Latest Compliance Topics

Aggravated ignorance

03/03/2019

Why can't we hold customers liable for carrying their PIN with their card?

Notice of Right to Receive a Copy of an Appraisal

03/03/2019

I have questions that bother me when I dealing with a commercial real estate transaction where a residential property is taken as collateral. When does the Notice of Right to Receive a copy of an Appraisal apply? I have seen many different concepts in the internet regarding to dwelling: - A 1-4 residential property which is the borrower or guarantor's principal residence; - Any 1-4 residential property which is the borrower's principal residence, and it is going to be refinanced; or - Any 1-4 residential property taken as collateral in the commercial real estate transaction. I would like somebody clarify which is in compliance. I am in Florida if that matters.

Reg E claims steps

02/24/2019

Must we go through the formalities of an investigation and document what we’ve done such as paying provisional credit on claims that were made timely?

Closing Disclosure​ & Disbursement Date

02/24/2019

I have a question about​ a ​Closing Disclosure​ and the​ Disbursement Date on a no​ rescission loan with payoffs requiring funds from borrower received on the​ next day. Would we disclose the ​D​isbursement ​D​ate on the CD as the same day​ as the closing date or the date we receive the borrower's funds and the actual funds are disbursed?

Elevation Certificate Cost-Change in Circumstance?

02/24/2019

Is the cost of an elevation certificate a valid change in circumstance? The elevation certificate is not a requirement of the bank but it is a requirement of the insurance company. If we don't need to re-issue the loan estimate where should the fee be disclosed on the closing disclosure?

NMLS# When LO Leaves Before Closing (SAFE Act)

02/24/2019

With the SAFE Act, how are we required to handle the NML​S​ number when an originator leaves before their loan closes? Does their number remain on the documents as they were the Loan Originator or are we required to use a different originator number even though they didn't negotiate the loan?

Regs/Requirements for Time Deposit Accounts

02/17/2019

Our company is wanting to offer Time Deposit accounts. I have read Reg. DD and I see that Time Deposits have certain restrictions on withdrawal periods and penalties but I don't think they are much different than Certificate of Deposits and Auto Save IRA CD's. Basically if we adhere to TISA requirements are we okay to offer these or should I be looking into any other regs or requirements?

Trust for a Revocable Trust-Check Acct. Style

02/17/2019

Can a checking account be styled In Trust for a Revocable Trust?

Opening Business Account-Tax ID & Name Change

02/17/2019

We have a customer trying to open a business account. He has provided us with a 2017 Tax Return, which gives us the Tax ID under which the business is operating. I typed this Tax ID number into the Texas Comptroller of Public Accounts website and got a hit, showing that the business is in good standing. However, the name that was listed has been changed since the Comptroller website was updated (surprising since the 2017 Tax Return reflects this change). The company is not currently operating and, therefore, the individual opening the account does not have access to documentation of the name change for the Secretary of State office. The question is, do we have what we need to open the account? The tax return and Comptroller website verify that the Tax ID number is valid and in Good Standing, but they disagree on the business name.

Guidance on Timeline for Issuing Debit Card

02/17/2019

Is there language in any regulation or even industry guidance on the timeline for issuing a debit card once a customer has requested one? I suspect one of my bank's branches is waiting 90 days to issue every single card. At minimum, I want to streamline the process so that cards are issued on the same schedule across all branches, and just want to be able to defend whatever timeline we use.