Vendor Guru Q&A - Compliance

Latest Compliance Topics

Account Number for CTR Item 22

09/06/2020

In a webinar I attended earlier this year on Levies it stated, “Levy proceeds must not be reduced by any fee charged by the bank for processing the levy.” Would this rule apply to levies at the state level such as from the State Comptroller office or for Child Support?

Collections/Chargeoffs on CR-Credit Score

08/30/2020

If a member has collections and chargeoffs on their credit report and they want to payoff one or the other, paying off which one will help their credit score the most?

Can You Opt In AND OUT of the New Capital Rules Framework?

08/30/2020

If my bank qualifies for, and opts into, the Community Bank Leverage Ratio (CBLR) Framework for our March 31, 2020, Call Report, can we opt OUT of the Framework at a later date?

Internal raffles matter

08/30/2020

Can we do an internal raffle (selling tickets for a chance to win a prize) to benefit a non-profit organization?

1099 Required for a $50 Refer-a-friend Bonus?

08/30/2020

We are trying to develop a Refer-a-friend program. We will offer a $50 bonus" for referring customer and a $50 bonus for the referred customer once the account is opened with direct deposit and they use a debit card a predetermined number of times in 60 days. We have a third party company that tracks referrals and bonuses which is trying to tell me I don't have to 1099 anyone because we're not paying the bonus at account opening - we're paying the bonus for meeting the qualifications of the program. Is a 1099 required for a $50 refer-a-friend bonus?

Type of Checks Deposited in Estate Account

08/30/2020

What type of checks can be deposited to an estate account? If a check is made payable to Frank Smith and he is deceased, can that check be deposited into the Frank and Jane Smith Estate account?

Aggravated ignorance doesn’t void a Reg E claim

08/26/2020

Why can't we hold a customer or member liable for having the PIN with the card?

How to Resolve 30 Year Residential Loan

08/23/2020

How do we resolve a conventional 30 year residential loan, originally floating at application, that was closed without being officially "locked," at the rate originally stated on the LE, which did state that the rate was floating? Will the resolution differ if the now current market rate has dropped lower than the original stated rate versus an increase in the rate?

Modify Open End Deed to Closed End Deed?

08/23/2020

We have a loan that was a HELOC. Our customer is now renting the property so he applied for a commercial loan. Can we modify the open end deed to a closed end deed?

2020 Banking Alert: New Capital Rules

08/23/2020

Have the October 2019 proposed changes for the Community Bank Leverage Ratio (CBLR) Framework been finalized?

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Risking Your BSA/AML Compliance Program

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Attn, Bankers: Supreme Court Decision on First Party Collections Affects You!

10/04/2020

Did the Supreme Court’s decision in Henson v. Santander Consumer USA, Inc. obviate the necessity for first party creditors to comply with the CFPB’s debt collection rules?

Requirement to Delete Driver's License Image/Copy

10/04/2020

In the August 30, 2020, Weekly Banker Briefing there was a question regarding receiving scanned driver's licenses when customers open accounts online. The last sentence of the response said the financial institution must delete the copy or image after use. I don't see that in section 213 of the Economic Growth, Regulatory Relief and Consumer Protection Act. Where can I find information regarding the requirement to delete the image? https://www.bankersonline.com/qa/scanned-drivers-licenses-it-legal

Automatically Clearing Exceptions with Imaging

10/04/2020

What does it mean to “automatically clear” exceptions?

Loan Estimate Not Provided by 3rd Business Day

09/27/2020

There are competing thoughts on the appropriate way to treat an application when the Loan Estimate is not provided by the 3rd business day following the applicant's submission of the six pieces of information. Theory 1 - Cancel the existing application and restart the application process. This may be due to some issues with selling the loan on the secondary market. Theory 2 - Show it cas a "self-identified" issue on the file and continue with the file as is. As long as it is not a pattern in practice and is just a one-off from the established controls, there should be no ramifications. Please help in identified whether #1 or #2 (or may be a 3rd option we aren't thinking of) would be the most appropriate.

Opening Estate Account? Deceased Customer

09/27/2020

We have been presented a check payable to "Estate of ***** C/O ****'." This is the only check that will be issued in this manner. Could this be deposited into the deceased person's joint account or does an estate account have to be opened? The check is for $12.00.

Latest Compliance Topics

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