Breaking | Alabama Bank News

Compliance Q&A: NOI Deadline Considerations

Breaking, Compliance Q&A, Publications

Question: We sent a notice of incompleteness to a customer and one of the items they need more time to get this info. It is permissible to provide another notice of incompleteness (“NOI”) to extend the current NOI deadline for a later date? Answer: ...Read More

Capitol Notes: State of the State

Breaking, Capitol Notes, Politics, Publications

The Alabama Legislature gaveled in to begin the first year of its new quadrennium on Tuesday The first day of the session culminated in a joint session where Gov. Kay Ivey presented out her agenda during her State of the State address. Ivey urged ...Read More

Meeting in the Middle(ware)

Breaking, Industry Reports

by Rob Nichols, American Bankers Association For community banks seeking to remain competitive in today’s crowded financial services marketplace, innovation is imperative. A relationship with a core provider can make or break an institution’s innovation goals, and for too many community banks, legacy core ...Read More

Atlanta Fed Names New Head of Supervision and Regulation Division

Breaking, Industry Reports

The Federal Reserve Bank of Atlanta is excited to announce the appointment of Joseph (Joe) Davidson as senior vice president of its Supervision and Regulation (S&R) Division, effective February 16. In this position, Davidson will oversee the Atlanta Fed’s supervision of state member banks, ...Read More

Compliance Q&A: RESPA and Escrow Accounts

Breaking, Compliance Q&A, Publications

Q. Does RESPA require that we collect a cushion for escrow accounts? How large of a cushion must be collected? A. RESPA allows you to have up to 2 months’ cushion in an escrow account but doesn’t *require* that you have 2 months’ cushion. ...Read More

Compliance Q&A: Reg CC Considerations

Breaking, Compliance Q&A

Question: Do Reg CC exception holds apply to check deposits drawn on foreign banks? Answer: If the check is actually drawn on a foreign bank not located in the US, it would not be considered a “check” covered by Reg. CC. Therefore, would not ...Read More

Compliance Q&A: POD Beneficiary Considerations

Breaking, Compliance Q&A, Publications

Q: If an account has multiple Pod beneficiaries on it and one beneficiary passes before the account owner, would the remaining Pod beneficiaries will receive the funds in the account upon the death of the account holder? In other words, none of the funds ...Read More

Compliance Q&A: Deposit Hold Considerations

Breaking, Compliance Q&A, Publications

Q: Can a large deposit hold be placed on a next day item (cashier’s check) for the amount over $5,525? A: Yes, Reg CC allows this for cashier’s checks or treasury checks. Members commonly believe that they cannot place any exception hold on a ...Read More

Mobile Remains Top Consumer Choice for Banking

Breaking, Industry Reports

Mobile apps remain the most popular choice for most consumers when banking, according to a new survey commissioned by American Bankers Association. Research firm Morning Consult polled more than 2,200 U.S. adults about what methods they used the most to manage their bank accounts ...Read More

Compliance Q&A: TCPA Issues

Breaking, Compliance Q&A, Publications

Q: Do we have any TCPA issues making phone calls to current customers to sell them other bank products? A: Generally, if you have an established business relationship with the customer, there would be no compliance issues with TCPA to call them and sell ...Read More

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