Most Popular Compliance Content
New HMDA Sign
02/09/2004
When do we have to change the language on our HMDA notice in the lobbies of our branches to include ethnicity? Logically, the data collected in 2004 is the first to show ethnicity so I would think the notice language is changed to include that in 2005, when that data is available. I have found no source for new posters or even for the language other than your Guru Speaks about HMDA...any help would be appreciated. Thanks!
CIP and Savings Bonds
02/09/2004
Do we need to verify identity under our CIP procedures for a customer purchasing or redeeming US Savings Bonds?
CRA Public File
02/02/2004
If a bank provides its CRA Public File on its intranet or the Internet is it permissible to remove the paper editions from all its main office and branch locations?
Complaint Resolution Under RESPA
02/02/2004
I am in the process of reviewing and updating all of our compliance forms for our residential mortgage applications. On our current RESPA Servicing Disclosure, we state that any complaint resolution must be handled within 60 days of receiving the customer complaint. I am looking at a version (I assume current) in software we just purchased that states the complaint resolution needs to happen with 60 "busines" days. Does the "business" day statement meet RESPA requirements?
HMDA Info on Brokered Loans
02/02/2004
We are a de novo bank (8 months old) and our service area has been designated an MSA. For 2004 we will be a HMDA reporting bank. We have a Real Estate department that originates loans under broker agreements with loans being closed in the name of the investors. One of the brokers requires loans to be closed in the bank's name. Do we need to collect information on all brokered loans or just the ones closed in our name? We will be collecting HMDA information on all required loans that we carry on our books.