Forum Replies Created
-
Posts
-
The Bank’s Regulation O policy defines Executive Officers as those individuals with the title of Executive Vice President and above. In addition on an annual basis we send a Statement of Business Interest Questionnaire to both the Executive Officers and Board Members. I would be glad to provide you with a copy of our policy and the questionnaire if you would private message me at kellycapps@anbtx.com.
I am just thankful for all the work that you and your team put into these valuable resources. Have you ever utilized google documents much? I have found those to be most helpful when traveling – as you can always go to them wherever you are regardless of what device you have with you – cell phone, Ipad, laptop and the information saves as you make changes. Just a thought.
Thanks again.
Based on my understanding of the regulation I don’t believe that a bank is required to notify a borrower that they can cancel their escrow after five (5) years.
The regulation states that the bank may cancel an escrow if at the earlier of either:
(A)Termination of the underlying debt obligation; or
(B)Receipt no earlier than five years after consummation of a consumer’s request to cancel the escrow account.If the bank receives a consumers request then:
The borrower must request the cancellation of the escrow account only aand they satisfy the follwoing conditions: (A)The unpaid principal balance is less than 80 percent of the original value of the property securing the underlying debt obligation; and
(B)The consumer currently is not delinquent or in default on the underlying debt obligation.Reference : § 1026.35(b)(3)(ii)
I have to admit that I have no clue who to vote for but this is the one that struck my eye the first time I read through the list. So I am going with it : 7 — Rousing Sermon / Hollendorfer / Lezcano
Kelly 😉
I have gained a wealth of knowledge participating in this group only a few short months. As busy as everyones schedules are these days it has become much more convenient and cost effective to participate in online/web based training. Unfortunately by doing that you lose the networking opportunities. In participating in this group I believe you gain that networking and even better it is regular; and not once or twice a year.
I think it would be helpful to discuss other topics that are hot buttons (e.g. BSA risk assessments, Compliance Program Management, etc.). I vote for this group to stay intact even after Dodd-Frank. The name of the group “Jack’s Compliance Resource Master Group.”
Jack thank you for taking the initiative to start these group. I especially appreciate all you & Amy do to prepare for these meetings and for the wealth of information and assistance you provide. Thank you for helping us stay on top of things and helping us manage and muddle through the murky waters of Compliance.
