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CAPITOL NOTES: Legislature Adjourns Sine Die

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MONTGOMERY, ALA., April 11, 2022 — The Alabama Legislature adjourned sine die last Thursday just before midnight. The last week of the session was eventful and at times dramatic. Legislative leadership expects Gov. Kay Ivey to call them back with a special session to ...Read More

BSA Risk Assessment Updates

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Question: How often does a bank have to update its BSA risk assessment? Is it still 12 to 18 months? Answer: It used to be 12-18 months in prior versions of the FFIEC Manual which you can see reflected here:  “Bank’s Updating of the Risk ...Read More

Representments in the News: FDIC Provides Guidance on Multiple NSF Fees

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In the latest issue of Consumer Compliance Supervisory Highlights, the FDIC addressed the charging of multiple non-sufficient funds fees for transactions presented multiple times against insufficient funds in a customer’s account. FDIC examiners have scrutinized this issue in recent exams, with some exams remaining ...Read More

Legislature Prepares to Wind Down 2022 Regular Session

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MONTGOMERY, ALA., April 4, 2022 — Only four legislative days remain in the 2022 Regular Session. Right now, there appears to be growing momentum for the Legislature to finish the session and adjourn sine die next week. To accomplish that goal, lawmakers would need ...Read More

Compliance Q&A: SBA Loans & the Credit Bureaus

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Q. Is the Bank required to report SBA loans to the credit bureaus? A. The SBA Standard Operating Procedures do set out requirements to report SBA loans to credit reporting agencies, starting on p. 28 here: “…2. Reports to Credit Reporting Agencies In accordance ...Read More

Compliance Q&A: Flood Certificate Considerations

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Question: Would we need to pull a flood certificate if we have knowledge that there is a grain bin on the lot we are financing? Answer: Assuming the grain bin meets the definition of a building for flood purposes, the interagency guidance on this ...Read More

Capitol Notes: Legislature Takes Spring Break; Puts in Significant Hours Last Week

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The Legislature met for two days last week, breaking a consistent pattern of three-day weeks during this Regular Session. Despite the “break” on Wednesday, both legislative bodies put in significant hours last week due to serious debate on a number of substantive and controversial ...Read More

Compliance Q&A: Loan Refinance Considerations

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Question: We have two borrowers who are requesting to refinance a loan secured by one of the borrower’s principal residences, but the purpose of the cash out will be to pay off a lien on a different residence that is only in one of ...Read More

Capitol Notes: Governor Signs Concealed Carry Bill; House Approves Education Budget

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Lawmakers continued its session last week completing days 19, 20 and 21 of the 30-day Regular Session. Legislative leaders have indicated that lawmakers will meet two days this week before taking spring break next week. Concealed Carry Gov. Kay Ivey signed a bill Thursday ...Read More

Compliance Alliance: Deposit Account Denials & Adverse Action Notices

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Question: If the bank does not use any type of credit report when denying deposit accounts, are we required to provide an adverse action notice? Answer: If the bank did not use any type of credit report to deny the deposit account application, then ...Read More

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