Breaking Archive

by Brian Malcom, Waller The Second Circuit recently upheld a court order holding two individual co-owners and co-directors of several corporate debt collector entities personally liable for over $10 million after such entities violated the Federal Trade Commission Act (FTCA) and the Federal Fair ...Read More

Question: Does the bank have to comply with the appraisal independence requirements even if an appraisal is not required? Answer: While not an explicit requirement if the appraisal itself is not required, we advise that the bank should ensure independence in the appraisal ordering process even ...Read More

Question: We request a tri-merge credit report for each applicant. Our credit decision relies on the single lowest middle score applicant(s). Can you give guidance on how credit scores would be reported for two or more applicants? Do we report the one score relied ...Read More

By Charles R. Moore, Bradley On May 11, 2018, a new rule—commonly referred to as the Beneficial Ownership Rule—took effect to establish additional customer due diligence requirements for banks and other financial institutions. The Financial Crimes Enforcement Network (FinCEN) issued the rule under the ...Read More

by Rob Nichols, American Bankers Association They say you can’t improve what you don’t measure. That is why ABA has established a dashboard that shows the gender, ethnic and generational breakdown of our workforce, from the customer service operators to the C-suite. This snapshot ...Read More

by Charles Prueter By Charles Prueter, Waller The Fair Debt Collection Practices Act, which was signed into law by President Jimmy Carter in 1977, has a simple and straightforward purpose: Protect unsophisticated consumers from unscrupulous debt collectors. The statute itself, however, has proved to ...Read More

Question: We have a commercial customer with a line of credit that they use for working capital. They may also use the line for any other type of business-related expense. So, the commercial borrower used this original line to purchase a rental property. Now, ...Read More