Alabama Bank News

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

Compliance Q&A: Giveaways and the Bank Lottery Rule

Breaking, Compliance Q&A, Publications

Q: We would like to have a giveaway contest but are concerned with the requirements under the Bank Lottery Rule. What should we consider? A: Under the Bank Lottery Rule, with the exception of a savings raffle, any advance of money or credit by ...Read More

Compliance Q&A: ACH Transfers and Reg CC

Compliance Q&A, Publications

Q: The bank offers a service that allows funding new accounts through an ACH transfer authorized from the bank. For example, the Customer is opening a new account at Bank B and has an existing account at Bank A. Our service allows the customer ...Read More

Compliance Q&A: Homebuilders and Lines of Credit

Breaking, Compliance Q&A, Publications

Q: We provide lines of credit to home builders using a ‘master note’ and then use sub-notes for each specific construction loan. Our question stems from the appraisal notice that is required to be given within 3 days of application. Is the bank required ...Read More

Compliance Q&A: Loan Denials and Adverse Action Notices

Breaking, Compliance Q&A, Publications

Q: If a bank has three applicants who are denied a loan and the reasons for the denial are different for each, does each borrower need to get an adverse action notice, stating the specific reason for denial for that applicant, or can one ...Read More

Compliance Q&A: FDCPA and Debt Collectors

Breaking, Compliance Q&A, Industry Reports, Publications

Q: For a debt-collector within the meaning of the FDCPA, what are some of the restrictions around communicating with a borrower regarding a debt? A: The FDCPA, § 805, sets forth the following procedural requirements that apply to debt-collectors within the meaning of the ...Read More

Offer Customers the Services They Need and Let Them Decide

Breaking, Industry Reports

by Mark Roe, Executive Vice President of National Sales It’s been more than a year since the coronavirus pandemic disrupted our businesses and our lives. And while there are encouraging signs of improvement in the economy, unemployment numbers continue to fluctuate. And while some ...Read More

Compliance Q&A: Reg DD and Advance Notice

Breaking, Compliance Q&A, Publications

Q: We’re going to be changing our disclosures in a way that we believe would require us to give a 30-day advance notice under Regulation DD. I know that Reg DD applies to consumers, but what about consumers that have DBA accounts? A: You ...Read More