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Chat! - BOL Watercooler
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Go Rest High on That Mountain--Vince Gill
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Chat! - BOL Watercooler
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School Days--Chuck Berry
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General Discussion
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we have a wire department...all they do is wires
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Lending Compliance
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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.
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Operations Compliance
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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?
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Deposits and Payments
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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...
https://www.federalreserve.gov/boarddocs/srletters/2005/sr0503a1.pdf
I echo Randy's sentiments.
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BSA/AML/CIP/OFAC Forum
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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.
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Lending Compliance
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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.
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Mortgage Servicing Rules
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Thank you. I researched and didn't find anything but some in my shop seem to think there is. I will check State law.
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HMDA
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Thanks rclarey. Will do.
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Interagency (Reg Z) and CFPB Reg B Appraisal Rules
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Ah - got it - thanks, that makes sense.
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Lending Compliance
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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.
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General Discussion
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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.
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FCRA
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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.
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TRID - TILA/RESPA Integrated Disclosures Rule
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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?
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Lending Compliance
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Thank you
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Need to Remain Anonymous
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What sort of flow are you looking for? It's one question--"are you applying individually or jointly?" isn't it?
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FCRA
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You cannot do a soft pull for prequal evaluations.
https://www.bankersonline.com/forum/ubbthreads.php/ubb/showflat/Number/2280292
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Marketing
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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.
Thanks
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BSA/AML/CIP/OFAC Forum
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Thank you both. I was thinking way too hard on that one apparently.
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Need to Remain Anonymous
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Not a HMDA bank
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Lending Compliance
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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).
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Need to Remain Anonymous
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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.
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eBanking / Technology
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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.
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BSA/AML/CIP/OFAC Forum
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Thank you for the information.
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