Misc Regulations

What is the maximum civil money penalty for a FDPA (Flood Disaster Protection Act) violation?

$2,000 per violation with no penalty cap per year

What are the collateral requirements for Reg W?

-100% US government guaranteed -110% the obligation of a state (municipality) -120% other debt instruments -130% stock, leases or other types of real or personal property Low quality assets cannot be used as collateral

What can borrowers show for proof of flood insurance coverage at loan closing?

-A copy of the declarations page of the Flood Insurance policy -A copy of the flood insurance application and premium payment

Who are covered under the Interagency Guidelines Establishing Information Security Standards?

-All depository institutions and their subsidiaries except for brokers, dealers, insurance providers and investment companies and advisors -Non-public personal information about a bank customer -Consumer records such as reports or records maintained by the bank for a business purpose >includes loan applicants, including loans for business purposes >includes information on guarantors >includes employee information >does not include aggregated information or information on accounts that can't be tied to an individual -Agreements needed with service providers/vendors covering compliance with the guidelines

What is sister bank exemption under Reg W?

-Allows the bank to transact with an insured affiliated bank or an insured affiliated bank's operating subsidiary, without regard to Reg W limitations or restrictions but -Are still subject to the safety and soundness requirement and the prohibition against a bank's purchase of low-quality assets

Market terms are required for the following under section 23B of Reg W

-Any covered transaction with an affiliate -The sale of securities or other assets to an affiliate (including assets subject to an agreement to repurchase) -The payment of money or the furnishing of services to an affiliate under contract, lease, or otherwise -Any transaction in which an affiliate acts as an agent or broker or receives a fee for its services to the bank or to any other person -Any transaction or series of transactions with a third party (if an affiliate has a financial interest in the third party, or if an affiliate is a participant in such transaction or series of transactions

What are some exemptions where RFPA do not have to be met?

-Any records not identified with a particular customer -Regulatory exams -The financial institution is being investigated and not the customer -Grand Jury subpoenas -Records sought under federal rules of civil or criminal procedure -Information required to be reported under any federal law

What are the program development requirements for information security?

-Approval and oversight by Board of Director -Assign responsibility for day to day operation -Assess risks before program is developed and design based on complexity -Assess likelihood and potential damage (severity) of threats and sufficiency of policies, procedures, and controls -Manage and control risk: consider >access controls: systems and buildings >encryption: in transit and storage >system modification procedures (i.e. change management) >dual control and segregation of duties >employee background checks >monitoring systems to detect attacks and intrusions >incident response >measures to protect against destruction and loss or damage of information -Train staff -Test key systems, controls and procedures (preferably by independent third party) -Oversee third party service provider relationships -Ensure proper disposal of information -Adjust the program as necessary -Annually report to the Board of Directors

What covered transactions are without collateral requirements (self collateralized)

-Asset purchased from affiliate -Purchasing a security issued by an affiliate -Acceptance of an affiliate's securities as collateral for a loan to a third party

What are the 2 rules under section 23A of Reg W?

-Attribution rule: (funnel through) Any transaction between the bank and any third party is deemed to be a covered transaction to the extent that the proceeds if the transaction are used for the benefit of, or are transferred to the affiliate -Low quality asset prohibition: a member bank and its subsidiaries may not purchase a low quality asset from an affiliated unless the bank or such subsidiary, pursuant to an independent credit evaluation, committed itself to purchase such asset prior to the time such asset was acquired by the affiliate

What categories of loans are not subject to escrow flood insurance premiums?

-Commercial purpose loans secured by a residence -2nd liens (if 1st lien properly insured at the time of origination) -Condo and cooperative loans (if association is carrying adequate RCBAP) -Home equity lines of credit -Non-performing loans, and -Loans with a term of less than 12 months

Who are covered under Reg P (Privacy of Consumer Financial Information)?

-Consumers: financial products or services used primarily for personal, family, or household purposes. -Customers: have a current, continuing relationship with a financial institution including loans, deposit accounts, insurance products, investment advisory services, mortgages, lease of property -Exceptions: non-customers using ATM, loan sold to another provider, beneficiary or grantor of a trust -Non-public, Personal Information (NPPI): personally identifiable information provided by the consumer to obtain a financial product/service (i.e. info provided on a loan application, account balance info, info provided by the consumer during collections communications; consumer credit report)

Under RFPA, if records are requested as part of a subpoena or summons as part of a legitimate law enforcement inquiry:

-Copy if summons must have been served on customer at last known address -Must wait 10 days from time of service or 14 days from mailing to customer before releasing records unless customer filed motion to quash

Who are covered under HITECH/HIPAA?

-Covered entity (health plan or health care provider) and business associates (BA such as Wells Fargo such as our lock box area may capture our customers medical payments) of a covered entity -InIndividually identifiable protected health info maintained in any form/medium

What is the scope and coverage of SCRA?

-Covers loan obligations, lease agreements (including safe deposit boxes), lawsuits, and insurance contracts (covers personal and business loans) -Persons on active duty in the federal military service (Navy, Army, Coast Guard, Air for r, Marine Corps) -Includes the National Guard, Reservists, all Commissioned Officers on active service with the Public Health Service or National Oceanic and Atmosphere Administration -Dependents are covered by some protections. Dependents including the service member's spouse, child, and any individual dependent for which the service member provided at least one half of their support during 180 days preceding the request for relief (for example, a parent). -Service members who qualify for the protections of the law may waive any right or protection afforded by the Act in writing.

What are the acceptable proof of coverage for flood insurance?

-Declarations page or -Full policy (including declarations page)-required for all private insurance policies or -Application and proof of full premium payment (acceptable only for newly purchased properties, lender must follow up timely for Dec page)

What are the major compliance requirements for CAN-SPAM Act (Controlling the Assault of Non-Solicited Pornography and Marketing)?

-Email content: all commercial email must contain 1) truthful header (from, to, email address) and subject info that is accurate and not deceptive, 2) clear and conspicuous identification that the message is an advertisement or solicitation, 3)physical postal address or PO box of the sender, and 4) a functioning return email address or internet based response mechanism that allows the recipient to request no additional commercial email communications or unsubscribe from newsletters. The mechanism must not require recipient to submit additional information beyond requestor's email address in order to honor the request and be free of charge. -Email opt out: upon receiving a request to opt out of commercial email, record and honor the request within 10 business days -Email addresses: do not send commercial email messages to addresses obtained: 1) by "harvesting" from websites or web services, or 2) through "dictionary attacks" that generate possible email addresses -Email to wireless domains: fo not send commercial email messages to wireless domains without express prior authorization

What are the objectives of examination procedures for information security?

-Ensure security and confidentiality of consumer/customer information -Protect against threats -Protect against unauthorized use

What is the coverage under RFPA (right to financial privacy act)?

-Federal Agencies or Departments: requests made by US government agencies only, not state of local government -Customer: person who used a service provided by a financial institution or partnerships of 5 or less individuals -Financial record: any record held by financial institution related to customer's relationship

Penalties for SAFE

-HUD has administrative enforcement over Mortgage Loan Originators. Civil penalties of up to $25,000 for violations -FIRREA penalties up to $7,000 per day for violations of laws and regulations; up to $37,000 per day if violations or unsafe or unsound practices are engaged in recklessly or a pattern of misconduct; up to $1,375,000 per day against persons who knowingly commit a violation and knowingly or recklessly cause a substantial loss to the bank or substantial benefit to a party

Authorization by customer for release of financial records to a government agency must:

-Have a signed and dated authorization from customer -Cannot authorize disclosure for a period longer than 3 months -State purpose of the disclosure and identify the records to be disclosed -State that the customer may revoke authorization at any time before financial records are disclosed

What would constitute a comprehensive, coordinated, written Information Security Program?

-Have administrative, technical, and physical controls -Appropriate for size and complexity of the bank -Designed to: >ensure security and confidentiality of records >protect against anticipated threats or hazards to information security or integrity >protect against unauthorized access to or use of information >properly dispose of customer or consumer information

What are some key points under the Internal Revenue Code for RFPA?

-IRS must serve the bank with a summons and serve the customer within 3 days after the bank is served -Customer has 20 days to begin a civil suit to object to records request -Bank must wait 23 days after being served before releasing any records

What is the escrow requirement for Flood Disaster Protection Act (FDPA)?

-If a bank requires escrow if taxes, insurance premiums, fees, or any other charges for a loan secured by residential improved real estate or a mobile home, the bank must also require the escrow of all premiums and fees for any flood insurance. Applies to requests to increase, extend, or renew (MIRE). -lenders must escrow for flood insurance premiums for designated loans secured by residential improved real estate or a mobile home if originated, refinanced, increased, extended, or renewed (MIrE) on or after 1/1/16.

What are SAFE background requirements?

-Individual mortgage loan originators (MLOs) to register with the central registry and -Use the permanent unique identifier issued by the Registry to identify themselves to consumer -Federally regulated institutions must require their employees who are MLOs to register and must implement compliance management policies and procedures

Where must the SAFE ID number appear?

-Initial written communication to the customer -When requested -Must also be on loan documents

A lender is exempt from the mandatory escrow requirement for flood insurance premiums if

-It has less than $1 billion in assets and -It is not required to establish an escrow account by state or federal law and does not have a policy requiring escrow accounts

What are the exam considerations for information security?

-Level of involvement of Board os Directors -Usefulness of management and board reports -Risk assessment program-methodology and approach -Adequacy of risk assessment process-supports its estimate of damage? -Identification and prioritization of risk exposure and mitigation strategy

What are the benefits and protections under SCRA?

-Limit of 6% on interest rates (including fees and charges) on obligations entered into before active duty during the entire period of military service (or during military service and one year thereafter for mortgage loans). This benefit is extended only to loans made by the service member or jointly by the service member and spouse -Protected from mortgage foreclosures, evictions, and repossession actions without a court order -Protected from termination of certain contracts or leases for purchase if real or personal property including motor vehicles for a breach of terms without a court order -Entitled to terminate certain motor vehicle leases for personal or business purposes, as well as residential lease agreements for residential, professional, business, agriculture, or similar purposes subject to certain conditions -Entitled to prevent a lien holder from enforcing a lien, effecting an offset, and enforcing default judgments during the period of active duty without a court order and without attorney representation. No lien for storage of household goods, furniture, or personal effects may be foreclosed or enforced during the period of military service or for 90 days thereafter, except by court order -Life insurance policies are protected from the exercise of any right by an assignee without court order -Life insurance policies purchased before military service are protected from cancellation, termination, or forfeiture for nonpayment of premiums for the period if military service and two years thereafter. -Require a notice explaining mortgage and foreclosure rights of the SCRA: Notice is an addendum to the HUD's Homeownership Counseling Notice that is sent when a mortgage loan is 45 days delinquent ; Notice sent to service members who have pledged their primary residence as collateral

What types of transactions are exempt from the 10%/20% rule under Reg W?

-Making a deposit in an affiliate bank -Giving immediate credit for uncollected items -Credit transactions secured by segregated deposits or US government securities -Purchasing a liquid asset at market value -Purchasing the security of a servicing affiliate -Purchase a security from an affiliate (cannot be low quality and mist have a ready market) -Purchasing a credit originated by the bank and sold with a repurchase agreement -Merging with an affiliate

What is the definition of abusive as defined in the Dodd Frank Act?

-Materially interferes with the consumer's ability to understand a term or condition of a consumer financial product or service; or -Takes unreasonable advantage of the consumer's: lack of understanding of the material risks, costs, or conditions of the product or service; inability to protect his/her own interests in selecting or using a consumer financial product or service; or reasonable reliance on a covered person to act in the consumer's interest

What are requirements under HITECH/HIPAA?

-Must adopt policies and procedures to prevent, detect and contain security violations -Maintain physical security of information and technical safeguards -Business associate must notify covered entity of breach of information without unreasonable delay and no later than 60 days after discovery -Maintain required Business Associate contracts establishing use Nd disclosure of info and appropriate info safeguards

How long must you retain records under RFPA?

-Must retain copies of all records and requests to provide evidence of compliance -No time limits are specified

What are major compliance requirements of TCPA?

-National Do Not Call Registry: cannot tele-market to residential phone numbers listed on the registry unless there is an established business relationship (EBR): customer who has an open account, customer that closed an account had a transaction within the previous 18 months or consumer who has made an inquiry within last 90 days -Internal Do Not Call List: cannot tele-market to residential phone numbers listed on the entity's Internal Do Not Call List even if an EBR exists (this list is separate from the National DNC Registry) -TCPA Do Not Call Policy: entities performing telemarketing must maintain a Do Not Call Policy and provide it to consumers upon request -Telemarketing Calling Times: can make telemarketing calls only between the hours of 8am and 9pm (local time of the party being called) -Transmit Caller ID: telemarketers must transmit caller's phone number (as well as name, if technology permits), and the phone number transmitted must allow recipients to make a Do Not Call request during regular business hours -Recording Requirements: record all or part of certain types of telemarketing calls that result in the sale of products or services that involve novel or unusual payment offers, or are offered as free to pay or with negative payment options -Record keeping requirements: after a sale to a consumer is completed over the phone, retain all relevant campaign records for 24 months from the date the record was produced -Telemarketing: before presenting an individual with a sales offer by phone (via outbound call or inbound up-sell call). State the following: 1)your name; 2) the name of the person or entity in whose behalf the call is being made; 3) a telephone number or address at which they may be contacted; and 4) the fact that you intend to make a sales offer

What are the requirements for COPPA?

-Provide notice on website describing info collected from children, how info is used and disclosure practices -Obtain verifiable parental consent before collection, use or disclosure of child's personal information -Cannot condition a child's participation in activity to disclose more info than is necessary to participate in activity -Protect confidentiality, security, and integrity of info collected -Link to notice mist be sent on the home page and at each area of the website or online service where personal info is collected from children -Provide a reasonable means for a parent to review the personal info collected and to refuse to permit its further use or maintenance

What must mortgage loan originators (MLOs) must do?

-Register before acting as a MLO (fingerprints submitted for background check; 10 yrs financial services employment history; self report convictions, pleas or regulatory sanctions) -Provide ID number when requested or required -Update their NMLS record within 30 days of change in name of the registrant; registrant ceases to be an employee; update any new convictions, pleas or regulatory sanctions -Must renew annually in November and December

What are exam considerations under information security?

-Review internal control policies -Evaluate adequacy of staff training -Testing by independent parties of key controls, systems and procedures -Third party Service Provider oversight -Effective process to adjust the program

Who are covered under SAFE?

-Someone who take the application and discuss rates, fees, and terms with consumers for residential mortgage products

What is considered a low quality asset under section 23A of Reg W?

-an asset classified as substandard, doubtful, or loss -an asset in a non-accrual status -an asset on which principal or interest payments are more than 30 days past due or -an asset whose terms have been renegotiated or compromised due to the deteriorating financial condition of the obligor

How do we determine an act or practice is unfair?

1) It causes substantial consumer injury 2) Injury is not outweighed by benefits; or 3) The injury could not reasonably be avoided

An act or practice is deceptive if all 3 elements exist. What are they?

1) Representation, omission, act or practice is likely to mislead 2) Act or practice likely to be deceptive for a reasonable consumer under the circumstances; and 3) The misleading representation, omission or practice is material There is no requirement for customer harm or intent.

What is the definition of a building under the Flood Disaster Protection Act?

1. A structure with 2 or more outside rigid walls and a fully secured roof that is affixed to a permanent site 2. A manufactured home also known as a mobile home, is a structure: built on a permanent chassis, transported to its site in one or more sections, and affixed or anchored to a permanent foundation, or 3. A travel trailer without wheels, built on a chassis and affixed or anchored to a permanent foundation

What are exempted from mandatory flood purchase rule?

1. State owned property 2. Small loans: principal balance of $5,000 or less and term of 1 year or less 3. Detached structures: any structure on residential property that is part of such property but is detached from the primary residential structure and does not serve as a residence. The exemption does not extend to detached structures used for business, agriculture, or commercial purpose

How long does the bank have upon receiving a request to opt out of commercial email to record and honor the request?

10 business days

How long does the borrower have to provide proof of adequate flood coverage?

45 days

What is the advertising restriction under section 23B of Reg W?

A bank may not advertise that it is responsible for an obligation of an affiliate

Explain the fiduciary purchases prohibition of section 23B of Reg W

A bank may not purchase any security or asset from an affiliate as a fiduciary or principal unless: -It is permitted under the instrument creating the fiduciary relationship, or -It is done under court order, or -It is permitted by law A bank may not, whether acting as a principal or fiduciary, knowingly purchase or otherwise acquire, during the existence of any underwriting or selling syndicate, any security if a principal underwriter of that security is an affiliate of such bank

When must notice be provided to the borrower if the SFHDF (standard flood hazard determination form) indicates the property is in an SFHA (special flood hazard area)?

A reasonable period of time prior to closing; general guideline is at least 10 days prior to closing Lender must retain proof of borrower receipt of this notice for the life of the loan.

Who are covered under the Junk Fax Prevention Act?

All entities that engage in fax advertising

What types of loans does the Flood Disaster Protection Act cover?

Any loan/line secured by a building or improved real estate located in the US or its territories. -Includes properties in the course of construction -Includes mobile homes if they are anchored or affixed -Not required for loans secured by bare lands

What is the scope and coverage of MLA?

Applies to covered members already on active duty in the federal military service (Navy, Army, Air force, Coast guard marine corps), Active Guard and Reservists. Includes the national guard, reservists, all commissioned officers on active service with the public health service or national oceanic and atmospheric administration

What is the definition of covered transaction under Reg W?

Are those that transfer bank funds to an affiliate, through a loan or by purchase of assets, for example: -Extension of credit to the affiliate -A purchase of, or an investment in, a security issued by the affiliate -A purchase of an asset from the affiliate, including an asset subject to recourse oran agreement to repurchase, except such purchases of real and personal property as may be specifically exempted by the board by order or regulation -The acceptance of a security issued by the affiliate as collateral for an extension of credit to any person or company; and -The issuance of a guarantee, acceptance, or letter of credit, including an endorsement or standby letter of credit, on behalf of the affiliate, a confirmation of a letter of credit issued by the affiliate, and a cross affiliate netting arrangement

What are the requirements under the Junk Fax Prevention Act?

Can only send fax advertisements if the entity: -Has an established business relationship (EBR) with the recipient -Obtained the fax number from a directory or obtained express permission -Provides an opt out notice in the fax that must be clear and conspicuous, on the 1st page of the fax, provide coat free means to opt out that is available 24 hrs a day/7 days a week, and honor do not fax requests within 30 days. -Fax identifying Information: ensure that each transmitted page of a fax (or the top of the 1st page) provides identifying info including date, time sent, ID of the business, and fax number of the sending fax machine

Who is covered under COPPA (Children's Online Privacy Protection Act)?

Commercial websites that collect personal information from children under the age of 13

What are the limits on transactions with affiliates under Reg W?

Compared to the bank's capital and surplus, -Covered transactions between a bank and any single affiliate may not exceed 10% -Aggregate amount of covered transactions between a bank and all affiliates may not exceed 20% Notes regarding the limits: -If a non-affiliate becomes an affiliate, the bank is not required to reduce its covered transactions, but the amount must be included for future calculations. Collateral requirements must be met after 1 year -Transactions with entities that are contemplating becoming affiliates must be in compliance at the time they become an affiliate

What is the definition of an established business relation (EBR) under the TCPA (Telephone Consumer Protection Act)?

Customer who has an open account, customer that closed an account had a transaction within the previous 18 months or consumer who has made an inquiry within last 90 days.

What are the requirements for pre-recorded messages?

Do not call any phone number via an auto dialer to deliver an artificial or pre-recorded voice mail message without the prior express consent of the called party, unless the call is made to a person with whom you have an established business relationship at the time the call is made

What are the requirements for automated and/or predictive dialer calls to cell phones?

Do not use an automatic telephone dialing system (or an artificial or prerecorded voice) to call any telephone number assigned to a paging service, cellular telephone service or any service under which the called party is charged for the call without express consent

What is title I of ADA?

Employers must provide reasonable accomodations to employees with disabilities

What type of penalties are assessed for UDAP/UDAAP violations?

Enforcement of FIRREA Penalties -Penalties up to $9,468 per day for violations of laws and regulations -Penalties up to $47,340 per day if violations or unsafe/unsound practices are engaged in recklessly or are a pattern of misconduct -Penalties up to $1,893,610 per day against persons who knowingly commit a violation and knowingly or recklessly cause a substantial loss to the bank or substantial benefit to the party

What are the requirements for call abandonment rules?

Ensure that no more than 3% of all calls answered by a person are "abandoned" (i.e. not connected to a live operator within 2 seconds of the person's greeting), measured over a period of 39 days for each campaign.

What type of facilities are elevators not required under ADA title III?

Facilities under 3 stories or with fewer than 3,000 square feet per floor, unless the building is in a shopping center, shopping mall, professional office of a health care provider, or station used for public transportation.

How long must the lender retain evidence of flood insurance?

For the life it owns the loan

Describe the restrictions on Disclosure and Reuse of Information under Reg P?

If NPPI (non public personal information) is shared: -Use it only to the extent for which it was disclosed -Cannot share an account number for marketing purposes

Under what circumstance can a previous flood determination be used?

If a loan is being renewed, increased, or extended and will be secured by a property for which the bank already holds a flood determination (which must be recorded on a SFHDF), the previous flood determination can be used if it is not more than 7 years old and the area has not been remapped.

Under Reg Z, when is the fee for Standard Flood Hazard Determination (SFHD) considered a finance charge?

If it includes life of loan monitoring

What is considered disproportionate for added accessibility costs under ADA, title III?

If they exceed 20% of the original alteration.

What are some manor requirements for MLA?

Imposes a 36% interest rate cap on consumer purpose credit transactions: -Credit cards , secured and unsecured installment loans and lines of credit, private and federal student loans not made under the Title IV of the higher education act, deposit advance, tax refund anticipation loans, vehicle title loans, and payday loans -Excludes residential mortgages and purchase money transactions for personal property (i.e. auto loans for purchase) and business purpose loans -If a state consumer protection law imposes a lower interest rate cap, lenders must abide by the state statute -Requires upfront disclosures, including a Military Annual Percentage Rate (MAPR) that is calculated using an expanded list if fees and charges. Also requires the standard Reg Z disclosures and APR in addition to a description of the payment obligation.

What is title III of ADA?

Imposes accessibility requirements on places of public accomodation

When must the Notice of Servicer's Identity be provided to FEMA or the director's designee (aka the insurance agent)?

Notice must be provided within 60 days of the effective date of a servicing transfer, sale of a loan (secondary market), loan purchase, or acquisition6

What is section 23B of Reg W?

It's about affiliate transactions and relationships. Protects banks by imposing "arm's length" dealing and pricing requirements on certain transactions between a bank and affiliates. -Terms and conditions that are substantially the same, or at least as favorable to the member bank, as those prevailing at the tome for comparable transactions with or involving non-affiliates

What is section 23A of Reg W?

It's about limits and collateral. Protects banks by: -Limiting covered transactions with affiliates -Restricting certain transactions with affiliates -Prohibiting certain purchases from affiliates -Imposing collateral requirements on extensions of credit to affiliates

If the customer provides sufficient coverage after for e placement action is completed, what must the lender do?

Lender has 30 days to refund any unearned for e place premium

What does MIRE stands for under Flood Disaster Protection Act?

Make Increase Renew Extend

Describe the information sharing opt-out requirement of Reg P (Privacy of Consumer Information)

Must allow consumers reasonable opportunity to opt out of allowing their non-public, personal information to be shared with non-affiliated third parties for marketing purposes -Must allow the consumer to opt-out within 30 days of the notice -Offer a toll-free telephone number, mail in, or electronic meNs to opt out Exceptions: consumers cannot opt out of all sharing (i.e. sharing for servicing purposes, credit reporting agencies)

Alterations after January 26, 1992 to existing places of public accommodation and commercial facilities must what?

Must be accessible to the maximum extent feasible.

When must the Initial Privacy Notice be provided?

Must be provided when collecting non-public personal information (NPPI) on individuals describing privacy practices of the institution -No later than when the customer relationship is established -Must be given to the consumer before NPPI is shared with non-affiliated third parties -Only one notice is required for joint account holders -May be combined with other notices

Who do mortgage loan originators (MLOs) registered with?

Nationwide Mortgage Licensing System (NMLS), established jointly by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators

Are there any rules for Online/Digital accessibility standards?

Not formally but section 508 passed in 1998 by US Congress requires federal agencies to make their electronic and information technology accessible to people with disabilities.

When must the annual privacy notice be provided?

Once every 12 consecutive months if the financial institution shares with a third party, except if for purposes permitted by an exception (FAST Act amended GLBA)

What is an improved real estate under the Flood Disaster Protection Act?

Property on which a building is or will be located.

What is title II of ADA?

Public entities and public transportation

What is the de minimis rule under SAFE?

Someone who takes more than 5 applications in a rolling 12 months (not a calendar year) must be SAFE registered.

What is C-I-A Triad?

Regarding information security -Confidentiality: prevent unauthorized disclosure of sensitive info -Integrity: prevent unauthorized modification of systems and information -Availability: prevent disruption of service and productivity

What additional requirements that MLA has and SCRA does not?

Requires a lender to perform a "covered borrower check" at the time of application to determine if the consumer is a covered member entitled to these protections -Affords a safe harbor if the covered borrower check is performed against the Dept of Defense database or nationwide consumer reporting agency -Lenders must retain evidence of the covered borrower check

How long must you keep records after a sale to a consumer is completed over the phone?

Retain all relevant campaign records for 24 months from the date the record was produced

What is RFPA?

Right to Financial Privacy Act protects financial records of individuals or partnership of 5 or less individuals from unwarranted access by federal government by establishing criteria under which financial records may be obtained.

What Special Flood Hazard Areas (SFHA) require flood insurance?

SFHAs in areas A and V

How is ADA title III enforced?

Statutory damages are set at $4,000 per violation. Individuals can file complaints with the State Attorney General or the Federal Department of Justice.

What is section 23B of Reg W?

Terms and conditions: Market terms: -On terms and under circumstances, including credit standards, that are substantially the same, or at least as favorable to the member bank, as those prevailing at the time for comparable transactions with or involving non-affiliates -In the absence of comparable transactions, on terms and under circumstances, including credit standards, that in good faith would be offered to, or would apply to, a non-affiliate

What are the flood insurance requirements?

The amount must not be less than the lowest of: -Outstanding principal balance of all loans (including senior liens with 3rd party lenders) secured by the building or improved real estate; or -The maximum amount of coverage available under the NFIP for the particular type of building ($250,000 for residential; $500,000 for business); or -The insurable value of the building

What is the purpose of Reg W (Sections 23A and 23B of the Federal Reserve Act)?

To safeguard the bank's assets and deposits from losses related to unsafe or unsound activities with affiliates

What is WCAG?

Web Content Accessibility Guidelines under ADA title III- updated guide released in Dec 2008

How long does the bank have to honor "do not fax" requests?

Within 30 days