Alabama Bank News

Q: Can a large deposit hold be placed on a next day item (cashier’s check) for the amount over $5,525? A: Yes, Reg CC allows this for cashier’s checks or treasury checks. Members commonly believe that they cannot place any exception hold on a ...Read More

Mobile apps remain the most popular choice for most consumers when banking, according to a new survey commissioned by American Bankers Association. Research firm Morning Consult polled more than 2,200 U.S. adults about what methods they used the most to manage their bank accounts ...Read More

Q: Would it be a requirement of any regulation for an institution to get a written cancellation request from a borrower to cancel automatic loan payments from a deposit account? We hold the Note and the account. Do we need the request to be ...Read More

Q:  If an individual named as a beneficial owner of a new legal entity account is an existing customer of the covered financial institution subject to the financial institution’s CIP, is the bank still required to identify and verify the identity of this individual ...Read More

Question: Have there been any changes to UDAAP recently? One of our providers has made changes to some of their documentation involving UDAAP and we are wondering if there has been a recent change.  Answer: Yes, the CFPB recently updated its UDAAP exam procedures ...Read More

QUESTION: For a TRID construction loan disclosed as two transactions, what should we disclose as the interest rate if it’s variable we don’t know what the rate will be during the permanent phase? ANSWER: If it will have an adjustable rate and the rate ...Read More

 (courtesy of Alabama Daily News) Governor Gov. Kay Ivey turned back eight primary challengers to win the Republican gubernatorial nomination without a runoff Tuesday earning about 55% of the vote. Blanchard, who served as an ambassador under former President Donald Trump, finished second at ...Read More