March | 2022 | Alabama Bank News

Compliance Q&A: SBA Loans & the Credit Bureaus

Breaking, Compliance Q&A, Publications

Q. Is the Bank required to report SBA loans to the credit bureaus? A. The SBA Standard Operating Procedures do set out requirements to report SBA loans to credit reporting agencies, starting on p. 28 here: “…2. Reports to Credit Reporting Agencies In accordance ...Read More

Compliance Q&A: Flood Certificate Considerations

Breaking, Compliance Q&A, Industry Reports, Publications

Question: Would we need to pull a flood certificate if we have knowledge that there is a grain bin on the lot we are financing? Answer: Assuming the grain bin meets the definition of a building for flood purposes, the interagency guidance on this ...Read More

Capitol Notes: Legislature Takes Spring Break; Puts in Significant Hours Last Week

Breaking, Capitol Notes, Industry Reports, Politics, Publications

The Legislature met for two days last week, breaking a consistent pattern of three-day weeks during this Regular Session. Despite the “break” on Wednesday, both legislative bodies put in significant hours last week due to serious debate on a number of substantive and controversial ...Read More

Compliance Q&A: Loan Refinance Considerations

Breaking, Compliance Q&A, Publications

Question: We have two borrowers who are requesting to refinance a loan secured by one of the borrower’s principal residences, but the purpose of the cash out will be to pay off a lien on a different residence that is only in one of ...Read More

Capitol Notes: Governor Signs Concealed Carry Bill; House Approves Education Budget

Breaking, Capitol Notes, Industry Reports, Politics, Publications

Lawmakers continued its session last week completing days 19, 20 and 21 of the 30-day Regular Session. Legislative leaders have indicated that lawmakers will meet two days this week before taking spring break next week. Concealed Carry Gov. Kay Ivey signed a bill Thursday ...Read More

Compliance Alliance: Deposit Account Denials & Adverse Action Notices

Breaking, Compliance Q&A, Publications

Question: If the bank does not use any type of credit report when denying deposit accounts, are we required to provide an adverse action notice? Answer: If the bank did not use any type of credit report to deny the deposit account application, then ...Read More

CAPITOL NOTES: House Passes Legislation to Expand Broadband; Senate Passes Bill Allowing Concealed Carry

Breaking, Capitol Notes, Politics, Publications

The Legislature passed the halfway point of the 2022 Regular Session last week, finishing days 16,17, and 18 of the 30-day session. Lawmakers are expected to continue meeting three days per week for the foreseeable future, which could potentially lead to an early sine ...Read More

Monthly Archive:: March 2022