Thursday, October 6, 2022

Legal

December 2006 Legal Briefs

Defense Authorization Act – Restrictions on Loans to Service Members and Their Dependents Background What Transactions are Covered? “Interest” Limited to 36% All Fees are “Interest” New Definition of “APR” No Lender Access to Bank Account No Renewal of Debt No Mandatory Arbitration Non-complying Contracts Void Criminal Provision What Persons are Covered?

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November 2005 Legal Briefs

Processing through Dallas Fed Affects Availability Schedule FDIC Guidance on Establishing a Bank Ethics Program Written Bank Policies Specific Provisions a. Safeguarding Customer Information b. Integrity of Bank Records c. Strong Internal Controls   d. Speaking Candidly with Examiners e. Accepting Gifts and Favors   f. Avoiding Self-Dealing   g. Observing Other Laws   h. Other Matters

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November 2006 Legal Briefs

Pension Reform: Useful Changes to IRA Provisions IRA Contribution Limits. Tax Refunds & Other Transfers to IRA’s. IRA’s of Guards & Reservists. IRA Distributions to Charities Understanding the Tax Advantages: 50% limit on charitable contributions doesn’t apply. Deductions and credits don’t phase out.  Reducing RMD’s in future years.  Rollover to “Inherited IRA” Easier Conversion to Roth IRA’s

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October 2006 Legal Briefs

Cleanup Changes in 2006 to Mechanic’s Lien Provisions Background Obsolete Provisions What Services Are Covered Certificate of Title Property with Liens Change in Time Period Rental-Related Changes to Section 91 Revisions to Section 180 "Other Property” Mechanic’s Liens Section 91A vs. Section 197 Section 91A Notice Procedures Assistance in Researching Titles Property Removed without Permission; Release Obtained by Bad Check …

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September 2006 Legal Briefs

Payroll Card Accounts & Regulation E Changes “Payroll Card Account” DHS Cards vs. Payroll Cards Is a Payroll Card Useful? Advantages to Consumers Employer Considerations Advantages for Banks Payroll Cards Not Mandatory? No Periodic Statements Consumers Who Don’t Want Statements Error Resolution Limits on Liability Modified Disclosures

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August 2006 Legal Briefs

New Law Provides for Credit Report Freezes Legislative Background Security Freeze Request Authorizing a Temporary Release Is a “Freeze” a Good Idea? Assistance with Temporary Releases Assistance with Security Freezes Lender Exceptions to Security Freeze Other Exceptions to Security Freeze Excluded Entities Notice of Changes Security Freeze Notice Required Fines & Penalties

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May 2006 Legal Briefs

Consumer Loan Dollar Amounts Adjusting on July 1      a. Increased Late Fees    b. “508B” and “508A” Loans    c. Dealer Paper “No Deficiency” Amount   Money Transmitters Must Register With Banking Department July 1 Deadline for Continuation Statements for Oil and Gas Searching UCC-1’s in Only One Filing Office as of July 1, 2006 Duration of Fixture Filings …

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July 2006 Legal Briefs

Deceptive Use of a Bank’s Name in Soliciting Customers Insurance Practices Disclosure of Non-Authorization Comparing the Statutes Exploitation of Disabled or Elderly Adults “Elderly” Defined “Disabled” Not Defined "Lacks Capacity to Consent” “Exploitation” Defined Criminal Penalties Knowledge of Incapacity Reporting to Authorities

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June 2006 Legal Briefs

Amendments to Deposit Account P.O.D. Provisions Understanding the Customer’s Needs First-Choice/Second-Choice POD Authority Charity as POD Beneficiary Required Notice to Accountholders New Provision for Safe Deposit Box “Access on Death”

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April 2006 Legal Briefs

Increased Deposit Insurance Limits for Retirement Accounts “Self-Directed” Requirement Multiple Accounts Credit Unions Funding Opportunities Statement Stuffers Future Increases in Deposit Insurance Feasibility Studies Other Details of Deposit Insurance Reform Legislation Merged Insurance Fund Modified Reserve Ratio Dividend of Excess Funds Credit against Assessments Fund Restoration Plans Cross-Border Scams–Overpaying by Check, Wiring Back Money Procedures to Avoid Losses on Check …

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