Publications | Alabama Bank News

Compliance Q&A: TCPA Issues

Breaking, Compliance Q&A, Publications

Q: Do we have any TCPA issues making phone calls to current customers to sell them other bank products? A: Generally, if you have an established business relationship with the customer, there would be no compliance issues with TCPA to call them and sell ...Read More

Automatic Loan Payment Cancellation Considerations

Capitol Notes, Compliance Q&A, Publications

Q: Would it be a requirement of any regulation for an institution to get a written cancellation request from a borrower to cancel automatic loan payments from a deposit account? We hold the Note and the account. Do we need the request to be ...Read More

Compliance Q&A: CIP Verification Considerations

Breaking, Compliance Q&A, Publications

Q: If an individual named as a beneficial owner of a new legal entity account is an existing customer of the covered financial institution subject to the financial institution’s CIP, is the bank still required to identify and verify the identity of this individual ...Read More

Compliance Q&A: Recent UDAAP Changes

Breaking, Compliance Q&A, Publications

Question: Have there been any changes to UDAAP recently? One of our providers has made changes to some of their documentation involving UDAAP and we are wondering if there has been a recent change. Answer: Yes, the CFPB recently updated its UDAAP exam procedures ...Read More

TRID Construction Loan Considerations

Breaking, Compliance Q&A, Publications

QUESTION: For a TRID construction loan disclosed as two transactions, what should we disclose as the interest rate if it’s variable we don’t know what the rate will be during the permanent phase? ANSWER: If it will have an adjustable rate and the rate ...Read More

Compliance Q&A: SCRA Procedure Considerations

Breaking, Compliance Q&A, Publications

Question: Our current SCRA procedures say that the interest rate should be retroactively applied to the date on which the service member was called to military service. In the case of a member of the reserve, though, would that be the date that they ...Read More

Alabama Election Overview

Breaking, Capitol Notes, Politics, Publications

(courtesy of Alabama Daily News) Governor Gov. Kay Ivey turned back eight primary challengers to win the Republican gubernatorial nomination without a runoff Tuesday earning about 55% of the vote. Blanchard, who served as an ambassador under former President Donald Trump, finished second at ...Read More

Compliance Q&A: Construction Loan Considerations

Breaking, Compliance Q&A, Industry Reports, Publications

Q. If the bank agrees to make an interim construction loan but the borrower has a takeout letter from another institution, is the bank required to send a permanent loan disclosure for informational purposes? A. As set out in the CFPB guidance below, whether ...Read More

CRA Overhaul Proposed

Breaking, Industry Reports, Politics, Publications

On Thursday, the Federal Reserve, the FDIC, and the OCC issued a much-anticipated joint notice of proposed rulemaking to modernize regulations implementing the Community Reinvestment Act. The agencies proposed changes to how CRA activities qualify for consideration, where activities are considered and how they ...Read More

Compliance Q&A: Customer Computer Hack and Bank Liability

Breaking, Compliance Q&A, Publications

Q. Our customer received a phone call from someone telling the customer that the customer’s computer was about to be hacked. The person convinced the customer to allow a remote logon to the customer’s computer to “stop the hacking process.” In this process, the ...Read More

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