Alabama Bank News

Compliance Q&A: Open-end Credit Card Considerations

Question: For an open-end credit card account, can a due date on the monthly billing statement vary if the
What Bankers Need to Know About Pulling Credit Reports

by Frank J. Catalano, McGlinchey The recent success of lawsuits alleging that financial institutions impermissibly accessed a consumer’s credit
Compliance Q&A: E-Sign Act Requirement Regarding Nonpayment

Question: Must the bank follow the E-Sign Act requirements if providing a notice of nonpayment to a customer electronically?
Compliance Q&A: Returned Check Considerations

Question: Is a bank required to notify customers of a deposited check being returned? Answer: Yes, Regulation CC, §

Compliance Q&A: Open-end Credit Card Considerations

Breaking, Compliance Q&A, Publications

Question: For an open-end credit card account, can a due date on the monthly billing statement vary if the usual due date is a Sunday? Example: The due date is usually the 12th of every month. However, 9/12/21, is a Sunday, therefore, the billing ...Read More

Compliance Q&A: Credit Scores and Reg V

Compliance Q&A, Publications

Question: Our bank uses the exception notice for the Regulation V, risk-based pricing credit score disclosures. If a loan applicant withdraws the loan request, is the bank still required to deliver the credit score exception notice to the applicant? Answer: Regulation V, § 1022.72, ...Read More

What Bankers Need to Know About Pulling Credit Reports

Board Briefs, Breaking, Publications

by Frank J. Catalano, McGlinchey The recent success of lawsuits alleging that financial institutions impermissibly accessed a consumer’s credit report have encouraged filings of additional suits, some of which have resulted in six-figure payments. Consequently, implementing a best-practice policy related to pulling credit reports ...Read More

Compliance Q&A: E-Sign Act Requirement Regarding Nonpayment

Breaking, Compliance Q&A

Question: Must the bank follow the E-Sign Act requirements if providing a notice of nonpayment to a customer electronically? Answer: The commentary to § 229.33(h), clarifies that a notice can be provided by email or fax. However, only Regulation CC, Subpart B, requires conforming ...Read More

Compliance Q&A: Returned Check Considerations

Breaking, Compliance Q&A, Publications

Question: Is a bank required to notify customers of a deposited check being returned? Answer: Yes, Regulation CC, § 229.33(h), requires providing notice to a customer of a check being returned by midnight of the banking day following the banking day on which the ...Read More

Banking On Inclusion: America’s Banks Embrace Bank On Movement

Breaking, Industry Reports, Publications

By Rob Nichols, American Bankers Association America’s banks have a longstanding commitment to helping reduce the number of unbanked and underbanked individuals and families in the U.S. July marked a major milestone in that endeavor, with an announcement from the Cities for Financial Empowerment ...Read More

Compliance Q&A: Giveaways and the Bank Lottery Rule

Breaking, Compliance Q&A, Publications

Q: We would like to have a giveaway contest but are concerned with the requirements under the Bank Lottery Rule. What should we consider? A: Under the Bank Lottery Rule, with the exception of a savings raffle, any advance of money or credit by ...Read More

Compliance Q&A: ACH Transfers and Reg CC

Compliance Q&A, Publications

Q: The bank offers a service that allows funding new accounts through an ACH transfer authorized from the bank. For example, the Customer is opening a new account at Bank B and has an existing account at Bank A. Our service allows the customer ...Read More

Compliance Q&A: Homebuilders and Lines of Credit

Breaking, Compliance Q&A, Publications

Q: We provide lines of credit to home builders using a ‘master note’ and then use sub-notes for each specific construction loan. Our question stems from the appraisal notice that is required to be given within 3 days of application. Is the bank required ...Read More

Compliance Q&A: Loan Denials and Adverse Action Notices

Breaking, Compliance Q&A, Publications

Q: If a bank has three applicants who are denied a loan and the reasons for the denial are different for each, does each borrower need to get an adverse action notice, stating the specific reason for denial for that applicant, or can one ...Read More

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