Alabama Bank News

Compliance Q&A: Branch Sale and HMDA Reporting Requirements

Breaking, Compliance Q&A, Industry Reports, Publications

Question: We are selling one of our branches next month. The branch only has one HMDA loan to date. Do we need to report that loan on the HMDA LAR? The bank that is purchasing the branch is not a HMDA-reporting bank. Answer: Assuming ...Read More

2019 Regular Session: Week 3 Recap

Breaking, Capitol Notes, Industry Reports, Legal, Publications

Major issues are still on tap in the fledging 2019 Regular Session, with more controversial topics popping up seemingly every week. As legislators began the third week of the session, issues such as repealing “Common Core,” legalizing medical marijuana, and adopting one of two ...Read More

Major Court Victory for Alabama Banks

Industry Reports, Legal

Alabama banks had a big day in court last Friday, as the Alabama Supreme Court withdrew a harmful 2018 opinion related to future advance mortgages. In September 2018, the Court ruled in GHB Construction v. West Alabama Bank & Trust that a future advance ...Read More

Compliance Q&A: Business Loans and Personal Guarantees

Breaking, Compliance Q&A, Industry Reports, Publications

Question: On a business loan where we have personal guarantees, do we have to check MLA on the guarantees, since they are acting as individuals? Answer: No, because a business loan is not a covered transaction under the MLA. The MLA applies to ...Read More

Supreme Court Update for Banking and Financial Services Professionals

Breaking, Industry Reports, Legal

by Charles W. Prueter Today, in an homage to federalism, the Update takes a look at a recent decision from the Supreme Court of Alabama that undoubtedly is of interest to the banking and financial services community. As readers will know, the Supreme Court ...Read More

2019 Regular Session: Week 2 Recap

Breaking, Capitol Notes, Politics, Publications

So far, the 2019 Regular Session has suffered from a start-and-stop schedule. After the first legislative day on March 5, the session went into a two-week hiatus so that legislators could meet to discuss – and ultimately pass – Gov. Kay Ivey’s “Rebuild Alabama” ...Read More

Watch Out for Personal Liability Under the FDCPA

Board Briefs, Breaking, Industry Reports, Legal, Publications

by Brian Malcom, Waller The Second Circuit recently upheld a court order holding two individual co-owners and co-directors of several corporate debt collector entities personally liable for over $10 million after such entities violated the Federal Trade Commission Act (FTCA) and the Federal Fair ...Read More

Compliance Q&A: Appraisal Independence Requirements

Breaking, Compliance Q&A, Industry Reports, Publications

Question: Does the bank have to comply with the appraisal independence requirements even if an appraisal is not required? Answer: While not an explicit requirement if the appraisal itself is not required, we advise that the bank should ensure independence in the appraisal ordering process even ...Read More

AHFA Announces Big Change to Step Up Program

Breaking, Industry Reports

All mortgage lenders can now offer down payment assistance program In order to make the Step Up program more accessible, AHFA now allows participating lenders with Correspondent TPO Operations to deliver third party-originated loans. This change is designed for mortgage lenders that are interested ...Read More

Reporting Credit Scores for Two or More Applicants

Breaking, Compliance Q&A, Industry Reports, Publications

Question: We request a tri-merge credit report for each applicant. Our credit decision relies on the single lowest middle score applicant(s). Can you give guidance on how credit scores would be reported for two or more applicants? Do we report the one score relied ...Read More