As seen in the August 2016 issue of the Indiana Banker Association's Hoosier Banker.
Question 1: We encourage our customers to teach their children financial literacy at an early age, and offer savings accounts for minors when linked to a parent’s or guardian’s account. Recently a 16-year-old…
As seen in the July issue of the Indiana Banker Association's Hoosier Banker.
Question No. 1: Our bank recently foreclosed on a consumer mortgage, and before vacating the property the borrower removed all of the copper piping and cabinets from the home. When we approached the local prosecutor’s…
As seen in the June issues of the Indiana Banker Association's Hoosier Banker
Question No. 1: Does Indiana law limit how much a bank can lend to one borrower, or to a group of associated borrowers, at a time?
Answer: Yes, although the calculation of these limits will vary, based on the…
The Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) released their long anticipated Proposed Rule on Arbitration late last week (the “Proposed Rule” or the “Rule”), significantly limiting the use of pre-dispute arbitration provisions in consumer financial products and services…
We received several questions about the Compliance Connection article that appeared in a recent edition of the Hoosier Banker, 1 providing guidance on the new TILARESPA Integrated Disclosure (TRID) requirements2 that took effect Oct. 3, 2015, with respect to deficiency judgments. The question as to…
Financial Institutions with less than $1 Billion in Assets Exempt; Financial Institutions with less than $50 Billion in Assets Subject to Less Restrictive Provisions
The National Credit Union Association (the “NCUA”), recently released a draft of their Proposed Rule (the “Proposed Rule”) on…
As seen in the April 2016 issue of the Indiana Banker Association's Hoosier Banker.
Treasury management agreements often remind me of the Winchester Mystery House.
The Winchester Mystery House is a beautiful, sprawling and bizarre Victorian mansion located in San Jose, California. The story goes…
As seen in the April 2016 issue of the Indiana Banker Association's Hoosier Banker.
Question: We have experienced several losses in recent months through check fraud. While we have been working with local law enforcement to identify the guilty parties, we have been told that law enforcement…
As seen in the March 2016 issue of the Indiana Banker Association's Hoosier Banker.
Question: When a customer pays off a home equity line of credit, how quickly do we have to release the mortgage? Can we require the customer to provide written notice of intent to close the account before…
The Consumer Financial Protection Bureau (the “CFPB,” or the “Bureau”) continuing its focus on the auto finance industry, recently announced a Consent Order (available by clicking here), with a small Buy Here Pay Here (“BHPH”) auto dealer called Herbies Auto Sales (“Herbies”) for a series of…
Question 1: We have customers who winter in Florida and Arizona. We also have customers who live across the state line in Illinois and Michigan. Can we honor a power of attorney (POA) that was signed in another state, or does the POA paperwork have to be signed in Indiana?
Answer: Yes, you can honor…
As seen in the January 2016 issue of the Indiana Banker Association's Hoosier Banker.
Question 1: Indiana law provides for a $50 loan origination fee that is earned at closing; however, if that amount is financed into the principal loan amount, are we still in compliance if we assess interest on…
