Right Of Rescission Confirmation: Is a signature required?
05/05/2003
Does the confirmation after the 3 day right of rescission have to be signed stating the borrower does not wish to rescind?
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 moved to 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, and 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 participant in BOL Conferences events.
You may contact John via email at jburnett@bankersonline.com.
05/05/2003
Does the confirmation after the 3 day right of rescission have to be signed stating the borrower does not wish to rescind?
05/05/2003
I know a change was made, but do we have to "guess" race if the loan application is taken by phone or can it be marked unknown for HMDA purposes.
05/05/2003
Would an account set up for an estate qualify for a NOW account? If it does qualify would it make a difference if the SSN of the deceased is used or the SSN of the executor? We have some accounts that attorneys insist that we use the SSN of the deceased, even though the IRS specifically states that the SSN no longer exists when the owner of the SSN is deceased and that a EIN would be required. We could classify an estate as a fiduciary account, would that have any relevance as to the qualification for a NOW account?
05/05/2003
Does Reg B prohibit discrimination against an applicant who is involved in lawsuits under the Consumer Credit Protection Act?
04/21/2003
If we continually post our privacy policy on our website, are we required to send e-statement customers an annual notification that our statement is available for review on our website?
04/21/2003
We are receiving more and more e-checks, drafts that come through without a customer's signature. currently, we have been contacting the customer to get their approval to pay the check, but long range this is impracticable. What do you suggest we have in place to allow for these transactions to be processed without manual intervention?
04/21/2003
As a financial institution looking for ways to better serve our customers, it occurred to me that it might be helpful to some of our customers who have questions relating to FDIC insurance to create a hyperlink from the bank's web site to the FDIC home page. Is there a potential problem in doing this without first obtaining FDIC, or other regulatory agency approval?
04/21/2003
Can we open a partnership account with the partner being another business? For example: ABC Landings, Ltd. and the name of the partner listed on the resolution is ABC Management?
04/21/2003
We know that it is not proper to allow a corporate employee to cash a check made payable to the corporation from a bank customer. May that same employee convert the customer's check to a bank money order payable to the corporation if the employee is not authorized to transact business by the corporate checking resolution?
04/21/2003
I am reviewing Reg D about types of accounts eligible and ineligible for NOW accounts to earn interest. It states that corporations, partnerships, LLC and organized business trusts are not eligible. We have an "living trust" account. What is a living trust and would it be eligible to have a NOW account and earn interest?