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2016 Regulatory Compliance E-News

December 15, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer - Currently our institution has customers requesting that the institution add their Mortgage and Home Equity Line of Credit (“HELOC”) statements to e-Statements through online banking. Is the institution required to obtain consent through E-Sign in order to move forward? 

December 1, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer - What timeframes or obligations do we have concerning closing out deposit accounts that have been overdrawn for an extended period of time?

November 15, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer - The Interagency Guidelines for Identity Theft Red Flags list the following scenario as a red flag: “Mail sent to a customer is returned repeatedly as undeliverable although transactions continue to be conducted.” Are there specific requirements for this red flag? What are some best practices?

November 1, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer - We are considering allowing our mortgage customers to begin shopping for title services and pest inspection settlement services. What are the implications for the disclosure of these fees on the Loan Estimate and Closing Disclosure?

​October 17, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer - Should financial institutions file Suspicious Activity Reports (“SARs”) on states and/or their municipalities for accepting tax revenue and other fees from medical marijuana dispensaries?

October 3, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer - Is my institution permitted to assess a customer a continuous overdraft fee if the customer has not opted into the payment of overdrafts on ATM withdrawals and one-time debit card transactions (Regulation E overdraft program)?

​September 15, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer - If an institution permits preauthorized credits and/or debits to or from a passbook savings account and there are passbook savings accounts for which these transactions are not being performed, is the institution still required to provide the annual passbook error resolution notice to those customers?

September 1, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer - My institution is considering paying tellers and customer service representatives a referral fee tied to mortgage applications. Are these fees required to be disclosed to consumers and are there any compliance issues in starting this program?   

August 15, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer - When a customer deposits a check for over $5,000, how soon must we make the funds available?

August 1, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer - Is a small servicer exempt from the mandatory collection of flood insurance as part of an escrow account?

July 15, 2016
Regulatory Compliance E-News  
Frequently Asked Question & Answer - My institution has clients that are Money Service Businesses (MSBs) and privately owned ATMs that are required to register with their respective state or county. If these MSBs and Privately Owned ATM clients maintain relationships with my institution but do not filter their MSB and ATM-related transactions through my institution, is my institution still responsible for verifying and documenting the MSB and ATM licensing with that state or county? 

July 1, 2016
Regulatory Compliance E-News  
Frequently Asked Question & Answer - Our lending department would like to start offering bridge loans. We have been researching the requirements and would like to confirm the applicability of regulations such as the Real Estate Settlement Procedures Act (RESPA), the Home Mortgage Disclosure Act (HMDA) and Regulation Z.

June 15, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer - Our bank is considering obtaining brokered cd deposits. If the broker is a highly regulated investment firm or institution, what due diligence should we perform on that deposit broker to satisfy regulatory concerns?

June 1, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer - Does the financial institution need to obtain prior written consent before obtaining a consumer report on a guarantor for business credit?

May 18, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer - What are the requirements for periodic Office of Foreign Assets Control (OFAC) and USA PATRIOT Act § 314(a) Request List searches when different customer account products are housed on sub-databases of the core operating system?

May 2, 2016
Regulatory Compliance E-News
Frequently Asked Questions & Answer - To remain compliant with Regulation D, after how many Regulation D violations in a rolling twelve month period must our institution take action to close, reclassify or restrict the customer’s account?

April 15, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer - If the cut-off time for our ATMs is earlier than when the branches close, should the cut-off time be disclosed in the Expedited Funds Availability (Regulation CC) Disclosure?

April 1, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer - What are my institution’s obligations concerning the cancellation of private mortgage insurance if the value of a collateral property increases?  

March 15, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer - Upon the receipt of an application from a dealership, is an indirect auto lender required to provide the risk-based pricing notice to the applicant?

March 1, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer - Can our institution require a customer to submit a signed form in order to proceed with refunding the customer for an unauthorized or revoked automated clearing house (ACH) item? 

February 16, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer - Is an analysis of the reasonableness of Bank Secrecy Act (BSA)/Anti-Money Laundering (AML)/Office of Foreign Assets Control (OFAC) automated software parameters required?

February 1, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer - Are national banks required to follow state requirements requiring the payment of interest on mortgage-related escrow accounts?

January 15, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer -  In reviewing new and existing Phase II CTR exempt customers, we identified one customer that was performing lottery sales. However, the customer does not process the lottery sales activity through accounts at our institution. Lottery sales were identified via a site visit to the business location. Are we required to identify and evaluate these activities when determining our customer’s Phase II exemption eligibility? If so, what is the best practice for documenting ineligible activities?

January 5, 2016
Regulatory Compliance E-News
Frequently Asked Question & Answer - How should pre-paid taxes be disclosed on the Truth in Lending (TILA)- Real Estate Settlement Procedures Act (RESPA) Integrated Disclosures and to which tolerance level category do they belong?
 

View the 2017 Regulatory Compliance E-News
View the 2015 Regulatory Compliance E-News

Contact
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, Director of Regulatory Compliance Services, at 617-428-5448 or sking@wolfandco.com, or Brian Shea, CRCM, CAMS, Regulatory Compliance Senior Manager, at 617-261-8133 or bshea@wolfandco.com.