Alabama Bank News

Q: We have two consumers applying for a mortgage jointly and have provided the same email address for each applicant. The bank complies with TRID disclosures electronically, how should the bank ensure that each consumer received the disclosure, since the email addresses are the ...Read More

by Chase Stoecker Title III of the Americans with Disabilities Act (ADA) prohibits discrimination on the basis of disability by places of public accommodation.  It directs businesses to make “reasonable modifications” to standard business practices when serving people with disabilities.  Under Title III of ...Read More

MONTGOMERY, Alabama, May 7, 2021 — The Legislature met this week for the 28th and 29th legislative days of the 2021 Regular Session. Without question, this was the session’s most contentious week, as multiple controversial issues were debated on the House and Senate floors. ...Read More

Q: Are banks required to perform OFAC checks on incoming domestic wire transfers? A: OFAC requires banks to implement a program in accordance with the bank’s size, complexity, risk-factors, and other criteria, in order to block transactions with certain individuals and counties on the ...Read More

MONTGOMERY, Ala., April 23, 2021 — The 2021 Regular Session is officially drawing to a close now that the Alabama Legislature has completed 25 of the session’s 30 legislative days. Since it takes a minimum of five legislative days for a bill to become ...Read More

Q: The bank is considering approval for a loan request where one of the guarantors has a significant amount of equity holdings in a business which produces cannabis. There is no expectation that any of the loan proceeds will be used use or co-mingled ...Read More

Q: State Bank has a customer who is getting a home equity loan for home improvement and debt consolidation for credit cards. Is the bank required to gather GMI/Demographic Information and is this HMDA reportable? A: It would be HMDA reportable if the purpose ...Read More