March | 2019 | Alabama Bank News

2019 Regular Session: Week 2 Recap

Breaking, Capitol Notes, Politics, Publications

So far, the 2019 Regular Session has suffered from a start-and-stop schedule. After the first legislative day on March 5, the session went into a two-week hiatus so that legislators could meet to discuss – and ultimately pass – Gov. Kay Ivey’s “Rebuild Alabama” ...Read More

Watch Out for Personal Liability Under the FDCPA

Board Briefs, Breaking, Industry Reports, Legal, Publications

by Brian Malcom, Waller The Second Circuit recently upheld a court order holding two individual co-owners and co-directors of several corporate debt collector entities personally liable for over $10 million after such entities violated the Federal Trade Commission Act (FTCA) and the Federal Fair ...Read More

Compliance Q&A: Appraisal Independence Requirements

Breaking, Compliance Q&A, Industry Reports, Publications

Question: Does the bank have to comply with the appraisal independence requirements even if an appraisal is not required? Answer: While not an explicit requirement if the appraisal itself is not required, we advise that the bank should ensure independence in the appraisal ordering process even ...Read More

AHFA Announces Big Change to Step Up Program

Breaking, Industry Reports

All mortgage lenders can now offer down payment assistance program In order to make the Step Up program more accessible, AHFA now allows participating lenders with Correspondent TPO Operations to deliver third party-originated loans. This change is designed for mortgage lenders that are interested ...Read More

Reporting Credit Scores for Two or More Applicants

Breaking, Compliance Q&A, Industry Reports, Publications

Question: We request a tri-merge credit report for each applicant. Our credit decision relies on the single lowest middle score applicant(s). Can you give guidance on how credit scores would be reported for two or more applicants? Do we report the one score relied ...Read More

The Beneficial Ownership Rule – An Overview

Board Briefs, Breaking, Legal, Publications

By Charles R. Moore, Bradley On May 11, 2018, a new rule—commonly referred to as the Beneficial Ownership Rule—took effect to establish additional customer due diligence requirements for banks and other financial institutions. The Financial Crimes Enforcement Network (FinCEN) issued the rule under the ...Read More

2019 Regular Session: Week 1 Recap

Breaking, Capitol Notes, Industry Reports, Legal, Politics, Publications

The 2019 Regular Session has been on hiatus since gaveling in on March 5. In the meantime, a bipartisan group of legislators overwhelmingly approved Gov. Kay Ivey’s “Rebuild Alabama” plan, which provides for a gradual 10-cent increase in state gasoline taxes to pay for ...Read More

Diversifying Our Most Important Asset

Breaking, Industry Reports, Publications

by Rob Nichols, American Bankers Association They say you can’t improve what you don’t measure. That is why ABA has established a dashboard that shows the gender, ethnic and generational breakdown of our workforce, from the customer service operators to the C-suite. This snapshot ...Read More

Supreme Court Update for Banking and Financial Services Professionals

Breaking, Industry Reports, Legal, Publications

by Charles Prueter By Charles Prueter, Waller The Fair Debt Collection Practices Act, which was signed into law by President Jimmy Carter in 1977, has a simple and straightforward purpose: Protect unsophisticated consumers from unscrupulous debt collectors. The statute itself, however, has proved to ...Read More

Credit Concentration Risk Management Back in Regulatory Focus

Board Briefs, Breaking, Publications

by Chris Couch, McGlinchey Stafford Late last year the Office of the Comptroller of the Currency identified “concentration risk management” as a top supervisory concern for 2019. Subsequently, the Federal Reserve raised interest rates twice, the US economy witnessed the worst annual returns for ...Read More

Monthly Archive:: March 2019