Most Popular Compliance Content
Copy of ID in Loan File OK?
08/02/2004
In the past we would not retain a copy of an ID for a commercial loan or mortgage in the loan documentation folder. We recently received the following advice from counsel: "This is the new FDIC guidance on retaining copies of the license pursuant to the USA PATRIOT Act. It would clearly be permissible to retain copies provided that they are not used for an impermissible purpose. This rule would seem to apply to both residential and commercial." Should we feel comfortable with this interpretation?
Doing a Compliance Risk Assessment
08/02/2004
I have to do a compliance risk assessment for my credit union. I have never done this before. I don't know how to get started. Help!
Application of Rescission to Business HELOCs
08/02/2004
Does the 3-day right of rescission apply to business HELOCs (using one's primary residence as collateral)? I was under the impression that rescission only applied to consumer transactions.
CRA Investment Test
08/02/2004
Is there a certain percentage or ratio, such as to total assets, which are required for CRA loans and investments to achieve a Satisfactory rating?
Credit Report Use
08/01/2004
by Lucy Griffin, BOL Guru
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