January | 2019 | Alabama Bank News

Virtual Currency Regulation: What Do Alabama Bankers Need to Know?

Board Briefs, Breaking, Publications

by Erica Barnes, Maynard Cooper & Gale The financial press cannot get enough of virtual currency, from Bitcoin to its thousands of more obscure cousins like Ethereum or Monero. Virtual currency is either a great invention or a total failure; the end of traditional ...Read More

Compliance Q&A: Notice of Servicing Transfers

Breaking, Compliance Q&A, Publications

Question: Our bank is acquiring another bank, and once the acquisition is complete, we are going to change our name to the acquired’s name. The only thing changing from a servicing perspective is the name and address of the bank. Based on this information, ...Read More

Getting the Debtor’s Name Right on the UCC-1 is Important

Board Briefs, Breaking, Publications

by Laurence Vinson, Bradley Alabama banks and other secured parties sometimes have difficulty completing the UCC-1 financing statement form in the manner provided by Article 9, “Secured Transactions,” of the Alabama Uniform Commercial Code with respect to debtors that are registered organizations, according to ...Read More

Compliance Q&A: Using a Closing Disclosure to Reset Tolerence on a Zero Tolerence Item

Breaking, Compliance Q&A, Publications

Question: We have some confusion in regard to using a Closing Disclosure to reset the tolerance on a “0” tolerance item (origination charge) if there is a bona fide Change in Circumstance. On November 8, 2018, the customer requests an increase in the loan ...Read More

ATM Card Fraud Alert

Breaking, Industry Reports, Tech News

According to STS Group there have been a number of cases this week in Alabama in which ATMs were used to dispense hundreds of thousands of dollars with fraudulent cards. These cards were skimmed from another device such as a gas pump. Last year, ...Read More

A Matter of Value

Board Briefs, Breaking, Publications

by Nancy A. Bush, CFA, NAB Research, LLC, Distributed by Banks Street Partners, LLC With profuse apologies to T.S. Eliot, April is NOT the cruelest month. As any Wall Streeter—or indeed, any investor—knows, that ignominious descriptor belongs to the month of October, which is ...Read More

Compliance Q&A: SCRA and Defining Military Service

Breaking, Compliance Q&A, Industry Reports, Publications

Question: We have a customer that is leaving for boot camp for the Air Force. Am I correct in stating that boot camp is not active duty? Answer: Boot camp is included in active duty. “Military Service” is defined under SCRA as a period ...Read More

Legislature Selects Leaders, Committees

Breaking, Capitol Notes, Politics, Publications

Important leadership and committee positions were filled by the Alabama House and Senate during the recently concluded 2019 Organizational Session. In the 105-seat state House, Rep. Mac McCutcheon (R-Monrovia) of District 25 was elected to his first full term as Speaker and Rep. Victor ...Read More

What the Midterms Mean for Community Banks

Board Briefs, Breaking, Industry Reports, Politics, Publications

by Brian Malcom, Waller It is finally over. No more robocalls. No more yard signs. No more poorly-produced television commercials. The midterms are behind us. A few results are still being counted, but the landscape is clear. Democrats will have a majority in the ...Read More

Washington Update from Rob Nichols

Breaking, Industry Reports, Politics

2019: Different Approach, Same Agenda Significant progress at the regulatory agencies as well as the passage and implementation of long-sought bipartisan regulatory reform made 2018 a breakthrough year in many ways. The new year brings fresh challenges, including how to maintain momentum for policy ...Read More

Monthly Archive:: January 2019