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Search OptionsFinancial ServicesMarch/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… October Hoosier Banker: Compliance Connection with Partner Brett Ashton
Question: Our bank has several pre-need funeral trust accounts that are funded by insurance policies. We would like to be able to redeem the policy and simply fund the trust with other bank funds. Does Indiana law allow us to do so? Answer: No. The issue of converting pre-need funeral trust funds… September Hoosier Banker: Compliance Connection with Partner Brett Ashton
As seen in the September 2016 issue of the Indiana Banker Association's Hoosier Banker. Question: Recently an individual attempted to open a checking account at our bank using identification from the “Moorish Temple Science of the World.” When our customer service representative explained that… CFPB Proposed Payday/Installment Loan Rule
The Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) released their Proposed Payday, Vehicle Title and Certain High Cost Installment Loans Rule (the “Proposed Rule”) on June 2, 2016 in conjunction with their planned Field Hearing on Small Dollar Lending. While the Proposed Rule is… August Hoosier Banker: Compliance Connection with Partner Brett Ashton
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… July Hoosier Banker: Compliance Connection with Partner Brett Ashton
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… June Hoosier Banker: Compliance Connection with Partner Brett Ashton
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? CFPB Issues Long Anticipated Proposal to Significantly Limit Pre-Dispute Arbitration
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… |
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