Bio:
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:
Compliance Consulting
Compliance Review
Compliance Seminars
Compliance Training
Risk Management Training
Questions Answered
09/03/2001
My question relates to the FTC Notice/Notice of Holder in Due Course. If we have a third party relationship, either by dealer agreement to buy paper or a floor plan agreement and a borrower goes into that dealership to purchase a vehicle, but decides to come to the bank directly, without a referral from the dealership, is the notice still required on the direct loan between us and the borrower? This transaction would not be a direct referral; however, the relationship still exists between the bank and the dealer.
09/03/2001
The new consumer protection laws will be in effect soon and I am still somewhat confused in regards to the Federal Credit Application Disclosure. Could you please try and clarify this for me: The disclosure states that Federal Law prohibits you from conditioning the extension of credit on either: 1. My purchase of an insurance product or annuity from you or from any of your affiliates OR 2. My agreement NOT to obtain or a prohibition on me from obtaining, an insurance product or annuity from an unaffiliated entity. As I understand this A lender cannot condition a loan based on them purchasing insurance from my bank or any other insurance company. In a discussion this morning there was a disagreement by another lender that we can base a loan approval on the condition that the consumer have insurance just that we cannot base the approval or condition on them purchasing the insurance from us directly.
08/06/2001
One of our business customers recently called us. They had received a cancelled check which was over one year old. Their checks say void after 120 days on the front of the check. They had issued a stop payment on this check and sent the payee a new check. The payee deposited the old check at her bank. The stop payment had expired. We missed the stale date and the fact that the check was over 120 days old. Who is responsible for this item?
08/06/2001
I know we must monitor MMDA accounts for excessive transations. Savings accounts are also limited at our bank to 6/quarter, which is more restrictive than required (right?). Are we required to also monitor these, or is charging $1 for each transaction that exceeds the limit sufficient?
08/06/2001
Are there any specific requirements as to the number of days a loan must be past due before a late charge can be charged?
08/06/2001
What are some suggestions on how to check the OFAC listing other than manually? Is there any good software out there?
08/06/2001
Is it a requirment that each teller window have a FDIC sign, including each drive thru?
08/06/2001
Is there a regulation that covers whether the bank has a limited amount of time to send a customer who has paid off a loan the paid off documents such as the original note marked as paidoff, any titles, liens, etc released? Inother words, besides customer satisfaction, is there another risk for taking too long to send the customer the paidoff note and other collateral documents released?
08/06/2001
I'm thinking of buying OFAC software to look for matches in our existing customer base. Can you suggest any software or companies that are effective and cost effective as well?
07/09/2001
A portion of our loan portfolio are indirect consumer purpose loans. At what point in the transaction do we need togive the consumer our Privacy Policy? I have been told that we can mail the notice to the consumer AFTER we have received the executed loan documents from the consumer. Is this correct or should the notice be given sooner (i.e., when the consumer is initiating the loan with the dealer)?
Pages