Most Popular Compliance Content
Fax from an Internet Law Firm - Must We Comply?
06/09/2008
We received a fax from an internet law firm claiming to represent one of our delinquent credit card customers. It demanded all documents and evidence that the debt exists and that we cease all attempts to contact the customer. Do we have any legal obligation to comply? I'm not sure it's legit although the firm maintains a web site.
Charged Off Accounts - Annual Privacy Notices
06/09/2008
We are getting ready to send out our annual privacy notices and our process is to generate a list of everyone that has a CIF (customer information file), but we have some CIF records which only have charged off accounts. Are we required to send an annual notice to these customers? In the past we have sent them and then the customers call and complain that they no longer have accounts with us. They don't understand that even though their account may have been charged off we still retain their information for reporting purposes.
2007 Proposed Privacy Rule - What Became of It?
06/09/2008
There was a proposed rule whose commentary period ended May 2007 that would require banks to expand and mail a two page privacy notice to all account holders. What happened to this proposal?
RESPA & Vacation Homes
06/02/2008
If a consumer has a primary residence then purchases a vacation home and asks for a loan with the vacation home as collateral, does RESPA apply?
RESPA - Risk Insurance Premium Disclosures
06/02/2008
Our compliance area is telling us we must disclose builder's risk insurance premiums and property tax information for SFR consumer construction loans subject to RESPA. Do you have a suggestion on where to get an estimate of builder's risk insurance for projects for disclosure purposes?