Most Popular Compliance Content
Completing a CTR for Joint Account Deposits
11/03/2003
My CTR question is this: Husband makes a deposit to his individual account. Later the same day, wife makes a deposit to her joint account with the husband. Individually, neither transaction is reportable. Aggregated, they exceed $10,000 and the husband can benefit from the whole. Do we need to file a CTR and if we do, can you help us out with the technicalities? Do we check multiple persons, multiple transactions? And what do we do about the information we don't have on file (for example, driver's license numbers and occupations)? We caught this on a system report that monitors daily activity by social security number. Two different tellers were involved and had no knowledge on the day of activity.
Days Before Funding on Home Improvement
11/03/2003
What are the required number of days before funding on a home improvement loan? I understand it was changed to 5 days, fund, then the 3 days right of rescission.
Flood Insurance for Condos
11/03/2003
This question is related to condos. Do insurance companies write blanket policies for condo owner associations? If yes, are these policies acceptable for FEMA guidelines?
SCorporation NOW Account Eligibility
11/03/2003
Can an SCorporation, for example a doctor, have a NOW account?
When Must APR Be Disclosed
11/03/2003
I am an assistant manager at an instore branch. The bank compliance officer tells me I can't advertise our mortgage or auto rates without disclosing the APR. It was my understanding that this must be disclosed when actually PROCESSING a specific loan. I thought I had seen newspaper ads w/o the disclosed APR. He told me they were probably mortgage companies. Is he correct? Must we disclose the APR even in advertisements? If so, are there restrictions on HOW it is disclosed, such as spreading the fees over the life of the loan vs. using the first year only (which makes the APR higher)? Are there any fees that we can leave out of the APR?