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Compliance Q&A: SCRA Procedure Considerations

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Question: Our current SCRA procedures say that the interest rate should be retroactively applied to the date on which the service member was called to military service. In the case of a member of the reserve, though, would that be the date that they ...Read More

Alabama Election Overview

Breaking, Capitol Notes, Politics, Publications

(courtesy of Alabama Daily News) Governor Gov. Kay Ivey turned back eight primary challengers to win the Republican gubernatorial nomination without a runoff Tuesday earning about 55% of the vote. Blanchard, who served as an ambassador under former President Donald Trump, finished second at ...Read More

Compliance Q&A: Construction Loan Considerations

Breaking, Compliance Q&A, Industry Reports, Publications

Q. If the bank agrees to make an interim construction loan but the borrower has a takeout letter from another institution, is the bank required to send a permanent loan disclosure for informational purposes? A. As set out in the CFPB guidance below, whether ...Read More

CRA Overhaul Proposed

Breaking, Industry Reports, Politics, Publications

On Thursday, the Federal Reserve, the FDIC, and the OCC issued a much-anticipated joint notice of proposed rulemaking to modernize regulations implementing the Community Reinvestment Act. The agencies proposed changes to how CRA activities qualify for consideration, where activities are considered and how they ...Read More

Compliance Q&A: Customer Computer Hack and Bank Liability

Breaking, Compliance Q&A, Publications

Q. Our customer received a phone call from someone telling the customer that the customer’s computer was about to be hacked. The person convinced the customer to allow a remote logon to the customer’s computer to “stop the hacking process.” In this process, the ...Read More

Compliance Q&A: CRA Community Development Credit Considerations

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Q. We have a designated disaster area close by and were wondering which activities in these areas would qualify for CRA Community Development? A. There are a variety of activities relating to designated disaster areas (DDA) that may qualify. Loans, investments/donations, and services that ...Read More

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

Breaking, Compliance Q&A, Industry Reports, Publications

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

Bank News, Breaking, Industry Reports, Publications

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

Breaking, Capitol Notes, Industry Reports, Publications

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

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