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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

Breaking, Capitol Notes, Industry Reports, Politics, Publications

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

Breaking, Compliance Q&A, Publications

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

CAPITOL NOTES: House Passes Legislation to Expand Broadband; Senate Passes Bill Allowing Concealed Carry

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The Legislature passed the halfway point of the 2022 Regular Session last week, finishing days 16,17, and 18 of the 30-day session. Lawmakers are expected to continue meeting three days per week for the foreseeable future, which could potentially lead to an early sine ...Read More

Legislative Session Reaches Halfway Point

Breaking, Capitol Notes, Publications

The 2022 Regular Session reached its halfway point last week. Lawmakers continued their work on both the General Fund and Education Trust Fund budgets as well as a number of other issues. Read below for details! ARPA Tax Relief Gov. Kay Ivey signed legislation ...Read More

Compliance Q&A: Publicly-traded Company & Beneficial Ownership

Compliance Q&A, Publications

Q. We have a publicly traded company that wants to open a checking account. I believe the company would be excluded from the beneficial ownership information, but would we still have to collect information for a controlling person? A. If the customer is a publicly traded ...Read More

Compliance Q&A: HELOC Promissory Note Considerations

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QUESTION: Do we have to disclose the loan officer’s NMLS ID on the promissory note for a HELOC? ANSWER: While Regulation Z does have a specific requirement to include the NMLS ID on the promissory note, it excludes open-end credit which would include a ...Read More

Capitol Notes: Regular Legislative Session Continues

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ARPA Tax Relief The Senate passed SB 152 Thursday, which would ensure that Alabamians are not required to pay state income taxes on expanded benefits under the American Rescue Plan Act (“ARPA”). Such pandemic relief benefits include an increased child tax credit, increased dependent ...Read More

Compliance Q&A: Closed-end Threshold for Partial Exemptions

Breaking, Compliance Q&A, Publications

QUESTION: What is the current closed-end threshold for partial exemptions? When does it change? ANSWER: The partial exemption closed-end threshold is currently 500 transactions in each of the two previous years and is not currently scheduled to change. There is currently a full reporting ...Read More

CAPITOL NOTES: Special Session Concludes, Regular Session Resumes This Week

Breaking, Capitol Notes, Publications

The Special Session called by Gov. Kay Ivey concluded last Thursday, as the Legislature gave final approval of a bipartisan plan to invest some $772 million in American Rescue Plan Act (“ARPA”) funds. The $772 million comes as part of Alabama’s $1.1 billion initial ...Read More

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