If we use a telephone campaign to increase our overdraft protection opt-in customer participation, would the Telephone Consumer Protection Act (TCPA) apply? We know a current business relationship no longer qualifies as consent for contact, but we also need to honor do-not-call list restrictions. Since we would be soliciting customers to sign up, but with no purchase or monetary investment required, does this even qualify as a telemarketing call?
Are electronic notices permitted for NSF and overdraft protection communication as well as CD maturity and renewals? Customers signing up for e-statements would automatically get these via e-notice, with an e-mail being issued to advise the customer of the e-notice. The customer would then log on to view it.
Is the MAPR required to be disclosed any time our bank also uses the Covered Borrower ID Statement or only if the loan is a covered loan (closed-end secured by a titled motor vehicle with a term less than 181 days for a purpose other than a purchase)? We are a very rate-friendly lender already and don't want to take a chance on holding ourselves to a yet lower rate if we refinance the loan later on. Under the Talent Amendment, we aren't sure.
One of our bank directors has an adult relative who is starting a new business venture. This relative wants to get financing from the bank, and part of the collateral securing the loan would be bank stock pledged by the director. The director has no beneficial ownership in this new business venture and simply wants to help the relative get the business up and running. What, if any, Regulation O implications are involved with this scenario?
Are we permitted to hold wire transfers initiated by our customer? The wire would be processed and taken out of the account but kept in a holding account for 24-48 hours before being sent. This would reduce fraud by giving the customer time to notice the transaction on his/her account and contact us if it's fraudulent.
Currently, we are writing QM products for a minimum of 61 months, amortized for 10, 15, or more years. When the initial period of 61 months expires, if we renew the loan, does the term have to be 61 months again?
We sent an ECOA Notice of Action Taken for Incomplete Application and Denial, giving the applicant two weeks to provide the missing information. Several days later, the applicant called to withdraw the application. For HMDA reporting, is the File Closed for Incompleteness or Withdrawn since he called and withdrew before the two week period was up?
Is there a prohibition on financing the first year premium of homeowners insurance on a purchase money loan?
The HUD Counseling List that we provide at the time of a real estate application shows the date it was printed on the bottom of the list. Does this date have to be within three days of the application?
If we are listing OREO property for sale in the newspaper, must we include the FDIC or Equal Housing Lender information?