Legal Briefs

Medical marijuana state question 788 and banking issues Editor’s note: This month’s Legal Briefs section has been ceded to one of the OBA’s strategic partners, McAfee & Taft, to allow their insight on medical marijuana and the resulting banking issues. As a disclaimer, however, the following does not necessarily reflect the views or advice of the OBA, its legal department …

Residential appraisal threshold raised 2019 Oklahoma legislation Watch for new CTR filing instructions Residential appraisal threshold raised By John S. Burnett Agencies issue joint rule The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have adopted a final rule that increases the threshold for residential real estate transactions requiring an appraisal from …

HEMP, CBD Do cashier’s checks expire? Mandatory vacation for bank employees Inform your borrower (Post-confirmation rate reduction) Two regulation amendments, two errors Hemp, CDB by Pauli Loeffler Hemp In April 2018, Oklahoma enacted legislation to permit cultivation of hemp under the federal Farm Bill of 2014 for research of hemp under pilot programs. In December 2018, the federal Agriculture Improvement …

Amendments to Title 47 EGRRCPA Update – Part 2 Amendments to Title 47 By Pauli Loeffler Sell the vehicle, keep the license plate. Effective July 1, 2019, § 1112.2 was added to Title 47. If the borrower buys a new or used car or truck from a dealer, nothing has changed. If the borrower trades his car in for a …

How to Write Suspicious Activity Reports (SARs) EGRRCPA Status Update (Part 1) How to Write Suspicious Activity Reports (SARs) By Roy L. Adams Introduction. Hello, readers! I am a second-year law student at Oklahoma City University School of Law, and a legal intern working for your OBA’s Legal and Compliance Team. Just based on that sparse information, you are probably …

FDCPA New stuff! Changes in UCCC amounts effective 7/1/19 CFPB’s Spring 2019 Regulatory Agenda FDCPA By Andy Zavoina The Fair Debt Collection Practices Act (FDCPA) is a new hot topic. I’ve already heard you thinking. “but that affects third party collectors and I’m collecting only debts owed to us, so it doesn’t apply.” But that may not be the case …

What to say and not say Dead beneficiaries Dead joint tenants Funds belong to an estate Watch your fees What to say or not say By Mary Beth Guard Last summer, while on a trip to Indiana, I got an “urgent” call forwarded from my home phone to my cell phone from a large money center bank that we had …

Complaints MLA SNAFU Convenience fees on loan payments Complaints By Andy Zavoina “We just don’t get complaints, we pride ourselves on customer service.” That may be true at some bank, perhaps one with a unicorn as a mascot, but I’ll wager most banks have customers who are unhappy about NSF and other account fees, being denied a loan, or a …

HMDA Reference Chart Flood Update HMDA Reference Chart by Andy Zavoina If your bank is a HMDA bank, congratulations, you’re a survivor and the 2018 Loan Application Register (LAR) is put to bed. I won’t mention that a first quarter review for 2019 is due in just a few weeks. In a helpful way, the Consumer Financial Protection Bureau (Bureau) …

TILA-RESPA FAQs Service member complaints Authorized signers 2nd Amendment Auditors TILA-RESPA FAQs By Andy Zavoina In early February 2019 the Consumer Financial Protection Bureau (Bureau) released four Frequently Asked Questions pertaining to integrated disclosures under Truth in Lending and the Real Estate Settlement Procedures Act (TILA-RESPA or TRID). It starts with the standard disclosure that there is no substitute for …