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.
I need some help with the right of rescission rule interpretation. On a refi loan, if the borrowers receive all TRID disclosures on a Saturday but our
offices are closed that day so their signatures would have to be made on Monday. My question is, when should the 3 day rescission period begin? On
Monday- Wednesday ( based on disclosures received on Saturday) or Tuesday-Thursday ( based on the effective signing date of Monday)?
Reg Z states: 1026. 15(a)(3)
i. The period within which the consumer may exercise the right to rescind
runs for 3 business days from the last of 3 events:
A. The occurrence that gives rise to the right of rescission.
B. Delivery of all material disclosures that are relevant to the plan.
C. Delivery to the consumer of the required rescission notice.
Does there always have to be a written authorization for an ACH transaction affecting a consumer’s account?
We have a borrower who will be out of state on the closing day of their purchase money mortgage. Are there any issues with having the borrowers
pre-sign the closing documents? (For example, the closing is on 10/01 and all the docs are dated 10/01, but the docs are signed and notarized 09/27.)
How long do we have to return an unauthorized ACH debit entry?
When can we require a customer to provide a WSUD?
Scenario- A customer receives foreign wires for "family support." This customer also received an unsecured loan for a purpose of "family support".
The customer withdrawals most of the account funds at casinos in cash and then makes cash deposits after winning money. The lender doesn't have a
concern on the loan side. What is your opinion on filing a SAR?
When mailing statements, notices, etc. for a custodial account, would the mailing address be the address of the minor or the custodian? Can a mail "in
care of" be set up so that the mail goes to the custodian or does it have to be mailed to the minor?
A “big box store” converted a payroll check drawn on our business customer’s account into an ACH POP entry. Our customer didn’t authorize the conversion, and he’s going ballistic. Can we return this entry?
We received a call from a customer's child asking for information about a safe deposit box in name of our customer who is now deceased. This person
was listed on signature card but never signed it. Should we give him any information regarding the closing of the box?
We paid an ARC entry that was created from our cashier’s check. We’re concerned the original check might also be presented. Can we stop payment on the check?