Publications | Alabama Bank News

Compliance Q&A: Partial Exemption Considerations

Breaking, Compliance Q&A

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

Compliance Q&A: MSA, Advertising & RESPA

Breaking, Compliance Q&A, Industry Reports, Publications

Question: Can you give us some tips drafting an MSA for a joint advertising campaign to avoid a RESPA Section 8 issue? Answer: As I am sure you have found, “marketing services agreements” is definitely a hot topic. It is still unclear to what ...Read More

Compliance Q&A: RESPA and Bank Travel Club

Breaking, Compliance Q&A, Publications

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

Compliance Q&A: HELOC and an Access Device

Breaking, Compliance Q&A, Publications

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

Compliance Q&A: Open-end Credit Card Considerations

Breaking, Compliance Q&A, Publications

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

Compliance Q&A: Credit Scores and Reg V

Compliance Q&A, Publications

Question: Our bank uses the exception notice for the Regulation V, risk-based pricing credit score disclosures. If a loan applicant withdraws the loan request, is the bank still required to deliver the credit score exception notice to the applicant? Answer: Regulation V, § 1022.72, ...Read More

What Bankers Need to Know About Pulling Credit Reports

Board Briefs, Breaking, Publications

by Frank J. Catalano, McGlinchey The recent success of lawsuits alleging that financial institutions impermissibly accessed a consumer’s credit report have encouraged filings of additional suits, some of which have resulted in six-figure payments. Consequently, implementing a best-practice policy related to pulling credit reports ...Read More

Compliance Q&A: E-Sign Act Requirement Regarding Nonpayment

Breaking, Compliance Q&A

Question: Must the bank follow the E-Sign Act requirements if providing a 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 ...Read More

Compliance Q&A: Returned Check Considerations

Breaking, Compliance Q&A, Publications

Question: Is a bank required to notify customers of a deposited check being returned? Answer: Yes, Regulation CC, § 229.33(h), requires providing notice to a customer of a check being returned by midnight of the banking day following the banking day on which the ...Read More

Banking On Inclusion: America’s Banks Embrace Bank On Movement

Breaking, Industry Reports, Publications

By Rob Nichols, American Bankers Association America’s banks have a longstanding commitment to helping reduce the number of unbanked and underbanked individuals and families in the U.S. July marked a major milestone in that endeavor, with an announcement from the Cities for Financial Empowerment ...Read More

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