Monthly Archive:: February 2021

MONTGOMERY, Ala., February 26, 2021 — The association’s top legislative priority, the Elderly and Vulnerable Adult Financial Protection Act, has passed the Legislature and is headed to Gov. Kay Ivey’s desk! Senate Bill 181 gives financial institutions the discretion to refuse or delay a ...Read More

Q: In determining whether the bank reports a HELOC for HMDA purposes, does the bank need to consider denied, withdrawn and approved but not accepted HELOCs into the threshold of 200? A: The count is based on the number of open-end lines of credit ...Read More

Q: In a situation where a POA is opening a new account on behalf of a principal who is incarcerated, who must the bank CIP? A: Although this also depends on each state’s definition of legal capacity, the CIP Rule generally applies to “customers” ...Read More

by Charles W. Prueter The United States Code — the collection of all bills passed by Congress and signed into law by the president — is comprised of 53 “titles,” each addressing a particular subject matter. They cover the waterfront — literally, as the ...Read More

Q: We are getting requests from our lending team to give a residential loan to a borrower who is an LLC.  Are there issues with this?  A: Luckily if the borrower is an LLC or other legal entity, then the loan will not be ...Read More

MONTGOMERY, Ala., Feb. 5, 2021 — The Alabama Legislature began its 2021 Regular Session at noon on Tuesday. Opening day normally starts with camaraderie between colleagues and ends with the pomp of the State of the State Address. Yet thanks to COVID-19, the State ...Read More

MONTGOMERY, Ala., Feb. 1, 2021 — The Alabama Legislature begins its 2021 Regular Session on Feb. 2. Thanks to the Alabama Constitution, everyone has known when this session would begin. But because of the coronavirus pandemic, no one really knows what will happen next. State ...Read More