the required records to keep for an extension of credit in the amount over $10,000 includes: borrower's name and address, amount of credit, date of credit and the nature and purpose of the credit. How descriptive should we be in the nature and purpose of credit? Can we use "for personal reasons" and be in compliance?
I have been trying to draft procedures to follow the 2004 HMDA rules regarding HMDAreportable preapprovals. One thing the new HMDA regs never seem to clearly state is how far back a lender must look to determine whether an origination started as a preapproval. What I want to believe is that once a preapproval request is denied, withdrawn, closed for incompleteness, or approved but the commitment expires, any future application by the client is a NEW event NOT related to the earlier preapproval request. Example: Preapproval is granted and the written commitment expires April 15. Client shows up on May 12 to start a full application, which later closes. The May 12 application is NOT going to be marked on HMDA as having started with a preapproval, because the earlier preapproval commitment expired before the client showed up to start a full application. (If the Bank chose to report approvedbutnotaccepted preapprovals, there would be two HMDA records reported for this client: the approvednotaccepted preapproval, and the originated loan.) I hope my interpretation is correct; if we have to go back indefinitely to match preapproval requests of various dispositions with future applications, it would become impractical to offer preapprovals!
We post periodic statements on our web site instead of emailing them. Do we have to email customers each time the statements are posted and tell them they have been posted? If they have more than one account with us do we have to send multiple emails?
I have been searching for a clear and current Financial Institution Record Retention schedule. Do you know of any resources for this material? I have been newly assigned to "revamping" our current retention schedule. Many of the problems I am running up against pertain to newer technologies used in banking, such as Internet Banking.
If a loan is carried on a credit union's books coded as a signature loan (unsecured), while the purpose listed on the loan application is for home improvements; Would this signature loan have to be reported under the Home Mortgage Disclosure Act?