Latest Compliance Topics

Advertising rates

08/18/2019

If we price HELOCs based on the applicant's credit score and loan to value ratio, so some borrowers get a lower rate than other borrowers, can we disclose the lower rate in our advertisement, or do we need to disclose both rates? Do we also need to specify the criteria for receiving the lower rate?

Reg D Apply to Savings Used as Security for Loan?

08/18/2019

Does Reg D apply to a savings account that has been used as security for a loan?

Credit Reduction for Extension of IR Lock

08/18/2019

Regarding a lender credit reduction for an extension of an interest rate lock, may a lender reduce a lender credit to extend the lock period? Example; A rate lock expired 4-25-19 and the closing date was 4-28-19. The initial rate lock and Loan Estimate reflect a lender credit of $2000.00 with 4.25% interest rate. The lock was extended through 4-29-19 at the same rate, but the lender credit was reduced to 1800.00. Since the lender credit was reduced based on an interest rate dependent charge, is this acceptable for interest rate extensions? If it is, is there a requirement that documentation confirms the delay was due to the borrower or outside of the lenders control?

FDCPA = UDAAP

08/11/2019

How will the new FDCPA rules impact first-person collections?

Stop Payment Order for Expense Checks

08/11/2019

Is there a minimum or maximum length of time that a stop payment order for Expense Checks is applicable?

Lobby Advertising

08/11/2019

We often have lobby posters advertising products, services, benefits like trips on a discounted price and others things on display so staff can answer questions on these and to promote these items. Do they require the general FDIC advertising statement.

How to Title Acct. for Child w/Deceased Parent

08/11/2019

How do I title an account for a child who is receiving benefits from her deceased dad? Mom is the personal representative.

UCC Check Presentment-Written/Numeric Amounts

08/11/2019

If we have a check presented for payment and the written/numeric amounts on the check differ, are we allowed to write what we took it for above the numeric amount? At a previous institution that I worked for, we wrote it in red ink, so the proof person would know instantly what we read it as.

When do we have to report contest winnings to the IRS?

08/04/2019

We ran a contest and no prize was over $300. We didn’t need to collect non-public private information from the winners since the prizes were small, did we?

Dated/Outstanding Expense Check Under $50

08/04/2019

What can we do about a dated and outstanding expense check which is less than $50.00? We cannot locate the payee (an individual).