April | 2022 | Alabama Bank News

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

The CFPB: A Regulator Gone Rogue

Breaking, Industry Reports, Legal, Politics

By Rob Nichols, American Bankers Association Since arriving at the Consumer Financial Protection Bureau last October, Director Rohit Chopra has been busy. Under his leadership, the CFPB has issued nearly 60 press releases as well as multiple reports and blog posts, many critical of ...Read More

Compliance Q&A: CRA Community Development Credit Considerations

Breaking, Compliance Q&A, Industry Reports, Publications

Q. We have a designated disaster area close by and were wondering which activities in these areas would qualify for CRA Community Development? A. There are a variety of activities relating to designated disaster areas (DDA) that may qualify. Loans, investments/donations, and services that ...Read More

CFPB Report Highlights Reliance on Community Banks in Rural Areas

Breaking, Industry Reports

In a data snapshot published Tuesday, the CFPB highlighted some of the unique challenges facing rural Americans, including an increased reliance on physical bank branches, given the limited access to high-speed internet and online banking options in many of these communities. The CFPB noted ...Read More

State Associations and the American Bankers Association Challenge CFPB on Fees Inquiry

Breaking, Industry Reports

The Alabama Bankers Association joined the American Bankers Association and fifty other state trade associations in challenging the CFPB in an extensive letter on Monday regarding a recent request for information on fees associated with financial products and services offered by banks including overdraft ...Read More

CAPITOL NOTES: Legislature Adjourns Sine Die

Breaking, Capitol Notes

MONTGOMERY, ALA., April 11, 2022 — The Alabama Legislature adjourned sine die last Thursday just before midnight. The last week of the session was eventful and at times dramatic. Legislative leadership expects Gov. Kay Ivey to call them back with a special session to ...Read More

CAPITOL NOTES: Legislature Adjourns Sine Die

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

MONTGOMERY, ALA., April 11, 2022 — The Alabama Legislature adjourned sine die last Thursday just before midnight. The last week of the session was eventful and at times dramatic. Legislative leadership expects Gov. Kay Ivey to call them back with a special session to ...Read More

BSA Risk Assessment Updates

Breaking, Compliance Q&A, Industry Reports, Publications

Question: How often does a bank have to update its BSA risk assessment? Is it still 12 to 18 months? Answer: It used to be 12-18 months in prior versions of the FFIEC Manual which you can see reflected here:  “Bank’s Updating of the Risk ...Read More

Representments in the News: FDIC Provides Guidance on Multiple NSF Fees

Bank News, Breaking, Industry Reports, Publications

In the latest issue of Consumer Compliance Supervisory Highlights, the FDIC addressed the charging of multiple non-sufficient funds fees for transactions presented multiple times against insufficient funds in a customer’s account. FDIC examiners have scrutinized this issue in recent exams, with some exams remaining ...Read More

Legislature Prepares to Wind Down 2022 Regular Session

Breaking, Capitol Notes, Industry Reports, Publications

MONTGOMERY, ALA., April 4, 2022 — Only four legislative days remain in the 2022 Regular Session. Right now, there appears to be growing momentum for the Legislature to finish the session and adjourn sine die next week. To accomplish that goal, lawmakers would need ...Read More

Monthly Archive:: April 2022