Breaking | Alabama Bank News

CIP Policy: Collection of Identification Regarding Business Accounts

Breaking, Compliance Q&A, Publications

Q: Our retail staff is looking to have changes made to our CIP policy in regard to the collection of identification regarding business accounts. The CIP regulation states that the bank should obtain documents showing the legal existence of the entity, such as articles ...Read More

Compliance Q&A: Flood Insurance Considerations

Breaking, Compliance Q&A, Publications

Q: If the bank takes a commercial property in a business name as an “Abundance of Caution” and the property is in a flood plain; is the bank still required to make sure that there is flood insurance? A: If the commercial property has ...Read More

Compliance Q&A: RDFI Procedures and Federal Benefit Payments

Breaking, Compliance Q&A, Publications

Q: Must a bank have RDFI procedures in place to ensure a 30-day written notice is provided to account holders receiving Federal benefit payments prior to the actual closing of the account? A: Yes, you must give 30 days’ notice prior to closing an ...Read More

Compliance Q&A: Joint Accounts and Suspicious Activity Reporting

Breaking, Compliance Q&A, Publications

Q: We have a joint account owned by three people. When filling out a SAR, do we include a Part I on an all account holder even if one had no transactions or involvement? A: While a CTR has an assumption that all joint ...Read More

Compliance Q&A: Commercial Loans & Flood Insurance

Breaking, Compliance Q&A, Publications

Q: Commercial Loan Scenario—Collateral is located in a SFHA, but is in a non-participating community. Because federal flood insurance would not be available, can the bank close the loan without flood insurance coverage? A: If the property is in a non-participating community, then flood ...Read More

Hospitals Financially Impacted by COVID-19

Board Briefs, Breaking, Publications

By Ryan Cochran, Waller, and Mitch Galloway, Galloway Consulting As the nation’s healthcare industry grapples with the impact of COVID-19, many hospitals are facing financial pressure. This article will address how COVID-19 impacts the finances at hospitals, and some immediate ways hospitals can respond. ...Read More

Compliance Q&A: ATM Fee Notifications for Non-customers

Breaking, Compliance Q&A, Publications

Q: Does our ATM have to notify a non-customer of the bank that our bank is going to charge a fee and what the fee amount is? A: Yes, this is an explicit requirement under Regulation E, as provided below: (b) General. An automated teller ...Read More

Keep an Eye on Your Capital

Board Briefs, Breaking, Publications

by Charles Moore, Bradley Banks have played a crucial role these last few months as the COVID-19 pandemic has swept across the world. Through Paycheck Protection Program loans, payment deferments, and other initiatives, banks have provided significant assistance to people and businesses of all ...Read More

Compliance Q&A: Reg E and Electronic Statement Delivery

Breaking, Compliance Q&A, Publications

Question: For the electronic delivery of a periodic statement under Regulation E, is the bank required to notify a customer that it is available? Answer: For customers that would like to receive their statements electronically, they must provide E-SIGN consent first–but once they provide ...Read More

Thoughts on the Main Street Lending Program

Board Briefs, Breaking, Publications

by Michael Odom Relying on the CARES Act, the Federal Reserve Board (Fed) established the Main Street Lending Program (MSLP) to facilitate lending to small and medium-sized businesses in order to help maintain operations until conditions normalize. The program provides a relatively low-risk mechanism ...Read More

Breaking Archive