{"id":2706,"date":"2022-01-10T16:36:43","date_gmt":"2022-01-10T16:36:43","guid":{"rendered":"https:\/\/albanknews.com\/?p=2706"},"modified":"2022-01-10T16:36:43","modified_gmt":"2022-01-10T16:36:43","slug":"compliance-qa-access-device-for-a-heloc","status":"publish","type":"post","link":"https:\/\/albanknews.com\/?p=2706","title":{"rendered":"Compliance Q&#038;A: Access Device for a HELOC"},"content":{"rendered":"<p><strong>Question: <\/strong>Can a bank provide an access device for a home equity line of credit (HELOC)?<\/p>\n<p><strong>Answer:<\/strong> This is permissible, with several risk considerations for the bank. Under Regulation Z, \u00a7 1026.2(a)(15)(ii), a debit card that can access a HELOC is a credit card. Additionally, \u00a7 1026.12(d)(1), further prohibits the bank from exercising the right of set-off for credit card balances. Therefore, whereas a HELOC without a credit card generally provides a right of setoff, subject to certain requirements, the bank loses this right when providing a debit card to access a HELOC.<\/p>\n<p>Regulation Z, \u00a7 1026.2(a)(15) \u2013 <a href=\"https:\/\/www.consumerfinance.gov\/rules-policy\/regulations\/1026\/2\/#a-15-ii\">https:\/\/www.consumerfinance.gov\/rules-policy\/regulations\/1026\/2\/#a-15-ii<\/a><\/p>\n<p>Regulation Z, \u00a7 1026.12(d) \u2013 <a href=\"https:\/\/www.consumerfinance.gov\/rules-policy\/regulations\/1026\/12\/#d\">https:\/\/www.consumerfinance.gov\/rules-policy\/regulations\/1026\/12\/#d<\/a><\/p>\n<hr \/>\n<p><strong>Compliance Alliance<\/strong> offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call <strong>(888) 353-3933<\/strong> or email <a href=\"mailto:info@compliancealliance.com\">info@compliancealliance.com<\/a>and ask for our Membership Team.<\/p>\n<p><strong>Not a member?<\/strong> Learn more about membership with Compliance Alliance by attending one of our live demos:<\/p>\n<ul>\n<li><a href=\"https:\/\/compliancealliance.com\/news-events\/event\/live-membership-demo-01-11-2022\"> Live Demo on Tuesday,\u00a0January 11th at 10:00 am CT<\/a><\/li>\n<li><a href=\"https:\/\/compliancealliance.com\/news-events\/event\/live-membership-demo-01-13-2022\">Live Demo on Thursday,\u00a0January 13<sup>th<\/sup> at 1:00\u00a0pm CT<\/a><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Question: Can a bank provide an access device for a home equity line of credit (HELOC)? Answer: This is permissible, with several risk considerations for the bank. Under Regulation Z, \u00a7 1026.2(a)(15)(ii), a debit card that can access a HELOC is a credit card. Additionally, \u00a7 1026.12(d)(1), further prohibits the bank from exercising the right of set-off for credit card balances. Therefore, whereas a HELOC without a credit card generally provides a right of setoff, subject to certain requirements, the bank loses this right when providing a debit card to access a HELOC. Regulation Z, \u00a7 1026.2(a)(15) \u2013 https:\/\/www.consumerfinance.gov\/rules-policy\/regulations\/1026\/2\/#a-15-ii Regulation [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1070,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[19,33],"tags":[],"class_list":["post-2706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking","category-compliance-qa","has_thumb"],"jetpack_publicize_connections":[],"jetpack_shortlink":"https:\/\/wp.me\/p4Y3P2-HE","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/albanknews.com\/wp-content\/uploads\/2017\/11\/compliance-alliance.png?fit=800%2C800&ssl=1","_links":{"self":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/2706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2706"}],"version-history":[{"count":1,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/2706\/revisions"}],"predecessor-version":[{"id":2708,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/2706\/revisions\/2708"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/media\/1070"}],"wp:attachment":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}