What is a Community Development loan?
What is a Community Development loan? Read More »
Answer: Since the property is being deeded over to the borrower, the borrower is essentially purchasing the property for what is remaining Yes. Although no new money is being advanced, this is a new HELOC that will allow a customer to redraw on funds from the line once the loan is paid down. The Right
Answer: It depends. If your customer is simply leasing out the space to the virtual currency kiosk owner/operator and collecting “rent” payments, the owner of the kiosk is the MSB, not your customer. The owners of the kiosk are required to register with FinCEN as an MSB. Your due diligence on your customer would be
Answer: Since the property is being deeded over to the borrower, the borrower is essentially purchasing the property for what is remaining on the existing loan. Therefore, this would be reported as a Purchase.
Answer: Anything of value, regardless of the amount, that is given for a referral of business, would be considered a violation of Section 8. Unfortunately, the CFPB has not provided clarification on these types of “gifts,” so we have to rely on what the regulation says. RESPA does allow for “normal promotional or educational activity”;
Answer: During independent audits, TCA tests for initial and annual due diligence reviews of exempt customers. There are four requirements for a Phase II exemption. Five transactions that exceed reporting thresholds in a 12-month period. The customer has a transaction account for at least 2 months. The customer is organized in a U.S. State. The
What is a common finding TCA sees in exempting eligible customers from CTR reporting? Read More »
Answer: When the financial institution is notified of the death of a recipient, it must return all subsequent post-death benefit payments with a Return Reason Code R15 or R14. These codes notify the Federal agency of the recipient’s death. The financial institution may return any post-death benefits that have already posted by ACH without waiting
Answer: The date field in Part II should only cover the date range of activity determined to be suspicious, not the investigation range. If transaction occurred on a single date, the “To” field is left blank. Describe the time period of the investigation in the narrative.
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