RSK.IQ.Staff, Author at RSK Compliance Solutions LLC • Page 18 of 122

RSK.IQ Question of the Week 11/18/19

Posted on November 18, 2019November 18, 2019 by RSK.IQ.Staff

Flood Hazard Notice and Life of Loan Report

Issue/Inquiry

The Bank has life-of-loan coverage on its flood searches. When the flood search company notifies the Bank of changes in flood zones, it provides a letter for the Bank to send to the borrower notifying them that flood insurance is required. Is the borrower required to sign the letter in acknowledgement?

RSK.IQ Question of the Week 11/12/19

Posted on November 12, 2019November 12, 2019 by RSK.IQ.Staff

Use of a Universal Signature Card

Issue/Inquiry

Is there a regulation that requires the Bank to have a “universal signature card” or a signature card for each product it offers?

RSK.IQ Question of the Week 11/4/19

Posted on November 4, 2019November 4, 2019 by RSK.IQ.Staff

Regulation O and Loans to Executive Officers

Issue/Inquiry

For loans to key officers, Regulation O requires a notice to be provided to key officers stipulating that the extension of credit will, at the option of the Bank, become due and payable at any time that the officer is indebted to any other bank(s) in an aggregate amount greater than the amount specified in the regulation. When should this notice be provided? Since banks are no longer required to collect information regarding loans to officers from other banks, what are the options for obtaining this information from key officers?