Alabama Bank News

Compliance Q&A: Recent UDAAP Changes

Question: Have there been any changes to UDAAP recently? One of our providers has made changes to some of
TRID Construction Loan Considerations

QUESTION: For a TRID construction loan disclosed as two transactions, what should we disclose as the interest rate if
Compliance Q&A: SCRA Procedure Considerations

Question: Our current SCRA procedures say that the interest rate should be retroactively applied to the date on which
Alabama Election Overview

(courtesy of Alabama Daily News) Governor Gov. Kay Ivey turned back eight primary challengers to win the Republican gubernatorial

Compliance Q&A: Recent UDAAP Changes

Breaking, Compliance Q&A, Publications

Question: Have there been any changes to UDAAP recently? One of our providers has made changes to some of their documentation involving UDAAP and we are wondering if there has been a recent change. Answer: Yes, the CFPB recently updated its UDAAP exam procedures ...Read More

TRID Construction Loan Considerations

Breaking, Compliance Q&A, Publications

QUESTION: For a TRID construction loan disclosed as two transactions, what should we disclose as the interest rate if it’s variable we don’t know what the rate will be during the permanent phase? ANSWER: If it will have an adjustable rate and the rate ...Read More

Compliance Q&A: SCRA Procedure Considerations

Breaking, Compliance Q&A, Publications

Question: Our current SCRA procedures say that the interest rate should be retroactively applied to the date on which the service member was called to military service. In the case of a member of the reserve, though, would that be the date that they ...Read More

Alabama Election Overview

Breaking, Capitol Notes, Politics, Publications

(courtesy of Alabama Daily News) Governor Gov. Kay Ivey turned back eight primary challengers to win the Republican gubernatorial nomination without a runoff Tuesday earning about 55% of the vote. Blanchard, who served as an ambassador under former President Donald Trump, finished second at ...Read More

Compliance Q&A: Construction Loan Considerations

Breaking, Compliance Q&A, Industry Reports, Publications

Q. If the bank agrees to make an interim construction loan but the borrower has a takeout letter from another institution, is the bank required to send a permanent loan disclosure for informational purposes? A. As set out in the CFPB guidance below, whether ...Read More

Governor Ivey Appoints Hope Johnson to Alabama State Banking Board

Breaking, Industry Reports

Gov. Kay Ivey has appointed Hope Johnson to serve on the Alabama State Banking Board, representing Alabama’s 2nd Congressional District. “Banking and economic development have fueled our pursuit to strengthen Alabama’s economy,” said Gov. Ivey. “With Hope’s vast experience in various administrative positions, I am ...Read More

Fed: Banking System Remains Strong, Assessing of Fintech Risk Ramps Up

Breaking, Industry Reports

The banking system remained strong overall, with robust capital and liquidity and improved asset quality in the second half of 2021, according to the Federal Reserve’s latest supervision and regulation report released today. The Fed said that risk monitoring will continue for potential effects ...Read More

CRA Overhaul Proposed

Breaking, Industry Reports, Politics, Publications

On Thursday, the Federal Reserve, the FDIC, and the OCC issued a much-anticipated joint notice of proposed rulemaking to modernize regulations implementing the Community Reinvestment Act. The agencies proposed changes to how CRA activities qualify for consideration, where activities are considered and how they ...Read More

Push to Repeal Durbin

Breaking, Industry Reports, Politics

Ahead of the hearing in the Senate Judiciary Committee on credit and debit card interchange fees, the American Bankers Association joined a broad coalition of national industry groups to communicate to lawmakers the serious flaws of interchange regulations and push back against efforts to ...Read More

Compliance Q&A: Customer Computer Hack and Bank Liability

Breaking, Compliance Q&A, Publications

Q. Our customer received a phone call from someone telling the customer that the customer’s computer was about to be hacked. The person convinced the customer to allow a remote logon to the customer’s computer to “stop the hacking process.” In this process, the ...Read More

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