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Search OptionsFinancial ServicesSeptember/October Hoosier Banker: Covering Your Losses With Flood Certifications
While federally regulated lenders are typically aware of the requirement under the Flood Disaster Protection Act of 19731 (the “Act”) to obtain flood certifications upon making a loan, lenders failing to update flood certifications when they increase, modify or renew a loan may find their… The CFPB Fires a Shot Across the Bow of Financial Services Companies Charging Convenience Fees - INDIANA
The Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) recently issued Compliance Bulletin 2017-01: Phone Pay Fees (the “Bulletin”),[1] and an accompanying Press Release,[2] warning covered persons and service providers that charging convenience fees in exchange for offering… The CFPB Fires a Shot Across the Bow of Financial Services Companies Charging Convenience Fees
The Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) recently issued Compliance Bulletin 2017-01: Phone Pay Fees (the “Bulletin”),[1] and an accompanying Press Release,[2] warning covered persons and service providers[3] that charging convenience fees in exchange for offering… CFPB Finalizes Arbitration Rule
The Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) released their Final Rule on Arbitration (the “Final Rule” or the “Rule”) on July 10, 2017, containing very few changes from that initially proposed in 2016, and significantly limiting the use of pre-dispute arbitration… July/August Hoosier Banker: Acquisition of Voting Shares Through Inheritance
As seen in the July/August 2017 issue of the Indiana Banker Association's Hoosier Banker. Question: Our largest shareholder passed away last week after a long illness. She owned approximately 35 percent of the outstanding shares of our holding company. We expect that all of her shares will be… Supreme Court Rules that Cities Can Sue Banks Under Fair Housing Act
On May 1, 2017, the Supreme Court in Bank of America Corp. v. City of Miami, Fla., 137 S. Ct. 1296 ruled that under the Fair Housing Act (“FHA”)[1] cities may sue banks over residential lending practices they allege led to urban blight. However, in order to prove damages, cities must establish a… May/June Hoosier Banker: Compliance Connection with Brett Ashton
As seen in the May/June 2017 issue of the Indiana Banker Association's Hoosier Banker. Question: Recently an elderly customer received into his account a large wire transfer of over $500,000. The customer came into the branch today, adamant that he wanted to withdraw the funds in cash to take… March/April Hoosier Banker: Compliance Connection with Brett Ashton
Question: Our bank received a series of paper checks, drawn on a corporate account, that appeared to be made out to legitimate payees. In fact the checks were part of a scam, payable to bogus companies established by the employee who was depositing the instruments. We did not discover the fraud… President Trump Acts on Fiduciary Rule; DOL to Give it a Closer Look
In April 2016, the U.S. Department of Labor (DOL) published its final rule—widely referred to as the “fiduciary rule”—amending the regulatory definition of “fiduciary investment advice” in 29 CFR 2510.3-21, replacing a five-part test that long has governed whether a person is deemed to render… January/February Hoosier Banker: Compliance Connection with Brett Ashton
Question: We recently had an elderly customer sign a power of attorney (POA) form allowing her caretaker to help with her finances. Several years ago, the same customer had provided her son with a POA. Last week the customer’s caretaker came into the bank and wanted to cash a check made out to… November Hoosier Banker: Compliance Connection with Partner Brett Ashton
Question 1: Our bank recently entered into a marketing agreement with an insurance company, with the goal of generating additional income by offering life and property insurance products to our loan customers. Does Indiana law allow us to require customers to obtain insurance with their loans?… Is Your Website Compliant with the Americans With Disabilities Act?
While financial institutions are typically aware of their responsibilities under the Americans with Disability Act (the “ADA” or the “Act”) as they relate to the maintenance of their physical office spaces and overall general corporate policies, recently some institutions have been recipients of… |
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