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2017 Regulatory Compliance E-News

December 15, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - In order to be compliant with Regulation E, when should we remove a one-time Automated Clearing House (ACH) stop payment from our core system?

December 1, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - Is my institution required to disclose charges for optional services, such as home inspections, on the Loan Estimate and Closing Disclosure? Are increases to the charges for these services subject to the tolerance levels?    

November 15, 2017 
Regulatory Compliance E-News 
Frequently Asked Question & Answer - If our institution has an advertisement posted to our Facebook page that is promoting an annual percentage yield (APY), is it okay to have a “click here” subcategory link that directs consumers to information on our website that contains the required advertising disclosures?

November 1, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - If a lender places a zero-tolerance settlement fee in the wrong section of the Loan Estimate, does that result in a reimbursable error even if the borrower is not ultimately overcharged?

October 16, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - What must a financial institution be aware of from an evidentiary sense, when deciding that no error occurred in an error resolution claim under Regulation E?

October 2, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - We offer various CD specials and are considering having our branches call their customers to inform them of these specials. Would these calls be exempt from the Telephone Consumer Protection Act (“TCPA”) since we would only be calling our existing customers?

September 15, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - My institution would like to begin analyzing the performance of our outstanding home equity lines of credit (“HELOCs”) to determine if we should freeze/suspend the credit line. Is it permissible to freeze HELOCs based on a reduction of a customer’s credit score?

September 1, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - During a recent audit, the auditors criticized my institution for not providing the proper Regulation GG disclosure to our business customers at the time of their account opening. What type of disclosure do we need to provide to our customers?

August 15, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - Does the Regulation E portion of my institution’s overdraft program (ATM withdrawals and one-time debit card transactions) affect my ability to assess the customer a continuous overdraft fee?

August 1, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - My institution requires our customers to sign required internal Regulation E forms when filing an ATM, Debit Card or ACH dispute. If a customer files a dispute over the phone, the customer must come in to an office location or mail the signed forms back to my institution before the investigation will begin. Is this permitted under Regulation E? 

July 17, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - Does the Secure and Fair Enforcement for Mortgage Licensing Act (“SAFE Act”) require the inclusion of Nationwide Mortgage Licensing System unique identifiers of individual mortgage loan originators as well as lending institutions on advertisements?

July 6, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - What are my institution’s responsibilities for identifying and correcting discrepancies between the flood hazard zone identified on a flood insurance policy and the zone identified on the Standard Flood Hazard Determination Form (“SFHDF”)? Are any remedies available to my institution in the event that either the borrower or the insurance company does not cooperate with our efforts to resolve the discrepancy?

June 15, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - Since Regulation AA has been repealed, are lenders still required to provide the Notice to Cosigner?

June 1, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - What key criteria should a financial institution include within its Bank Secrecy Act/Anti-Money Laundering/Office of Foreign Assets Control (“BSA/AML/OFAC”) Risk Assessment?

May 15, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - What are the requirements for my institution if we want to rely on other institutions for the compliance with our Customer Identification Program (“CIP”) for a specific customer?

May 1, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - My institution is considering offering a 1st mortgage prequalification program in which our MLOs would collect a prospective applicant’s stated income and authorization to pull credit. We would then provide applicants with a letter indicating the products and loan amounts that they may qualify for if they apply. What are our responsibilities if an applicant making an inquiry does not appear as though they would qualify for any program?

April 18, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - We have a customer that operates a number of convenience stores under various names and Employer Identification Numbers (“EINs”), and we aggregate their transactions together for Currency Transaction Report (“CTR”) reporting purposes. The customer also has an account for a real estate trust that is independent from the other accounts; therefore, we did not aggregate its transactions.  Recently, cash transactions increased on this account. Additionally, we discovered that the account is now operating as a convenience store and, as such, have determined that the transactions should be aggregated with the other businesses.  Do we now have an obligation to go back and amend CTRs to include this account prior to the date we made this determination

April 3, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - My credit union engages in shared branching; individuals without accounts at my credit union may purchase monetary instruments in cash between $3,000 and $10,000 as long as they are a part of the shared branching network. What are the requirements for complying with record keeping, the Office of Foreign Assets Control (“OFAC”), and § 314(a)?

March 15, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - The federal subpoenas my institution receives contain the following statement: “A notice and a copy of the subpoena must be served on each party in this case before it is served on the person to whom it is directed. Fed. R. Civ. P. 45(a)(4).” Does this suffice as a certification of compliance under the Right to Financial Privacy Act?

March 1, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - My institution is changing our Funds Availability Policy. Instead of making all funds available by the first business day after the day of the deposit, we will begin making funds available by the second business day after the day of the deposit to decrease our risk. Do we need to notify our customers of this change prior to making the change? What if we make changes elsewhere that are beneficial to the customer, such as reducing the maximum time period for exception holds?

February 15, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - What is my responsibility as a financial institution to ensure that my transaction processing providers are compliant in regards to the Unlawful Internet Gambling rules?

February 1, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - In connection with a mortgage application, my institution obtained a flood determination that lists the collateral property as being located in a Special Flood Hazard Area (“SFHA”). The borrower disagrees with the results of our determination and has presented a determination obtained by a different lender stating that the same property does not lie within a SFHA. Can we accept the other lender’s flood zone determination? If not, what process should we follow regarding the borrower’s dispute of the results of our determination? 

January 17, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - What are the core requirements of an effective Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”)  due diligence program relative to an institution’s Non-Deposit Investment Products (“NDIP”) relationships when there is a dual-employee relationship?

January 4, 2017
Regulatory Compliance E-News
Frequently Asked Question & Answer - What should I be doing now to ensure that my institution’s Home Mortgage Disclosure Act (“HMDA”) Loan Application Register (“LAR”) submission is timely and accurate?

View the 2016 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.