HMDA - GMI: two applicants but only one signed the note. What GMI do we report on the LAR?
We have a foreign individual whose W-8 certification is expiring the end of 2013. This individual is secondary on the account; interest is being reported under the primary owner's SSN. What are the implications, if any, if the foreign individual does not sign the W-8 certification?
What are the financial reporting requirements for Directors and their related interests under Reg O? Do they need to produce tax returns or appropriate financial statements annually for their personal loans and loans to their related interests?
Here is the situation: a customer deposits $12,000 in cash; they also do a currency exchange for $300 (cash in and cash out). Our processor states that the $300 out does not need to be reported on a CTR since it is not over $10,000. Is this correct?
When a bank passes $1 billion in assets, are there any additional requirements or regulations that must followed?
An Office Worker is employed at Big Grocery, which is exempt from currency transaction reporting. She brings in a business deposit including $8,000 cash. She also deposits $5,000 cash in her personal savings account. Is a CTR required since she is a transactor on both deposits?
I am seeking some guidance regarding the designation of exemption for a customer that mutually owns two businesses and conducts activity for both with our bank. He is a common owner listed on both accounts and therefore CTRs have been filed on both businesses on a single Currency Transaction Report by selecting the multiple persons and combining both businesses' aggregated transactions for reporting.The two businesses have separate accounts and tax ID numbers, the addresses and phone numbers listed are different as well. Transactions do not intermingle between the businesses and are clearly separated; the only common denominator is one of the principal owners of the businesses.When attempting to exempt the businesses can they both be combined under one Designation of Exemption? If not, only one of the businesses qualifies on its own to be exempt, would we be required to amend prior Currency Transaction Reports to separate the two businesses? Or have we been filing incorrectly to begin with?
When a customer is negligent with the loss of their card, as in waiting 10 days to report, what is the liability the customer faces according to the Visa rules? I know Reg E is 2 business days @ 50 and up to 500.
Under CRA, what constitutes a commercial or Industrial purpose? I have looked for a definition to no avail. Would this include a loan to a small business for a capital injection?
In regards to HMDA reporting, how are we supposed to code an Interest Rate Reduction Loan (IRRL) where no income was required?