Alabama Bank News

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

The 2019 Regular Session has been on hiatus since gaveling in on March 5. In the meantime, a bipartisan group of legislators overwhelmingly approved Gov. Kay Ivey’s “Rebuild Alabama” plan, which provides for a gradual 10-cent increase in state gasoline taxes to pay for ...Read More

by Charles Prueter By Charles Prueter, Waller The Fair Debt Collection Practices Act, which was signed into law by President Jimmy Carter in 1977, has a simple and straightforward purpose: Protect unsophisticated consumers from unscrupulous debt collectors. The statute itself, however, has proved to ...Read More

by Chris Couch, McGlinchey Stafford Late last year the Office of the Comptroller of the Currency identified “concentration risk management” as a top supervisory concern for 2019. Subsequently, the Federal Reserve raised interest rates twice, the US economy witnessed the worst annual returns for ...Read More

Question: We have a question on a loan that is a refinance of a purchase of a second home and is adding funds to pay off personal credit cards. Should be report the HOEPA Status as “Code 3 – NA”? Answer: Assuming the loan ...Read More

by Murray Bibb, Porter White & Co. It was a run-of-the-mill Thursday morning — save for the record high temperatures approaching 80 degrees during the first week of February 2019 — as I was enjoying a pre-daylight cup of coffee and reading the Wall ...Read More

Question: For HMDA purposes, would a construction-to-permanent loan be considered a refinance under the Loan Purpose? Answer: It would actually be considered a home purchase loan under HMDA regardless of whether it is a combined construction to permanent loan or the permanent financing that ...Read More