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2015 Regulatory Compliance E-news

January 2, 2015_Regulatory Compliance E-news

January 15, 2015_Regulatory Compliance E-news

February 2, 2015_Regulatory Compliance E-news

February 17, 2015_Regulatory Compliance E-news

March 2, 2015_Regulatory Compliance E-news

March 18, 2015_Regulatory Compliance E-news

April 1, 2015_Regulatory Compliance E-news

April 15, 2015_Regulatory Compliance E-news

May 1, 2015_Regulatory Compliance E-news

May 15, 2015_Regulatory Compliance E-news

June 1, 2015_Regulatory Compliance E-news

June 19, 2015_Regulatory Compliance E-news

July 1, 2015_Regulatory Compliance E-news

July 15, 2015_Regulatory Compliance E-news

August 3, 2015_Regulatory Compliance E-news

August 21, 2015_Regulatory Compliance E-news

September 1, 2015_Regulatory Compliance E-news

September 15, 2015_Regulatory Compliance E-news

October 1, 2015_Regulatory Compliance E-news

October 15, 2015_Regulatory Compliance E-news

November 2, 2015_Regulatory Compliance E-news

November 16, 2015_Regulatory Compliance E-news

December 1, 2015_Regulatory Compliance E-news

December 15, 2015_Regulatory Compliance E-news

Frequently Asked Compliance Questions & Answers

March 18, 2015_At what point is my institution required to disclose NMLS ID Numbers on loan documents?

April 1, 2015_When completing a SAR for a business entity, is it acceptable to document the names and Tax Identification Numbers of the business owners and/or signers within the narrative, or is it necessary to document the business owner and/or signer information in Part I (Subject Information) of the SAR and identify the business owner as a subject? 

April 15, 2015_Our card vendor (Master Card or VISA) requires us to obtain a written form from the customer before it will proceed with processing a Regulation E error resolution claim. Are we permitted to delay or decline the claim when the customer does not provide us with something in writing?

May 1, 2015_With much of the banking industry moving to an electronic model, under the Truth in Savings Act (“TISA”), for in-person account openings, would it be sufficient for our institution to provide our TISA account opening disclosures to customers through email instead of through paper?

May 15, 2015_In what situations must we require that our borrowers carry contents coverage as part of their flood insurance?

June 1, 2015_When dealing with vendor management, should we require Identity Theft provisions in all contracts where the vendor/service provider has access to our customers’ accounts?

June 19, 2015_A borrower intends to destroy the residential dwelling currently in place at a piece of property that is owned and replace it with a commercial building. Would a Construction to Permanent mortgage loan request to convert or construct a commercial building be reportable under the Home Mortgage Disclosure Act (“HMDA”)? 

July 1, 2015_Is our institution permitted to include overdraft funds in an available balance that is disclosed to the customer?

July 15, 2015_When completing adverse action notices where the credit report was used in rendering the decision, which credit reporting agency should the lender disclose in order to comply with section 615(a) of the Fair Credit Reporting Act? 

August 3, 2015_When is a loan application considered withdrawn versus approved not accepted, incomplete or denied? 

August 21, 2015_Under what circumstances may a lender exempt a detached structure from mandatory flood insurance purchase requirements?

September 1, 2015_What are the requirements for the frequency of a Bank Secrecy Act (“BSA”)/Anti-Money Laundering (“AML”) automated software system validation and a review of the system parameters to ensure that the parameters remain effective and reasonable for the institution? 

September 15, 2015_Under what scenarios are we permitted to advertise that we offer a “free” ATM/Debit card?

October 1, 2015_What is the Institution’s responsibility regarding reporting corrected addresses back to the consumer reporting agency it received the information from once an address discrepancy has been resolved?

October 15, 2015_As the ECOA Appraisal Disclosure language is now included on the Loan Estimate, are there any instances where the institution is still required to provide the applicant with a separate notice informing the applicant of the right to receive a copy of the appraisal?

November 2, 2015_One of our customers can see via online banking that a pending preauthorization transaction has memo posted to his/her account.  A merchant has put a hold on the account but has not fully processed the debit transaction. The customer claims that the transaction is not authorized, but was under the impression that he/she could not dispute the item until the charge actually posted to his/her account. Should we treat this as a Regulation E error resolution dispute even though it has not charged the account and may eventually drop off?

November 16, 2015_Our institution wants to implement a process to accept customer opt-ins for overdrafts on ATM withdrawals and one-time debit card transactions via means other than in-person. As a result, we will be unable to obtain a signature for all opt-in requests. Is this permitted under the regulation?

December 1, 2015_Under the Know Before you Owe/TRID rules we have an applicant that does not have an accepted offer but does have a particular property in mind and chose to provide that address to the institution. Would that be considered having the property address for an application and therefore trigger the requirement to disclose a Loan Estimate?

December 15, 2015_Should the Remote Deposit Capture (RDC) service offered by financial institutions be encompassed in the scope of an annual Bank Secrecy Act (BSA) audit, and what should the focus of the review be?

For additional information or if you have a question that you would like us to answer in an upcoming Regulatory Compliance E-News, contact Stephen King, JD, AMLP, Member of the Firm and Director of the Regulatory Compliance Group, at 617-428-5448 or, or Brian Shea, CRCM, CAMS, Regulatory Compliance Senior Manager, at 617-261-8133 or