Alabama Bank News

By Kevin Tran, Waller President Donald Trump has spent much of his time in office acting on his 2016 campaign platform of rolling back provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) that strengthened bank regulation and consumer financial protections ...Read More

Q: Our retail staff is looking to have changes made to our CIP policy in regard to the collection of identification regarding business accounts.  The CIP regulation states that the bank should obtain documents showing the legal existence of the entity, such as articles ...Read More

Q: Must a bank have RDFI procedures in place to ensure a 30-day written notice is provided to account holders receiving Federal benefit payments prior to the actual closing of the account?  A: Yes, you must give 30 days’ notice prior to closing an ...Read More

Q: We have a joint account owned by three people. When filling out a SAR, do we include a Part I on an all account holder even if one had no transactions or involvement? A: While a CTR has an assumption that all joint ...Read More

By Ryan Cochran, Waller, and Mitch Galloway, Galloway Consulting As the nation’s healthcare industry grapples with the impact of COVID-19, many hospitals are facing financial pressure. This article will address how COVID-19 impacts the finances at hospitals, and some immediate ways hospitals can respond. ...Read More

Q: Does our ATM have to notify a non-customer of the bank that our bank is going to charge a fee and what the fee amount is? A: Yes, this is an explicit requirement under Regulation E, as provided below: (b) General. An automated teller ...Read More

Question: For the electronic delivery of a periodic statement under Regulation E, is the bank required to notify a customer that it is available? Answer: For customers that would like to receive their statements electronically, they must provide E-SIGN consent first–but once they provide ...Read More