Legal Briefs

New year, new SAR Required year-end housekeeping FEMA NFIP snafu Residential appraisal threshold unchanged (yet) New year, new SAR By Andy Zavoina This time of the year many bankers are providing staff, management and their boards some annual updates and training. This may include security, Bank Secrecy Act and compliance topics. With recent events, one possible addition to what you …

IOLTA accounts SCRA – What not to do Privacy – Reg. P update Notes on beneficial ownership IOLTA accounts By Pauli Loeffler Since July 1, 2004, the Oklahoma Supreme Court has required all attorneys and law firms in Oklahoma to set up mandatory Interest on Lawyers’ Trust Accounts (IOLTAs) with interest payable to the Oklahoma Bar Foundation, with a few …

Revocable trusts deposit insurance Complaints update The loan estimate and “no cost” loans Revocable trusts deposit insurance By Pauli Loeffler A bit over a decade ago, the FDIC made changes to its deposit insurance coverage for trusts. Charles Cheatham wrote about the changes for the October 2008 OBA Legal Briefs, and there have really been no changes since then. However, …

UTMA accounts Loans to minors SCRA update FCRA credit freeze update UTMA accounts By Pauli Loeffler In the September 2018 OBA Legal Briefs, I wrote about deposit accounts that can be opened for a minor as owner or co-owner. This month, we look at the other important account offering for minors, accounts opened under the Oklahoma Uniform Transfer to Minors …

Deposit accounts for minors HMDA filing update for small reporters Deposit accounts for minors By Pauli D. Loeffler We get a lot of emails and calls regarding minors as owners on accounts and UTMAs. There are various OBA Legal Briefs articles covering aspects of these accounts in piecemeal fashion, but some of them are not easy to locate, and there …

FinCEN exemptive relief ending UDAAP – The long-term risk Speaking of UDAAP: TCF overdrafts update Voicemail, phone call, and email etiquette Loans to candidate campaigns FinCEN exemptive relief ending By John S. Burnett On May 16, FinCEN issued a ruling (FIN-2018-R002) providing a “90-day limited exemptive relief” from the obligations of the Beneficial Ownership Requirements for Legal Entity Customers. The …

Reefer madness Update: campaign committee, PAC and political party accounts More on the Beneficial Ownership Rule Policies – Part 2 EGRRCPA and HMDA AML/BSA Q&As Reefer madness By Pauli Loeffler Even before State Question 788 passed, we received a lot of questions about banking marijuana related businesses (“MRBs”) mostly dealing with businesses selling CBD (short for “cannabidiol”) oil, and medical …

• Deregulation is a reality • Consumer loan dollar amounts adjust July 1 Deregulation is a reality By Andy Zavoina On May 24, 2018, President Trump signed into law, the “Economic Growth, Regulatory Relief and Consumer Protection Act” (the “Regulatory Relief Act,” P. Law 115-174, formerly S. 2155). It eases some of the regulatory restrictions imposed since the financial crisis …

Beneficial ownership rules update Policies Appraisals Beneficial ownership rules update By John S. Burnett By the time you read this, the May 11, 2018, compliance date for FinCEN’s Beneficial Ownership requirements will be only a couple of days away or already have past. As you know by now, FinCEN issued a second set of FAQs on the Beneficial Ownership requirements …

 Watch that tax advice! Credit reports are changing again Telephone Consumer Protection Act – Update Sellers’ cost on borrowers’ closing disclosures Watch that tax advice! By Andy Zavoina When it comes to tax deductibility, “watch that tax advice.” Let’s get straight to the point, considering it is April and income taxes are due. I want to caution banks, and especially …