Publications Archive

Question: What is the current open-end threshold for partial exemptions?  When does it change? Answer: The partial exemption open-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

Gov. Kay Ivey put the 2022 Regular Legislative Session on hold last week by calling a special session to prioritize the allocation of federal COVID relief funds received from the American Rescue Plan Act (“ARPA”). Legislators are working to determine how best to invest ...Read More

By Rob Nichols, American Bankers Association In case you haven’t noticed, cryptocurrencies are an increasingly hot topic of conversation in this country. According to a Pew Research Center survey fielded in November, 86% of Americans said they have heard about cryptocurrencies, and 16% said ...Read More

Question: We are considering an arrangement with our construction builder customers where they would get a set amount of “credit” (points) for every spec loan closed with us. The points would be eligible to apply discounts associated for an annual trip with the Bank’s ...Read More

Question: Can a bank provide an access device for a home equity line of credit (HELOC)? Answer: This is permissible, with several risk considerations for the bank. Under Regulation Z, § 1026.2(a)(15)(ii), a debit card that can access a HELOC is a credit card. ...Read More

Question: For an open-end credit card account, can a due date on the monthly billing statement vary if the usual due date is a Sunday? Example: The due date is usually the 12th of every month. However, 9/12/21, is a Sunday, therefore, the billing ...Read More

Question: Must the bank follow the E-Sign Act requirements if providing notice of nonpayment to a customer electronically? Answer: The commentary to § 229.33(h), clarifies that a notice can be provided by email or fax. However, only Regulation CC, Subpart B, requires conforming with ...Read More