Bio:
David's banking career began as a field examiner for the FDIC in 1990. He later became a Loan Officer for a small bank. In 1993, he established Banker's Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker's Compliance Consulting produces.
He is an expert in compliance regulations. He is also a motivational speaker and innovative educator. His quick wit and sense of humor transforms the usually tiring topic of compliance into an enjoyable educational experience. David is on the faculty of the Center for Financial Training, the American Bankers Association National Compliance Schools and is a frequent speaker at the ABA's Regulatory Compliance Conference. David is also a trainer for hundreds of webinars, is a Certified Regulatory Compliance Manager (CRCM) and has been a BankersOnline Guru for many years. The American Bankers Association honored David with their Distinguished Service Award in 2016.
David and his wife Karen have 3 adult children (none of whom live at home!) & 3 cats (which Dave is allergic to). They live on a lake in Nebraska and when possible, Dave can be found fishing or in the water. David plays the guitar & piano and enjoys singing with Karen. Together they lead worship at their church.
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Areas of Expertise:
Audit Services
Compliance Audits
Compliance Consulting
Compliance Review
Compliance Seminars
Lending
Lending & Operations Compliance Matrices
Risk Assessment
Organization Health / Culture Consulting & Training
Training the Trainer Materials
Training Videos
Questions Answered
11/10/2019
When advertising a CD special on a rate sheet that will be provided to customers, and the ad only indicates the CD special product name with a
statement that says, "ask us how to open your CD special," and nothing else, but the CD special has conditions and limitations that the regular CD
accounts do not, should a bank disclose on the rate sheet what those conditions and limits are that differ from the regular CD products that are
also listed on the rate sheet?
There is a fully disclosed addendum for the special that covers the Reg DD
disclosure requirements. However, this will only be provided if the special
is opened by the customer. My concern is that if the customer only requests
the rate sheet and doesn't open the account the customer will not receive
the addendum or the full scope of the special on the rate sheet and this may
be a little misleading if the customer comes back at a later date to open
the special and they find out there are conditions to be met on the product.
11/03/2019
Our commercial applicant submitted an application and we issued a (expression of interest) EOI / Term sheet. The loan officer is in
communication with them and is asking for items we require to underwrite the loan. It is taking more than 60 days to receive all the items. They are
coming in piece by piece. When are we required to send a notice of incompleteness? I was understanding that an NOIA would not be required since
the application is still not complete and we are working with the applicant, but others are saying it should be sent now.
09/08/2019
For banks that provide combined ECOA-FCRA disclosures, is it standard practice to “Check the 1st Box” and provide FCRA credit score information if the decline reason is not based on the consumer report, but some other factor? (i.e. insufficient collateral, product not offered, out of lending area) Do other banks do this?
We understand that we do NOT have to “Check the 1st box” and provide credit score information if it was NOT used in making the adverse decision, but what would be the risk to provide this information in the above cases?
08/25/2019
I have a client (a lender) who orders their credit reports from "XYZ Data" and when a loan is declined, they list Equifax on their Adverse Action
Notice (with appropriate address and phone number) and they have now been told that because "XYZ Data" is considered a reseller of credit under the
FCRA 603(u) that they should also list XYZ Data (along with its name and telephone number) on the Adverse Action Notice. Is this true?
08/11/2019
When collecting HMDA information on declined consumer loans, what is the source document for verifying the number of units? Are we OK to use the
application where the client indicates the number of units since we do not have an appraisal or do we need to verify using a tax card? Since it's a
decline I wasn't sure what the source document would be.
07/28/2019
Our main bank location had a separate building that served as the drive-thru for the branch. This drive-thru was viewed as a "limited service branch" by
regulators. We recently installed two Interactive Teller Machines (ITMs) in the drive-thru lanes and closed the building. Does this constitute closing
a branch, or, does it remain as a "limited service branch" since the ITMs perform all of the same functions that the building previously provided?
07/28/2019
Does a flood notice have to be signed?
06/23/2019
The bank provided a construction loan to a borrower to build a dwelling. Along with the temporary financing the bank also provided a loan estimate
for a permanent loan. This was done to make sure the borrower had all the pertinent information to make a decision about the new construction as well
as due diligence by the bank to be certain the borrower will qualify for the end mortgage.
Is it considered a HMDA reportable transaction as a withdrawn application if the bank provided the loan estimate for permanent financing? The
construction loan was taken out by a permanent mortgage in the secondary market loan and not the in-house mortgage that the loan estimate referred
to.
06/09/2019
For Reg C, which date do you use as the beginning date to calculate the intro rate period, the origination date of the loan or the first payment date?
06/09/2019
Are we required to have an intent to proceed on commercial purpose loans?
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