Most Popular Compliance Content
Flood Insurance Coverage Conundrum
04/21/2008
We have financed the construction of a six story condominium building that is located in a flood zone. Our borrower is a commercial entity and for our purpose, the project is a commercial development. Our borrower has obtained $250,000 of flood insurance coverage, however, we are requiring $500,000 which is the maximum available for commercial property through FEMA. The borrower's insurance company has been unable to increase the policy. The insurance company states that the building is residential in nature since the end result will be a condo building. The insurance agent has tried to convince the insurance company that it is really a commercial property and has been unsuccessful in this argument. Do you have any suggestions or solutions for our insurance conundrum?
Resending Returned Adverse Action Letter
04/21/2008
When an adverse action letter is sent to a customer and it is received as no address and then it comes back to us, what are the procedures and do we need to resend the letter for a bad address?
Signing the GFE on a Refinance
04/21/2008
Does the GFE need to be signed on a refinance?
SMB Loan Portfolios
04/21/2008
What steps can banks take to protect against losses in its small business loan portfolio?
Continuous Overdrafts Fee - Notify Customers?
04/14/2008
We are adding a new fee to overdrafts where we will be charging a continuous overdraft fee after being overdrawn for five days. Are we required to notify customers beforehand? Also, are we required to send a notice when this charge has been assessed?