Jim Bedsole is the Senior Vice President and Chief Compliance & Risk Officer for BankSouth headquartered on Lake Oconee in Greensboro, GA. Mr. Bedsole has thirty years of experience in managing bank risk, regulatory compliance, auditing,
security, and corporate governance with both regional and community banks. He has a Bachelor of Science degree in Business Administration from The Citadel, The Military College of South Carolina in Charleston, SC. He is also a graduate
of the ABA National Graduate School of Compliance Management. He is a Certified Regulatory Compliance Manager, Certified Bank Auditor, Certified Financial Services Auditor, and Certified AML and Fraud Professional.
Jim is a frequent speaker on the topics of risk management, compliance, consumer protection regulations, auditing, and Internet banking regulation. He is currently the chairman of the Georgia Bankers Association Compliance Committee and the vice chairman of the GBA Compliance School Board. He formerly served as co-chair of the ABA Enterprise Risk Management Working Group for Community Banks and on the ABA Risk Management Forum Advisory Committee. He is a former chairman of the SC Bankers Association Compliance and Regulatory Committee and former chairman of the SC Bankers Association Disaster Recovery Committee. He has served on the faculty of the ABA National Compliance School and the NC School of Banking and is currently on the faculty of the Georgia Bankers Association Bank Compliance School.
He has authored articles appearing in both regional and national publications, including ABA Bank Compliance Magazine, Palmetto Banker and numerous Internet web sites. He is also an active private pilot with an instrument rating.
Areas of Expertise:
Risk Management Training
I have a question on the new Reg CC update, specifically, on the large check deposit. I have a customer depositing a out of town check made to himself in the amount of $106,000. How do I handle this?
Example: 2-12-2020: Place a Large Deposit Exception hold on the check making $200 available 2-13-2020, $4,800 available 2-14-2020 & $101,000 available 2-24-2020. So would the new amounts be $225 available 2-13-2020 and $5,300 (to make a total available $5,525) available 2-24-2020 and the rest available 2-24-2020?
Our bank has limited the number of overdrafts an employee may have in a rolling 11 month period. Management now would like to treat employee like other bank depositors and eliminate the limit. Are there any compliance concerns with this action? My initial comment was that employees of a bank should be held to a higher standard as the general public is entrusting their funds in the integrity of the bank's staff. Thoughts?
Is a large bank required to send adverse action notices when a payment due date change or extension is denied for consumer loan products?
I am a Realtor and a lender has ask me to participate in a Realtor partner referral program. They want me to refer and recommend other real estate agents to them. The Realtor partner receives leads from the lender, that is buyers that do not have an agent. No money is exchanged, and there is no pressure to send them my business. Is this a violation or not?
Do the Private Education Loan disclosure requirements apply if we originate one loan to an employee to help them get caught up on past tuition so they may enroll in classes?
Can a lender accept verbal telephone confirmation from an applicant of receipt of the 3-day closing disclosure?
Our loan officers pull clients credit reports and input the information in our LOS. Not all six items that make up an application for a home loan have
been provided. My question is, do we still send out a "Notice of Incompleteness" to the client if the only thing that was received in the
loan file was the credit report and the loan has been in our system for 30 days with the property marked, "TBD?"
The way I read Reg B is that you only send out the NOI once it is considered an application. So if these are not considered an application but you
obtained credit, would we not have to send some sort of documentation/NOI because the score is good enough to move forward?
I started in BSA a few years ago and I built an Enhance Due Diligence program for higher risk customers with monthly transaction review and then yearly comprehensive review of the business and its expected vs actual activity. At the time I found a really clear outline of expectations in the BSA Manual and now I can't find anything related to EDD at a all. Did this get removed? Anyone else experiencing this?
Who should technically be doing a loan closing?
Our bank is looking into offering mortgages with an initial fixed rate, short term loan (5-7yrs) with a balloon payment, then financing the balloon
balance into a longer term (20yr) ARM. Can we do this without determining Ability to Repay for the initial short term portion? Also, would this be
dependent on if the bank is considered a small creditor and serves only rural or underserved areas?