Breaking Archive

Q: What is the current closed-end threshold for partial exemptions?  When does it change? A: The partial exemption closed-end threshold is currently 500 transactions in each of the two previous years and is not currently scheduled to change.  There is currently a full reporting ...Read More

Question: What is the current open-end threshold for partial exemptions?  When does it change? Answer: The partial exemption open-end threshold is currently 500 transactions in each of the two previous years and is not currently scheduled to change. There is currently a full reporting ...Read More

by Rob Nichols, American Bankers Association It’s the message a CEO never wants to receive: “We’ve got your data and you need to pay up if you want it back.” Unfortunately, that message is landing in CEO inboxes increasingly often, as ransomware attacks ramp ...Read More

Question: We are considering an arrangement with our construction builder customers where they would get a set amount of “credit” (points) for every spec loan closed with us. The points would be eligible to apply discounts associated for an annual trip with the Bank’s ...Read More

Question: For an open-end credit card account, can a due date on the monthly billing statement vary if the usual due date is a Sunday? Example: The due date is usually the 12th of every month. However, 9/12/21, is a Sunday, therefore, the billing ...Read More

by Frank J. Catalano, McGlinchey The recent success of lawsuits alleging that financial institutions impermissibly accessed a consumer’s credit report have encouraged filings of additional suits, some of which have resulted in six-figure payments. Consequently, implementing a best-practice policy related to pulling credit reports ...Read More

Question: Is a bank required to notify customers of a deposited check being returned? Answer: Yes, Regulation CC, § 229.33(h), requires providing notice to a customer of a check being returned by midnight of the banking day following the banking day on which the ...Read More