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Compliance Q&A: Investment Properties & HMDA

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Q: Are investment properties with a loan purpose of Code 4 HMDA reportable? A: Code 4 for “Loan Purpose” corresponds to “Other Purpose.” You do not report “Other” purpose loans that are “business purpose.” Reference: Code 4—Other purpose Data Point “(5) Loan Purpose, Reportable ...Read More

A Robust Recovery Requires Consistent ‘Rules of the Road’

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By Rob Nichols Over the course of the pandemic, the U.S. economy has been tested like never before and has more than proven its resilience. That’s thanks in no small part to our large and diverse financial system: a network of financial institutions of ...Read More

Capitol Notes: Week 4 Recap

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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

Compliance Q&A: HELOCs & HMDA

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Q: In determining whether the bank reports a HELOC for HMDA purposes, does the bank need to consider denied, withdrawn and approved but not accepted HELOCs into the threshold of 200?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

Capitol Notes: Week 3 Recap

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As planned, the Legislature did not meet in session this week. After two busy weeks, this week’s hiatus provided an opportunity to reassess COVID protocols and sanitize the State House. Over the next four weeks, the Legislature will meet for 10 legislative days, followed ...Read More

POA, CIP and Incarceration

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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

Supreme Court Update for Banking and Financial Services Professionals

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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

Capitol Notes: Week 2 Recap

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MONTGOMERY, Ala., February 12, 2021 — The Alabama Legislature met for a second consecutive three-day week, meaning even though the 2021 session began just last week, it is now one-fifth complete. Week 2 saw the quick passage of three major pro-business priorities, the introduction ...Read More

Capitol Notes: Week 1 Update

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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

Compliance Q&A: Investment Properties and HMDA

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Q: Our residential loan department is originating loans which are investment properties/non-owner occupied. Would the bank be required to report the rate spread for HMDA purposes? A: If the bank has determined that the loan is not subject to Reg. Z because it is ...Read More

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