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Regulation CC: Additional Funds Availability Disclosures

You are likely aware that when you open a demand deposit account, you must provide the customer with a Funds Availability Disclosure that outlines when you will make deposited funds available to them.  Most banks get this right because their system just prints it out with other required account opening disclosures.  What some banks overlook is some of the other places you need to address funds availability.  This can include deposit slips, ATMs and at teller windows.

David explains more in the video.

Published
2022/02/22

Truth in Savings: Change in Terms

Be sure to JOIN US for our webinar, “Truth in Savings Act”. 

There are times when you need to (or just want to) change the terms of your deposit accounts.  Maybe you want to implement a new fee or change some of the other terms required to be disclosed in the Truth in Savings Act disclosure the consumer received at account opening.  While this can be done (in most cases), there are some hoops you need to jump through to maintain compliance.  But be careful with trying to change terms on a Certificate of Deposit, as those are a little different animal.

David explains more in the video.

Published
2022/02/22

Escrow Account Annual Statements

JOIN US for our webinar, “All About Escrowing & Escrow Accounts”.

If you maintain escrow accounts subject to Section 1024.17 of RESPA, you are probably aware that you are required to provide an annual escrow statement to borrowers.  Some banks slip up here because the “annual escrow statement” is actually comprised of three separate types of information.  You are required to give:

  1. last year’s projection (what was supposed to occur);
  2. the account history (what actually occurred); and,
  3. next year’s projection (what you anticipate will occur).

David explains these in the video.

Escrow Statements

TWO HOUR TRAINING

Featured Topics: 

  • CFPB Escrow Accounts FAQs
  • Required vs. Voluntary Escrow Accounts
  • Initial, Annual, Short-Year & Payoff Statements
  • Surpluses, Shortages & Deficiencies
  • Step-by-Step Escrow Account Analysis
  • TILA’s HPML, TRID & Flood Insurance Intersections
  • Best Practices, Plain English Answers to Your Questions & Much More! 

Designed for consumer real estate loan officers, loan processors, compliance, audit, and any other personnel that handle escrow accounts.

(2.5 Continuing Education credit hours)

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Published
2022/02/11

HMDA: What’s a Purchase?

HMDA banks are required to collect and report data regarding applications for dwelling-secured loans or lines where the purpose is to:

  • Purchase a Dwelling;
  • Refinance a Dwelling;
  • Improve a Dwelling; or
  • Home Equity (consumer purpose).

So, what is a “purchase” for HMDA?  There’s more to it than you might think.

David explains more in the video.

Ready to learn more?  JOIN US for our webinar, “HMDA Covered Transactions”.  Featured topics include:

  • Covered Financial Institutions – “Loans” and/or “Lines”
  • Reportable “Loans” vs. Reportable “Lines”
  • What’s a Dwelling?
  • Mixed-Use Properties
  • Mixed-Use Loan / Line Purposes
  • What’s NOT Covered?
  • “Covered” Pre-approval Programs
  • Plain English Answers to Your Questions & Much More! 

Published
2022/02/07

Regulation CC: What’s Covered?

When it comes to Regulation CC, you must know what’s covered.  A common misconception is that Regulation CC is a consumer regulation. 

It’s not. 

Regulation CC applies to demand deposit accounts, which can be held by consumers and non-consumers (entities, clubs, businesses, etc.) alike.  However, certain sections of the regulation apply to consumers and others apply to businesses.

David explains more in the video.

Ready to learn more?  JOIN US “Regulation CC”. 

  • Coverage Policy Requirements
  • General Availability
  • Case by Case Delays
  • Exception Delays
  • Customer Notification
  • Completing the Notice
  • Check 21
  • Record Retention & Much More!

Published
2022/01/28