John Burnett joined Glia Group, Inc., and BankersOnline in 2004, and currently serves as Executive Editor. He is a 1990 honors graduate of the Stonier Graduate School of Banking and is an alumnus of the ABA National Compliance School, where he served on the faculty for several years.
John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company.
He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He is a regular presenter of BOL Learning Connect webinars and a presenter at BOL Conferences events.
You may contact John via email at jburnett@bankersonline.com.
02/28/2021
If a customer requests a remittance wire transfer while in the bank, but then decides they can't wait for the printed disclosure, can they leave and we provide the disclosure to them orally, provided we send them the receipt by mail?
02/28/2021
Does the new account hold limit apply only to the account-opening deposit, or to any deposit to a new account?
02/21/2021
If a minor has funds in a custodianship under the UTMA but also has an individual account in his own name, and he has reached the age for release of the UTMA funds, can we use the funds in the UTMA to offset an overdraft in the individually-owned account?
02/21/2021
How long can we hold a personal check drawn on a bank in another state deposited to a new account?
02/14/2021
Our bank is in Florida. Do we have to make a deposit of a $5,000 check on a bank in Hawaii available as fast as a deposit of a $5,000 check on a bank in Georgia?
02/07/2021
Does Regulation CC apply to deposits to savings accounts?
01/24/2021
Is a Notice of Delayed Availability form required to be mailed to customers who deposit local checks in excess of $5,525 or is it only required if a statutory exception hold is invoked or a case-by-case hold is placed? In other words, if a local check deposit of $6,000 was done at the ATM and the funds are being held $225 (first day) $5,300 (second day) $475 (7 days) would the customer need to be mailed a form?
01/24/2021
In the state of Oklahoma, is spousal consent required for the designation of a non-spouse beneficiary on an IRA?
01/17/2021
If the lender provides the fire and hazard insurance on a mortgage loan, is this a zero tolerance for the loan estimate? While one can do a pretty good job using MLS / Internet to come up with an insurance value, but this amount could change when reviewing, say an insurance review that would be obtained prior to the closing disclosure. Say MLS cited 800 sq ft, but the insurance review cited 1200, or even if a for sale by owner, (FSBO), with limited "online" information, the insurance review comes back noting a custom kitchen, flooring, bath etc. when this was not known up front.
01/17/2021
I have recently learned about a rather unique construction perm product and have a question about it in regard to the new upcoming TRID rules. Here's how the product functions now. The loan is a one-time close, 30-year term, fully amortizing from the beginning. Only one LE/CD is issued. The rate is fixed at opening and does not change at all during the term. There is no interest-only period. At closing, the funds are put into an escrow/reserve account and disbursed to the borrower periodically over the construction period. At this time they do not charge any inspection fees but are considering changing their process to have the inspections conducted by a third party and charging for three inspections. If these fees are disclosed to be collected at consummation, what recourse is there if an event occurs that requires an additional inspection? Does the bank simply have to absorb that cost since this is a zero tolerance cost and the CD has already been issued and compared to the LE? If these fees are to be collected after consummation, disclosed on a separate addendum, and this event requiring the additional inspection occurs, can the bank simply collect the additional fee without violating the zero tolerance?
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