We have a mortgage lending office about two hours from deposit taking branches. The mortgage area wants to hand out flyers advertising the banking services we offer. Is the FDIC logo required on them? We're afraid it will look as though the loans are FDIC insured.
In general how will the recent changes to Reg DD affect our marketing of new accounts?
We considering offering a bonus gift card worth $100 to "switch banking relationship." Even though it may not be tied to a trigger APY for example, we need to disclose simply what it is and what they have to do to get it, right?
I am confused by the Truth in Lending rules and FTC Guidance (How to Advertise Consumer Credit) on how to advertise the following product: 10/1 LIBOR ARM. Repayments are "interest only" for 10 years with a fixed rate, then for the remaining 20 years (30-year loan), the rate becomes variable and the loan is amortized for principal and interest payments. At a minimum, our line of business wants to advertise the amount of the monthly payment. Is this a Graduated Payment feature loan, or a Discounted Variable Rate Plan or something else? Any real-life examples are appreciated.
When advertising a stepped-rate CD, is a bank required to include all applicable simple interest rates along with the period each is effective (not more conspicuous than the APY)? For example, the bank offers a 60-month CD at 4.20% for the first 12 months then 3.45% for 48 months, 3.65% APY. Can the Bank advertise the 4.20% for 12 months and the 3.65% APY without mention of the rate in effect for the remaining 48-months (3.45%)?
I am reviewing an interior billboard promotion for a home equity credit line and I've looked everywhere in Reg Z (is that possible?) for the answer to this: The ONLY print copy in the ad reads, "X% less than Prime (for the life of the loan) Ask about our Home Equity Credit Line." Is this ambiguous enough to avoid all the implicit terms disclosures required under 226.16(b), namely, from 226.6?
How long does a financial institution need to keep documents on Certificates of Deposits?
Could you explain a Case-by-case hold on a check? Can you have a case-by-case without citing any reason for the delay? Also, when can you put a hold on a cashier check? Can you use case-by-case for a hold on a cashier check?
Marketing asked what type size was required on a periodic statement (front and back) for a credit card account. I thought since most of the disclosures on the statement were required under Reg Z, that 8 point would be the minimum. Do you agree?
Can a customer change his or her money market account into a NOW account without changing his account number?