Alabama Bank News

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

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

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

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

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

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

By Charles R. Moore, Bradley On May 11, 2018, a new rule—commonly referred to as the Beneficial Ownership Rule—took effect to establish additional customer due diligence requirements for banks and other financial institutions. The Financial Crimes Enforcement Network (FinCEN) issued the rule under the ...Read More