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
If an individual applies for a loan and they don't qualify, is the lender required to formally disposition (deny) the loan request? Or can they solicit other individuals to be added to the application to see if they would
help qualify and get loan approval?
We have an application for a 12-month interest-only loan to purchase a new primary residence. Our loan will be secured only by the new home. Can this be considered a bridge loan?
If a customer disputes ATM withdrawals and we are suspicious, do we have to give the temporary credit.? We did just that and they immediately withdrew all the funds. Could we have denied the claim or put a hold on the provisional credit?
What is the industry's best practice for frequency in conducting surprise cash counts?
If a customer writes their PIN number or keeps their PIN number with their debit card and then has unauthorized charges, do they still have chargeback rights?
Per Reg CC, when multiple low-risk items are deposited within the same deposit, would the first $5,000 rule apply to each low-risk item, or would just the first $5,000 of the total deposit need to be made available?
Does due diligence require asking 'Does this revenue derive from marijuana related activity?'
In the first quarter 2018 I was added as an executive officer for our bank. I currently have a home loan, a HELOC and a vehicle installment loan with our bank which were all originated prior to my becoming an executive officer. The aggregate amount owed is under $100,000. The home loan and HELOC will balloon in the coming year. Am I correct that the Reg O demand clause is not required to be added to my loan documents until the loans are renewed, extended or modified or should my loan contracts have been modified when I became an executive officer?
Is a Right of Rescission required on a streamlined refinance when only closing costs are being added to the loan? There is no cash out to the borrower.
Our lenders are wondering if any expenses on a loan after the note is closed can be charged to the principal balance? For example, a slow pay customer
can't pay property taxes and the bank pays them for him. Can that be charged to the principal balance as an advance?
I said no, due to the fact that would trigger a payment difference, needing new disclosures. The other example was the loan is in default and the process of foreclosure has started. There are attorney fees that are accessed during that process. Can those be charge to the principal balance and claimed in the debt owed at the time of foreclosure/charge off?