GLB Notice Requirements
07/02/2001
Under the GLB Act annual notice requirements, when would a mortgage broker's relationship with a customerterminate such that an annual notice would not be required to be sent to a customer?
Sam D. Ott is an attorney who specializes in banking and is of counsel with Phillips Murrah P.C. Prior to entering into private practice, Sam was Executive Vice President of Glia Group, Inc., the originator of BankersOnline.com. He was previously General Counsel and Secretary of the Board of BancFirst Corporation and BancFirst. Before his association with BancFirst, Sam served as Assistant General Counsel for The First National Bank and Trust Company of Oklahoma City and General Counsel for both First Interstate Bank of Oklahoma and Boatmen's Bank of Oklahoma.
You can contact Sam by email at sam@dapape.com or by telephone at 405-364-3346.
07/02/2001
Under the GLB Act annual notice requirements, when would a mortgage broker's relationship with a customerterminate such that an annual notice would not be required to be sent to a customer?
07/02/2001
We have a customer (works for the government - always like them) that states "according to the Privacy Act of 1974 the Bank must give notice any time you receive two pieces of ID from a customer". The customer is inquiring why we don't have this statement on our signature cards. Of course I have never heard of this and searched for information on your web site. I came across an article entitled "I Won't Tell You My Social Security Number". This article refers to TINs and Zips but nothing about Driver's license. However I am assuming that Driver's License ID can be applied to this as well. Am I correct to assume this?
07/02/2001
One of our CSRs has heard that a next of kin can withdrawn $1500 from an account they do not sign on to payfuneral expenses for the account holder. This is without court papers. Is this true?
06/04/2001
Once you have completed an SAR where do you mail it? We are an FDIC state bank in Texas.
06/04/2001
Is it permissible for a National Bank to offer a time-deposit promotion where customers opening that time-deposit would be entered into a drawing with the winner receiving additional (double) interest on their deposit? I have referenced Title 12, Chapter 2, Sec. 25a of the U.S.C., however, I am having difficulty interpreting the Code's definition of a "lottery."
06/04/2001
My bank is thinking about starting a courier service that would pick up deposits from customers at their homes or places of business. What compliance issues do we need to consider in starting up such a service?
06/04/2001
I have attended various Revised Article 9 Seminars. I also have read Revised Article 9 extensively. Here is myquestion, Section 9-616(c) states how the secured party must present the accounting to the debtor or consumer obligor. This provision states that the secured party's debt is credited first, then add the fees incurred during the process to the amount to calculate the surplus or deficiency. "9-616(c) seems to directly contradict 9-608(a)(1) which states that fees are paid first, then the collecting secured party and finally subordinate secured party (ies) and lienholder(s)." I understand that practically speaking the figures will come out the same. However, I still am confused. Is this in fact a contradiction or am I reading it incorrectly? What do you suggest? Thank you for your help.
05/07/2001
I would appreciate any advice on where to start when developing our information security program.
05/07/2001
Can I get a clarification on the filing requirements under the new article for a continuation. I was under the impression that if a continuation was filed PRIOR to the July 1st effective date that it would be filled in accordance with the current Article 9 rules and that it would be effective. Basically, do we have to file an "in lieu" financing statement prior to the effective date or do we file the same way we have in the past?
05/07/2001
Can sole proprietors be treated like corporations as it relates to privacy notices?