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Chat! - BOL Watercooler
Jump to new posts Re: Song Titles by raitchjay @ 20 minutes ago

Go Rest High on That Mountain--Vince Gill
Chat! - BOL Watercooler
Jump to new posts Re: Song Titles With A Twist by raitchjay @ 21 minutes ago

School Days--Chuck Berry
General Discussion
Jump to new posts Re: Wire Department by HappyGilmore @ 1 hour ago

we have a wire department...all they do is wires
Lending Compliance
1024.17(k)(2) The servicer must advance funds to make disbursements in a timely manner as long as the borrower's payment is not more than 30 days overdue. Upon advancing funds to pay a disbursement, the servicer may seek repayment from the borrower for the deficiency pursuant to paragraph (f) of this section.

Paragraph (f) covers an escrow analysis. So, no you cannot just advance the loan if the borrower is current.
Operations Compliance
Jump to new posts Re: Canadian Check Hold by rlcarey @ 1 hour ago

I am not sure why you would need to. It is a transaction-by-transaction decision as to whether to even accept a foreign check for deposit, I would think. This will probably also only impact what, about .01% of your customers?
Deposits and Payments
Three years after that answer was published, there was the 2005 Joint Agency Guidance on Overdraft programs that had this best practice:

Promptly notify consumers of overdraft protection program usage each time used. Promptly notify consumers when overdraft protection has been accessed, for example, by sending a notice to consumers the day the overdraft protection program
has been accessed...

I echo Randy's sentiments.
Jump to new posts Elder financial abuse policy & procedure by JennKK2 @ 2 hours ago

i'm curious if banks have an Elder Financial Exploitation policy and procedure? is it a stand alone or is it embedded into the bank's BSA AML Program and or the ID Theft Prevention Program? if not, how has your bank addressed this issue?
we are a community bank with multiple branches $600M asset size.
Lending Compliance
What rlcarey said. If you want to break it down piece by piece:

* .40(f)(3) says you generally can't change terms of a HELOC. Then it provides six exceptions to that general rule.
* .40(f)(3)(iii) is one of those exceptions. It says you CAN make a change if the consumer agrees to the change in writing at the time of the change. The OSC that you quoted is explaining certain details about that exception.
* One of those details is that you can't have an agreement with the consumer that would violate the provisions of 1026.40(f). The HELOC after the change in terms agreement still has to comply with 1026.40(f). Thus, you can have a variable rate, but the variable rate terms have to comply with 1026.40(f), one of which is that the index can't be under the creditor's control.
Mortgage Servicing Rules
Jump to new posts Re: Balloon Loans by SallyGirl @ 2 hours ago

Thank you. I researched and didn't find anything but some in my shop seem to think there is. I will check State law.
Jump to new posts Re: Assumption Question by City Girl @ 3 hours ago

Thanks rclarey. Will do.
Interagency (Reg Z) and CFPB Reg B Appraisal Rules
Jump to new posts Re: Waiver of Appraisal Fee by rlcarey @ 4 hours ago

Ah - got it - thanks, that makes sense.
Lending Compliance
Why would you be quoting a specific starting rate in your early HELOC disclosures? Where is that required to be disclosed in 1026.40(d)?

Plus, do you not have this statement in the early disclosure?

.40(d)(2)(ii) A statement that, if a disclosed term changes (other than a change due to fluctuations in the index in a variable-rate plan) prior to opening the plan and the consumer therefore elects not to open the plan, the consumer may receive a refund of all fees paid in connection with the application.
General Discussion
Jump to new posts Re: Subpoena Fulfillments by HappyGilmore @ 5 hours ago

we have a legal liason that accepts the subpoenas, they copy our legal department, and also determine which area of the bank the requested information comes from, and coordinate with that area to pull data. they then provide that response back to the requestor.
Jump to new posts Re: Free Credit Score by rlcarey @ 7 hours ago

That is the $64,000 question. Since this is a relatively new phenomenon, I am not sure that there has been any comment on it by either the FTC or the CFPB.
TRID - TILA/RESPA Integrated Disclosures Rule
Jump to new posts Re: Promotional Credit by rlcarey @ Yesterday at 09:05 PM

Not sure it makes it a specific credit - but I am curious as to what is the rationale? If your lower loan amounts do not require appraisals and your minority applicants usually apply for lower loan amounts, how does this not present fair lending issues?
Lending Compliance
Jump to new posts Re: Reg O - Line of credit 14 month rule by lucyc @ Yesterday at 09:02 PM

Thank you
Need to Remain Anonymous
Jump to new posts Re: Joint intent/consent by raitchjay @ Yesterday at 08:41 PM

What sort of flow are you looking for? It's one question--"are you applying individually or jointly?" isn't it?
Jump to new posts Re: Soft Pull Credit Report by rlcarey @ Yesterday at 06:39 PM

You cannot do a soft pull for prequal evaluations.
Jump to new posts Re: lottey? $0 to enter, but pay to enter event by Luv2run @ Yesterday at 06:37 PM

Thank you all for your response! I was thinking pretty much as you all were. Unless its a Savings Promotion Incentive with a deposit of funds, it would look like a lottery.

I haven't had any luck in determining if the Savings Promotion Incentive is legal in my state. I know the FDIC allows it, but still trying to figure out the state standing.

Jump to new posts Re: JOINT ACCOUNT CTR by Amy S @ Yesterday at 06:33 PM

Thank you both. I was thinking way too hard on that one apparently.
Need to Remain Anonymous
Jump to new posts Re: Loan Application by Anonymous @ Yesterday at 06:16 PM

Not a HMDA bank
Lending Compliance
Jump to new posts Re: ECOA Small Business Data Collection by Inherent_Risk @ Yesterday at 05:39 PM

Until it's final we can't know exactly, but it will be closer to 18 months (if it's 90 days to start collecting there will be a riot).
Need to Remain Anonymous
Jump to new posts Re: Homeownership Counseling Notice by rlcarey @ Yesterday at 04:48 PM

Well, if you think that is what happened then I do not know what your question is. If you failed to deliver in person or mail the disclosures within three business days, then you have a violation.
eBanking / Technology
Jump to new posts Re: EFT preauthorized transfer range of amounts by rlcarey @ Yesterday at 03:31 PM

It is still a contractual agreement with the consumer. If you are going to be processing transfers of variable amounts, how do you contract for that without mentioning it? I get what you are saying, just that there is more too this than Regulation E.
Jump to new posts Re: Mass OFAC Searches by Megaman @ Yesterday at 03:01 PM

Thank you for the information.
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