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Chat! - BOL Watercooler
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Language issue!
One of our Southern states, a trooper pulls over a pickup for speeding.
Trooper goes to the driver and asks, “Got any ID?”
Driver responds, “bout what?”
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Deposits and Payments
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Is it common if the beneficiary does come in and request to keep the current CD due to the rate keep it an just change the tin and name on the system?
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Interagency (Reg Z) and CFPB Reg B Appraisal Rules
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Thank you for your quick response.
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BSA/AML/CIP/OFAC Forum
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Thank you so much for taking the time to help me with this. I just started a spread sheet tracking their ATM settlements and cash deposits. I will compare these numbers to their account opening and loan documents. I have a another spreadsheet where I've been recording when I research their deposits to monitor their cashed checks.
Thank you again!!
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Chat! - BOL Watercooler
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NJ guitarist Lou Pallo, member of Les Paul Trio
T
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BSA/AML/CIP/OFAC Forum
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Also, if Mom isn't legally incapacitated, she is your customer for CIP purposes, not the AIF, as far as the regulation is concerned. If your policy also calls for applying CIP to the AIF, you need to do it or risk being cited in a BSA/AML exam for not adhering to your own policy.
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BSA/AML/CIP/OFAC Forum
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I agree that the SAR component of these scenarios is dependent on what the customers appear to be doing. My first reaction when reading the two hypotheticals is that there is structuring going on, and I'd want one very good explanation to the contrary before I'd tuck them into a "No Report" file. Especially if the customers repeat the pattern.
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Wisconsin
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Just have them give them their name. In a community property state, that should already be part of the application process.
Except as provided in par. (c), if a creditor extends credit to a spouse in a credit transaction governed by chs. 421 to 427 and the extension of credit may result in an obligation described under s. 766.55 (2) (b), the creditor shall give the nonapplicant spouse written notice of the extension of credit before any payment is due. The notice requirement may be satisfied by providing a copy of the instrument, document, agreement or contract evidencing the obligation to pay or any required credit disclosure which is given to the applicant spouse, or by providing a separate writing briefly describing the nature of the credit extended. Notice is considered given on the date it is mailed to the address of the nonapplicant spouse provided to the creditor by the applicant spouse. If the applicant spouse informs the creditor that the spouses reside at the same address, the notice may be enclosed in an envelope addressed to the nonapplicant spouse or both spouses.
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BSA/AML/CIP/OFAC Forum
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I agree, otherwise they would not have been deposited into the IOLTA, which is specifically for client funds.
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General Discussion
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Happy Birthday, BOL! The site is a great resource to new and more experienced compliance professionals alike!! 
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Chat! - BOL Watercooler
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The Winner Takes It All-Abba
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Human Resources
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Deek-Can your son take advantage of the elder care benefit?
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CRA
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We are a large bank and had our data integrity review in September, which lasted 2 1/2 weeks this time around. They have blocked out 5 weeks for our exam in January. I will say there was a training team doing data integrity, is one of the reasons it took so long. In addition to the routine data validation of our HMDA and CRA reports, they did a very thorough review of our CD services, investments and loans, and they also started working on the performance context pieces. Seems like a whole lot was done during data integrity that they usually don't do until the exam itself. And my request letter is more in line with the final rule - they are asking for a lot more details from us (for example, market shares, lending distribution analysis, distribution of capital, etc) that they used to just do on their own.
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TRID - TILA/RESPA Integrated Disclosures Rule
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What do you mean "overhead" - if the bank is not charging them in Section A and they would normally go to the bank - what is the point? I guess I am confused?
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Chat! - BOL Watercooler
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It took Andy (I think) telling me that the folks who ran the Money Page Forum WANTED to shut it down. So I moved over to BOL a bit behind you guys - #396. We used to wear our BOL badges at the ABA Compliance Conference and all get together for a meal at some point in the conference. Good times!
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Need to Remain Anonymous
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You'll find the regulatory definition of identity theft in 1022.3 (h)
Identity theft means a fraud committed or attempted using the identifying information of another person without authority.
And the definition of "identifying information" immediately prior in 1022.3(g)
Identifying information means any name or number that may be used, alone or in conjunction with any other information, to identify a specific person, including any:
(1) Name, social security number, date of birth, official state or government issued driver's license or identification number, alien registration number, government passport number, employer or taxpayer identification number;
(2) Unique biometric data, such as fingerprint, voice print, retina or iris image, or other unique physical representation;
(3) Unique electronic identification number, address, or routing code; or
(4) Telecommunication identifying information or access device (as defined in 18 U.S.C. 1029(e)).
And finally the definition of "access device" from 18 U.S.C. 1029(e)
(1) the term “access device” means any card, plate, code, account number, electronic serial number, mobile identification number, personal identification number, or other telecommunications service, equipment, or instrument identifier, or other means of account access that can be used, alone or in conjunction with another access device, to obtain money, goods, services, or any other thing of value, or that can be used to initiate a transfer of funds (other than a transfer originated solely by paper instrument);
So it took a lot of cross referencing, but as you can see we end at a card. Your auditor is correct. Credit card fraud is a form of identity theft under FACT Act.
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Georgia
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Not according to the information that I have. But just check with the title company - they can tell you what they are going to require to insure your loan.
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CRA
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You should anticipate the transition. We suggest you report data this year even though you are not technically required as an ISB. This will also provide you the option to be examined as a large bank. Frankly, I think passing a large bank exam is easier than an ISB exam which absolutely requires satisfactory performance on the CD part, whereas you can do rather poorly regarding CD activity on the large bank exam and still get a composite satisfactory PE.
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Flood Compliance
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After rereading what Randy wrote...
I think the 4 unit condo is insured for $250,000 and the 5 unit is insured for $500,000 until the association is formed....
Is this correct?
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Kentucky
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Thanks for the reply!
Legal advised she will need to be a court appointed guardian.
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Marketing
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Skittles - that is confusing me also. I have asked the reasoning for needing them a couple of times and I am still waiting for an answer.
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HMDA
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Yes, it doesn't have to be the same dwelling on both sides to be a refinance. A dwelling-secured loan that pays off a loan secured by a different dwelling meets the definition.
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FCRA
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I need some help understanding how the payment history should be reported when a borrower files for Chapter 7 Bankruptcy then reaffirms the loan with our FI. The customer has filed a dispute with the CRA.
Chapter 7 Bankruptcy filed on 1.28.15
Loan was reaffirmed on 9.21.15
Bankruptcy was discharged on 10.5.15
Loan matured on 8.1.16
Bankruptcy date terminated was 12.15.16
Loan was paid off/refinanced on 4.18.17
Should all the payment history from 1.28.15 until 9.21.15 be reported as D=No payment history reported/available this month. Then from the time of reaffirmation on 9.21.15 forward we report the actual payment history using codes 0-6 as appropriate?
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BSA/AML/CIP/OFAC Forum
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I never had a three strike rule - it was one and done unless it took sometime to unwind the relationship. 95% of the customers that we filed on were unprofitable to begin with and the continued monitoring, filing and potential for errors that could have resulted in a BSA/AML finding in an examination was just not worth it.
Additionally, these actions should all be pre-outlined in policies and procedures.
The bank should develop policies, procedures, and processes indicating when to escalate issues or problems identified as the result of repeat SAR filings on accounts. The procedures should include:
• Review by senior management and legal staff (e.g., BSA compliance officer or SAR committee).
• Criteria for when analysis of the overall customer relationship is necessary.
• Criteria for whether and, if so, when to close the account.
• Criteria for when to notify law enforcement, if appropriate
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Lending Compliance
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Maybe - but the reasoning so far is pretty sketchy. What new or changed information is there? The fact that you have a third party evaluator that cannot do the job is not a change to the original information provided.
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