Delaying Outgoing Wires
Question: Hi Heather. I remember hearing that we could delay sending an outgoing wire for up to 15 days if we notify the beneficiary, but I can’t find where I read that before and want to review the rule again now. Does that sound familiar at all to you? Do you know where I can […]
What is Considered an Application for HMDA?
Question: Hi Heather, Quick question… We helped a member earlier this year with a reduction of his HELOC interest rate. An application was completed to ensure that he qualified for the reduction, but a new loan was not completed in our host system. Do we need to submit a HMDA filing for this application? Answer: […]
Advertising Certificate Rates
Question: Hey Heather. Our credit union is going to offer a limited time CD promo to bring some money in. We have an outside reader board that we have used in the past for marketing, but we’ve never advertised rates. I don’t want to be out of compliance, but if are going to offer a […]
What’s the Deal with Reg U?
Question: Hi Heather. I would like your opinion on Regulation U. The way I read it Reg U states any loan secured by stocks would have additional reporting requirements. But some others at my credit union think it means that the reporting is only required if stock is purchased and then used as collateral, but […]
New Account Check Holds When Adding an Additional Depositor to an Existing Checking Account
Question: Regarding Reg CC and check holds, can we apply a new account exception hold on an established account when a new account holder is added? Answer: Interestingly enough, yes. Here is the commentary from 12 CFR 229.13(a) (1)(b)(vi): If two customers that each have an established individual account with the bank open a joint […]
Is Compliance Ready for AI?
Is anyone else fascinating by ChatGPT and other natural language AI chatbot’s? Maybe you’re wondering if this new piece of technology can help you with your job as a compliance professional. Maybe you’re worried that AI technology will make compliance professionals obsolete. I wanted to see what ChatGPT could do if it replaced me at the […]
Dwelling Secured Loans Without Land
Question: Our member is purchasing a mobile home as a primary dwelling with 30% down making our loan amount $40,000. There is no land involved, just a lot space rent each month. Are we required to use consumer loan documents or mortgage loan documents? What regulations apply? Are we required to ATR this baby? By […]
HMDA again?
Q. Heather, I’ve heard some noise about HMDA (the Home Mortgage Disclosure Act, Regulation C). What are the changes? How can I tell if my credit union has to report HMDA data? A. Great Questions! Oh boy! Yes, there has been some movement with HMDA in the past few weeks. The Consumer Financial Protection Bureau […]
HMDA Reporting with Multiple Properties
Q. Heather, I have a HMDA (Home Mortgage Disclosure Act) Question. What if we have a member that is using a residential investment property for collateral to buy another residential investment property. Since the funds were used for a residential purchase would we need to report it for HMDA? A. Really great question. For business […]
