Most Popular Compliance Content
Just Say APY?
11/17/2008
When responding to oral inquiries about interest rates, is it necessary to use the phrase annual percentage yield when stating the APY? Is it acceptable to just say APY?
New FDIC EH Lender Poster
11/17/2008
Our legal department just notified us that the Equal Housing Lender poster will need to be updated because the FDIC is making changes. Can you tell me where I can get copies of the updated poster? Is it available in both hard copy and PDF format?
Unfamiliar Forms
11/17/2008
In the <a href="http://www.bankersonline.com/tools/respurchaserechecklist.pdf">residential purchase RE checklist</a> there is a CIP disclosure and Privacy Act Notice. We use Bankers Systems forms and I do not recall having seen these forms. Can you tell me what they are?
About Information Gathering Methods
11/14/2008
Can you explain the various information gathering methodsused to assess risk? For example, we are currently utilizing a risk-basedquestionnaire divided into three sections: (1) Industry-based risk - in this casefor a trust company; (2) Systemic risk - risk faced by all corporate entities suchas attrition, and human resource issues; and, (3) Organizational risk - risk uniqueto the company's business plan. With the aforementioned questionnaire, wehave key stakeholders throughout the company completing the checklistassessing key risk areas by assigning a value based on probability of occurrence(low to high, e.g. 1-5), the impact should the risk occur, and a set of five key riskareas, compliance risk, reputation risk, strategic risk, etc.
Shutting Down a Revolving LOC - Compliance Issues
11/10/2008
Do we have any Reg B or other compliance issues if we decide to shut down a revolving line of credit? Would we need to provide a certain amount of time or a notice prior to closing the account despite whether it is currently in default?