The December 19, 2011 BankersOnline Weekly Banker Briefing contained an article under the lending section titled, "Requesting Tax Returns at Time of Application." I believe the answer given was incorrect. The BOL Guru stated that you can not "ask for verification documents until after the GFE is delivered and the applicant has indicated they wish to continue." What the regulation actually states is that you cannot require, â€œas a condition for providing a GFE, that an applicant submit supplemental documentation to verify the information provided on the application.â€ Is this correct?
Under Reg GG, how does Internal Audit go about setting up a review that will satisfy the regulators?
During our annual internal audit of Reg. O, we discovered that overdraft fees are being waived for the board of directors. The overdrafts were under $1,000 and the account was not consecutively overdrawn for 5 days or more. At first, we felt that we could defend this by proving that our BOD is in similar circumstances as other depositors that we waive overdraft fees for. Management has decided that proving these "similar circumstances" may not be a risk we want to take with examiners. How should we handle this violation? Should we have the board members that are in violation pay the fees that were waived? Or should we implement training and awareness to ensure this violation does not happen again?
I'm new to BankersOnline.com and also to compliance. I am trying to find some training materials relating to the USA Patriot Act that I could potentially use as a model for staff training at our bank. Can you point me in the right direction?
Do we have to/should we have our clients sign/acknowledge that they received a copy our our new Privacy Notice that went into effect 2010? My question stems from a recent FDIC exam.
We have been contacted by our community to sell bracelets on our teller line. The first 100 names of bracelets sold (the tellers would track the names) will go into a drawing for $500 cash. They say it will be open to anyone and not just our clients. Why else would the person be at our teller line if they were not our client? Also, they would like to give something special to the tellers for taking on this added work. I have no idea what "something special" is. We are an OCC bank and I have read through 12 USC 25a. I say that this is a raffle/lottery. Even though we would not be drawing the name of the winner, just selling the bracelets, to me this is still a raffle. Isn't it illegal in it self to allow the bracelets to be sold on bank property? This has nothing to do with deposits or our products or having to become a client of the bank. Would you agree?
Do we have to have job specific training for BSA?
Do you have a Reg CC Hold Schedule for 2011, as you have for past years?
Is there a resource for advertising compliance when it comes to Facebook?
Are directors required to receive annual training on Reg CC?