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2018 Regulatory Compliance E-News

December 17, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - Under Regulation E, if the consumer does not provide written notification for an error resolution dispute, do we have to investigate?

December 3, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - The Home Mortgage Disclosure Act (HMDA)/Regulation C now requires financial institutions to report pre-approval applications that are approved, but not accepted. When reporting such applications, should the rate spread be reported?

November 15, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - What is the proper way to calculate income of a self-employed commercial applicant for Home Mortgage Disclosure Act (HMDA) reporting purposes (adjusted gross income vs. no adjustments to income)?

November 1, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - What are cashless ATMs and how are they being used by medical marijuana dispensaries? Should financial institutions be monitoring these customers and transactions?

October 15, 2018
Regulatory Compliance E-News 
Frequently Asked Question & Answer - If a customer does not enroll in online banking services at the time of their account opening, does the institution need to provide another Electronic Fund Transfer disclosure and Fee Schedule to the customer when they later enroll in the service?

October 1, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - My institution advertises variable rate deposit account products on the Rates page of our website. On our Rates page, we include all applicable information required by the Truth-in-Savings Act (Regulation DD) when advertising deposit account products. We state on our Rates page that the rates may change at any time. Is this sufficient to cover Regulation DD’s requirements over variable rate accounts?  

September 17, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - Should a construction permanent loan be reported on the Home Mortgage Disclosure Act (HMDA) Loan Application Register (LAR), and if so, do we consider interest-only months as part of the “loan term” data field?

September 4, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - Given recent Financial Crimes Enforcement Network (FinCEN) guidance, which services require Beneficial Ownership information collection currently, and which services do we not have to comply with it through September 8, 2018?

August 15, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - How should lenders complete the Introductory Rate Period data point on the 2018 Home Mortgage Disclosure Act Loan Application Register (HMDA LAR)? For example, my institution offers a 5/1 adjustable rate mortgage product. The borrower makes sixty payments at the initial rate, and payments are subject to annual rate adjustments beginning with the sixty-first payment. Although the borrower only makes sixty payments at the initial rate, the rate is actually in effect for a period of time encompassing sixty-two months. Should we report the introductory rate period as sixty or sixty-two? 

August 1, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - Are financial institutions allowed to rely on a previously performed flood determination when increasing, renewing, extending or purchasing a real estate secured loan?

July 2, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - What are cashless ATMs and how are they being used by medical marijuana dispensaries? Should financial institutions be monitoring these customers and transactions?

June 15, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - Do lenders need to take any action regarding zone discrepancies between the FEMA flood determination and the flood insurance policy as part of their loan origination and servicing due diligence?

June 1, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - Is a servicer required to provide a revised periodic statement to a customer who filed for bankruptcy protection prior to April 19, 2018?

Featured Alerts 

May 15, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - To meet the new beneficial ownership rules, do we need to revise our USA PATRIOT Act Notice?

May 1, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - What are some of the key elements for an effective governance program as it relates to Anti-Money Laundering (AML) model risk management?

April 17, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - My institution advertises the term “Overdraft Protection” on our Personal Deposit Accounts web page. The purpose is to promote our savings overdraft transfer service where funds are transferred from a savings account to a checking account in the event that there are insufficient funds in the checking account. We also have a discretionary overdraft program but are trying not to promote the program. Will using the term “Overdraft Protection” be misleading? Are there disclosures we are required to provide?

April 2, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - For an adjustable rate mortgage with an initial discounted rate, how should a lender calculate the Annual Percentage Rate to be disclosed on the Closing Disclosure? Is the lender required to use the current index value or may the value as of the date the Loan Estimate was issued be used?

March 15, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - Our institution is currently preparing the Home Mortgage Disclosure Act (HMDA) Loan Application Register (LAR) for 2018. For what loan products and fee types are we required to report the Origination Charges and/or the Total Points and Fees for an originated loan?

March 1, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - What constitutes a sufficient reasonableness analysis over Bank Secrecy Act/Anti-Money Laundering (BSA/AML) software parameters?

February 15, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - Our institution is rolling out a new Certificate of Deposit (CD) special for which we are planning to give the customer a gift for opening the CD based on the term. For a one-year term, the gift will be worth $10; for a two-year term, the gift will be worth $20; and for a three-year term, the gift will be worth $30. Customers may open up to three different accounts and receive the related gift. Are there any advertisement disclosure implications for this new product?

February 1, 2018
Regulatory Compliance E-News 
Frequently Asked Question & Answer - Are transactions that are executed via a Consolidation Extension, Modification and Agreement (CEMA) reportable as refinance transactions on the HMDA (Home Mortgage Disclosure Act) Loan Application Register (LAR)?

January 16, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - My financial institution is not required to report Home Equity Line of Credit (HELOC) on the Home Mortgage Disclosure Act (HMDA) LAR in 2018 and in previous years has chosen not to report them. Will my institution still be required to collect government monitoring information (GMI) under Regulation B and C?  

January 3, 2018
Regulatory Compliance E-News
Frequently Asked Question & Answer - We are in the process of implementing procedures for addressing beneficial ownership in order to ensure that we are complying by the May 11, 2018, mandatory compliance date. If a well-known existing customer comes into our institution to open a new deposit or loan account, could our institution complete the beneficial ownership certification on behalf of the customer?  

View the 2017 Regulatory Compliance E-News

 

Contact Us
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.comErica Torres, CRCM, Regulatory Compliance Principal, at 617-261-8121 or etorres@wolfandco.com, or Brian Shea, CRCM, CAMS, Regulatory Compliance Senior Manager, at 617-261-8133 or bshea@wolfandco.com.