I need to know in this scenario if a CTR is required for the husband?
The wife and husband come into the bank. The wife conducts a deposit to her personal (individual) account of $8,000 in cash. Then she conducts a
deposit into the joint account (with her and husband) for $2,600. In my mind a CTR only needs completed on the wife because the wife is benefiting
and conducted the $10,600 deposit. The husband did not conduct either transaction and is only benefiting from $2,600. Is my thinking correct?
If required, please explain why a CTR is needed for the husband. Also, if a CTR is needed for the husband, I would like for you to consider this same
scenario but without the husband present for the $8,000 deposit to the wife's account. When he enters the bank to make a $2,600 deposit to the
joint account and we tell him we need to complete a CTR, wouldn't we be breaching customer information to tell him it is because his wife made a
large cash deposit to her personal account early in the day?
Are there any regulations concerning a Land Trust Department having access to retail banking documents in an institution?
We have an account holder with a variety of small business loans.
He "paid" his business partner, who is not on any of the loans, with a piece of property in which we hold the lien. The business partner has recently asked that we sell him all outstanding notes. Do we face a privacy concern by letting the partner know loan balances, etc. or are we covered by mortgage servicing rules? I believe that we can just send the mortgagee a notice that his servicer will change and accept the note payoff from his partner. My CEO seems to think there might be a privacy concern. I appreciate your thoughts!
The alternate delivery method for annual privacy notices requires the notice to be included "on" a statement, coupon book, notice, disclosure. However, some statement forms don't lend themselves to putting a message right on the statement. Instead, can we insert a notice with the statement that contains the required language, indicating that the privacy notice is available on our website?
What regulations outline requirements for shredding of paper documents that are bank, or customer, consumer information?
The Fair Credit Reporting Act requires that each applicant (assuming there is a co-applicant) receive an FCRA adverse action notice in the event of an adverse action. Assume that there is a joint application for an installment loan, not secured by real estate (auto loan for example). The loan is denied because after a review of the credit reports of both applicants, the primary applicant previously filed for bankruptcy and the co-applicant has delinquent obligations with creditors. Should each separate notice provided to the applicant and co-applicant only list the reasons specific to their own credit history? In other words, should the applicant's notice only reference the bankruptcy and the co-applicant's notice only reference the delinquent credit obligations? My reasoning for feeling this way is that 1. it protects the privacy of the applicant and co-applicant and 2. it will better inform the applicant and co-applicant of what specific reasons were used in their denial so that each individual may correct them in order to secure the credit in the future. I understand only one would need an ECOA notice but my concern comes specifically from FCRA notice requirements.
When the collateral of a loan has been totaled is it a privacy issue for the bank to give a payoff to the insurance company without the customers consent?
When a loan is made to an entity but is secured by the residence of one of the members, is it OK if the entity and/or other members also receive the home ownership counseling notice or does this notice have to only go to the homeowner?
Do we have to/should we have our clients sign/acknowledge that they received a copy our our new Privacy Notice that went into effect 2010? My question stems from a recent FDIC exam.