What a year this has been! Rules and regulatory concerns keep coming - and coming, and coming.
Question: When one office of a regulator says one thing and another office in the same regulator says something that conflicts, what do we do?
Retaining I.D. in CIP loans
Answer by Mary Beth Guard, BOL Guru
I ask this with no small amount of trepidation, but I must know, is there a law or reg which specifically addresses making loans to illegal aliens? Not one person I've spoken with can answer the question. I've always assumed it wasn't possible.
Congress has taken decisive action on the Fair Credit Reporting Act.
FinCEN and the bank regulatory agencies have issued answers to frequently asked questions about the CIP rule. The answers don't contain any surprises and demonstrate a great deal of common sense.
I have just been nominated compliance officer of a thrift at which I am a new employee (this is my 3rd week). I have 15 years previous banking experience in almost every department but never in compliance. Where should I start?
Do the identification and verification requirements apply to loan applicants that do not qualify to borrow and are denied?
The agencies are in the process of publishing new examination procedures for the new components of anti-money laundering programs generated by the USA PATRIOT Act.
If a partnership or a corporation wants a loan, do we identify all the owners or just whoever is in control of the account. For example, If an individual owns 50% of the business and has different partners that own 10%, when applying for the loan do we collect information on everybody or just on the individual that owns 50%?