Industry Reports | Alabama Bank News

Compliance Q&A: HELOC Conversion and TRID Disclosure

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Q: Can the bank convert a HELOC that is getting close to its maturity date into a closed-end, amortizing loan without requiring TRID disclosures? A: Unfortunately, no–if during the loan term a HELOC is converted from open-end credit to closed-end credit, that would trigger ...Read More

Running Toward the Challenge

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by Rob Nichols Is racism baked into our nation’s systems of justice, health and education, or are there disproportionate correlations between race, poverty and crime? Are people too quick to accuse others of racism, or are those in positions of power too slow to ...Read More

What Alabama Banks Should Know About The California Consumer Privacy Act

Board Briefs, Breaking, Industry Reports, Legal, Publications

by Dhruv Sharma, McGlinchey On Jan. 1, California’s Consumer Privacy Act (“CCPA”) went into effect, activating the most onerous privacy regime in the nation. Broadly speaking, CCPA grants consumers the right to know what personal information is being collected from them; know how that ...Read More

Alabama Legislature Concludes its 2020 Regular Session

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MONTGOMERY, Ala., May 22, 2020 — The oddest session of the Alabama Legislature in recent memory, if ever, adjourned on Monday. Disrupted by the coronavirus pandemic, more than half of the actual working days of the session were conducted in a State House closed ...Read More

2020 Regular Session: Scheduling Update

Breaking, Capitol Notes, Industry Reports, Politics

Legislative leaders this week provided important updates on the schedule for the remainder of the Alabama Legislature’s 2020 Regular Session. As a reminder, legislators left Montgomery on March 12 for a planned spring break period, with representatives scheduled to return to the State House ...Read More

OCC Offers Information Regarding STIF Rule

Breaking, Industry Reports

OCC Revises Short-Term Investment Fund Rule https://www.occ.gov/news-issuances/federal-register/2020/nr-occ-2020-38-federal-register.pdf The Office of the Comptroller of the Currency (OCC) today announced an interim final rule to revise its short-term investment fund (STIF) rule for national banks acting in a fiduciary capacity. The rule allows the OCC to ...Read More

Supreme Court Update for Banking and Financial Services Professionals

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by Charles W. Prueter, Waller Not one aspect of public life has gone unaffected by the current COVID-19 crisis — not even the Supreme Court’s building operations or oral argument schedule. The Court has postponed the next batch of oral arguments scheduled for March 23-25 ...Read More

Protecting Against Fraud During COVID-19 Pandemic

Breaking, Industry Reports

The Alabama Bankers Association encourages consumers to be vigilant in protecting themselves from fraudulent activity particularly during the latest COVID-19 Coronavirus environment. Scammers will be working around the clock to deceive individuals into providing sensitive, personal information in order to wipe out their bank ...Read More

I’ll Hang Up and Listen: Eleventh Circuit Endorses Narrow Definition of TCPA Autodialer

Board Briefs, Breaking, Industry Reports, Legal, Publications

By Grant Premo Lawsuits alleging claims under the Telephone Consumer Protection Act (commonly referred to as the “TCPA”) have more than tripled since 2011. A recent decision by the Eleventh Circuit Court of Appeals, however, may stem the tide of TCPA claims. On Jan. ...Read More

Compliance Q&A: CTRs and Aggregated Transactions

Breaking, Compliance Q&A, Industry Reports, Publications

Question: Regarding CTRs, when there is an aggregated transaction, what are the requirements in order for the transaction to be considered an aggregated transaction? Answer: The bank would report as an aggregated transaction only if, 1) the financial institution did not identify any ...Read More

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