Breaking | Alabama Bank News

Compliance Q&A: Pre-approval of Loans Made by Executive Officers

Breaking, Compliance Q&A, Publications

Question: Do loans made to executive officers have to be preapproved by the board? Answer: No, unless the general requirement to get preapproval applies (which generally includes extensions over $500,000), the loan must be reported to the board but does not require preapproval. This ...Read More

Vendor Risk Management: It’s More Than a Checklist

Board Briefs, Breaking, Industry Reports, Publications

by Terry Ammons, Porter Keadle Moore Risk management and cybersecurity are again top of mind for financial service providers heading into 2019. Recent data breaches at sizeable organizations have posed a significant question for these bankers: “Does our bank have the proper safeguards to ...Read More

Compliance Q&A: Small Business Loans & CRA Reporting

Breaking, Compliance Q&A, Industry Reports, Publications

Question: If we collect personal income from a Guarantor of a Small Business Loan, should we include this loan on our CRA Report and indicate it as a small business loans with gross revenue of less than $1 million if the personal income is ...Read More

Supreme Court Update for Banking and Financial Services Professionals

Breaking, Legal, Publications

by Charles W. Prueter Unanimous opinions in cases concerning relatively mundane matters generally are not the stuff of the nightly news. These are not the hot-button cases that capture the nation — one obvious and important exception is Brown v. Board of Education, in ...Read More

Virtual Currency Regulation: What Do Alabama Bankers Need to Know?

Board Briefs, Breaking, Publications

by Erica Barnes, Maynard Cooper & Gale The financial press cannot get enough of virtual currency, from Bitcoin to its thousands of more obscure cousins like Ethereum or Monero. Virtual currency is either a great invention or a total failure; the end of traditional ...Read More

Compliance Q&A: Notice of Servicing Transfers

Breaking, Compliance Q&A, Publications

Question: Our bank is acquiring another bank, and once the acquisition is complete, we are going to change our name to the acquired’s name. The only thing changing from a servicing perspective is the name and address of the bank. Based on this information, ...Read More

Getting the Debtor’s Name Right on the UCC-1 is Important

Board Briefs, Breaking, Publications

by Laurence Vinson, Bradley Alabama banks and other secured parties sometimes have difficulty completing the UCC-1 financing statement form in the manner provided by Article 9, “Secured Transactions,” of the Alabama Uniform Commercial Code with respect to debtors that are registered organizations, according to ...Read More

Compliance Q&A: Using a Closing Disclosure to Reset Tolerence on a Zero Tolerence Item

Breaking, Compliance Q&A, Publications

Question: We have some confusion in regard to using a Closing Disclosure to reset the tolerance on a “0” tolerance item (origination charge) if there is a bona fide Change in Circumstance. On November 8, 2018, the customer requests an increase in the loan ...Read More

ATM Card Fraud Alert

Breaking, Industry Reports, Tech News

According to STS Group there have been a number of cases this week in Alabama in which ATMs were used to dispense hundreds of thousands of dollars with fraudulent cards. These cards were skimmed from another device such as a gas pump. Last year, ...Read More

A Matter of Value

Board Briefs, Breaking, Publications

by Nancy A. Bush, CFA, NAB Research, LLC, Distributed by Banks Street Partners, LLC With profuse apologies to T.S. Eliot, April is NOT the cruelest month. As any Wall Streeter—or indeed, any investor—knows, that ignominious descriptor belongs to the month of October, which is ...Read More

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