(1) Privacy Act Requirements



Website Compliance Self-AssessmentMarch 3, 2014Note: Internet banking transactions should be subject to the same compliance laws and regulations that apply to "traditional" banking transactions. The application of those laws to Internet banking transactions raises questions, such as compliance with advertising requirements and the provision of timely disclosures in an appropriate form. Financial institutions could risk regulatory enforcement and civil penalties for noncompliance with those laws and regulations. This self-assessment template focuses on 14 core laws and regulations that directly affect lending. This template has been prepared for informational purposes only and is not legal advice. You?may wish to consult legal counsel for website compliance requirements for your financial institution's specific circumstances.DATEREVIEW CONDUCTED BYSITE/AREA(S) REVIEWED/NOTES FORMTEXT ????? FORMTEXT ????? FORMTEXT ?????(1) Privacy Act Requirements#ASPECT: REGULATION CITEDFINDINGS(A)Promotion of Privacy related aspects within Website (IF APPLICABLE, LIST ALL URLS THAT ARE APPLICABLE): FORMCHECKBOX APPLICABLE FORMCHECKBOX NA OR UNKNOWN(i)Does the privacy notice on the website comply with the consumer privacy regulations. Use the attached checklist to determine if the notice is complete? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(ii)Specifically, does the privacy disclosure include the following:The categories of nonpublic personal information that the institution collects;The categories of nonpublic personal information that the institution discloses;The categories of affiliates and nonaffiliated third parties to whom the institution discloses nonpublic personal information, other than those parties to whom the institution discloses information under sections 14 and 15The categories of nonpublic personal information about your former customers/members that you disclose and the categories of affiliates and nonaffiliated third parties to whom the institution discloses nonpublic personal information about its former customers/members, other than those parties to whom the institution discloses information under section 14 and 15If the institution discloses nonpublic personal information to a nonaffiliated third party under section 13 (and no other exception in sections 14 or 15 applies to that disclosure), a separate statement of the categories of information the institution discloses and the categories of third parties with whom the institution has contracted;An explanation of the member/customer’s right to opt out of the disclosure of nonpublic personal information to nonaffiliated third parties, including the method(s) by which the member/customer may exercise that right at that time;Any disclosures that the institution makes under section 603(d)(2)(A)(iii) of the Fair Credit Reporting Act (15 U.S.C. 1681a(d)(2)(A)(iii)) (that is, notices regarding the ability to opt out of disclosures of information among affiliates);The institution’s policies and practices with respect to protecting the confidentiality and security of nonpublic personal information; and(Any disclosures of information to nonaffiliated third parties that are exempt from opt-out such as companies that process transactions for the financial institution. Or the institution may state that it only makes such disclosures as are permitted by law. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(2) USA PATRIOT Act#ASPECT: REGULATION CITEDFINDINGS(A)Promotion of USA PATRIOT ACT related aspects within Website (IF APPLICABLE, LIST ALL URLS THAT ARE APPLICABLE): FORMCHECKBOX APPLICABLE FORMCHECKBOX NA OR UNKNOWN(i)If the financial institution provides an application for accounts, does it appropriately disclose that additional information may be required under the USA PATRIOT Act. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(3) Third-Party Link Disclaimer Requirements#ASPECT: REGULATION CITEDFINDINGS(A)Promotion of third-Party link disclaimer requirements and related aspects within Website (IF APPLICABLE, LIST ALL URLS THAT ARE APPLICABLE): FORMCHECKBOX APPLICABLE FORMCHECKBOX NA OR UNKNOWN(i)If the financial institution has information on its web site or links to other web sites that may collect information about children under 13, does it comply with the following COPPA requirements: (1) post clear and comprehensive Privacy Policies on the website describing their information practices for children’s personal information; (2) provide notice to parents, and with limited exceptions, obtain verifiable parental consent before collecting personal information from children; (3) give parents the choice to consent to the operator's collection and use of a child's information while prohibiting the operator from disclosing that information to third parties; (4) provide parents access to their child's personal information to review and/or have it deleted; (5) give parents the opportunity to prevent further collection or use of the information; and maintain the confidentiality, security, and integrity of information they collect from children? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(B)Promotion of links to third-party site aspects within Website (IF APPLICABLE, LIST ALL URLS THAT ARE APPLICABLE): FORMCHECKBOX APPLICABLE FORMCHECKBOX NA OR UNKNOWN(i)FIL-30-2003 provides guidance on including a disclaimer for any third-party linked pages from the financial institution website. The disclosure should be prominent prior to seeing the third-party site. When providing links to third-party websites, financial institutions are strongly encouraged to include a clearly written, conspicuous disclaimer that addresses the following: (1) The member/customer is leaving the financial institution’s website. (2) The member/customer is linking to an alternate website not operated by the financial institution. (3) The financial institution is not responsible for the content of the alternate website. (4) The financial institution does not represent either the third party or the member/customer, if the two enter into a transaction. (5) Privacy and security policies may differ from those practiced by the financial institution. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(4) Electronic Funds Transfer Act#ASPECT: REGULATION CITEDFINDINGS(A)Promotion of EFTA related aspects within Website (IF APPLICABLE, LIST ALL URLS THAT ARE APPLICABLE): FORMCHECKBOX APPLICABLE FORMCHECKBOX NA OR UNKNOWN(i)If the financial institution offers products subject to EFTA, does it provide evidence of disclosures as required under 1005.7 FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(ii)Regulation E 12 CFR 1005.9(b)(5) requires the statement to include an address and telephone number for inquiries or notice of errors. In the alternative, the error resolution notice referred to 12 CFR 1005.8(b) and found in Appendix A may provided on the statement. That notice reads: (1) In Case of Errors or Questions About Your Electronic Transfers, Telephone us at [insert telephone number] or Write us at [insert address] as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer on the statement or receipt. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared. Tell us your name and account number (if any). (2) Describe the error or the transfer you are unsure about, and explain as clearly as you can, why you believe it is an error or why you need more information. (3) Tell us the dollar amount of the suspected error. We will investigate your complaint and will correct any error promptly. If we take more than 10 business days to do this, we will credit your account for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. Was the Statement observed? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(5) Non-Deposit Investment/Insurance Product Requirements#ASPECT: REGULATION CITEDFINDINGS(A)Promotion of NDIP related aspects within Website (IF APPLICABLE, LIST ALL URLS THAT ARE APPLICABLE): FORMCHECKBOX APPLICABLE FORMCHECKBOX NA OR UNKNOWN (i)Are the following three disclosures displayed conspicuously? (1) The product is not NCUA/FDIC insured; (2) That the product is not a deposit/share or other obligation or guarantee of the financial institution; (3) That the product poses an investment risk FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(ii)2. Do the disclosures meet the regulators standards for conspicuousness? (1) On the front of the document/advertisement or letter. (2) If they appear other than on the cover or at the beginning of the document/advertisement or letter, they are boxed, bolded or bulleted. (3) They are in a typeface/font at least as large as the predominant font in the webpage/ad (Regulators recommend but do not require a larger type point size). FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(iii)Does the webpage/advertisement clearly advise the customer/member about the inherent investment risk of the product, including the possible loss of principal? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(iv)If the webpage/ad copy contains a reference to the Securities Investor Protection Corporation (SIPC), does it also include the limitations of the insurance? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(v)If the financial institution receives fees, either directly or indirectly, for accounting or administrative services, does the webpage/advertisement refrain from making claims about “no fees” or “no charges”? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(vi)Does the financial institution refrain from advertising traditional insured financial institution products and non-deposit products together? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(vii)Does the financial institution avoid using non-deposit products that have the same or a similar name to its own? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(viii)Does the financial institution retain copies of all marketing materials and advertisements for non-deposit products to demonstrate compliance with the interagency statement? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(6) FDIC/NCUA Insurance Fund Disclosure#ASPECT: REGULATION CITEDFINDINGS(A)Promotion of FDIC/NCUA Insurance related aspects within Website (IF APPLICABLE, LIST ALL URLS THAT ARE APPLICABLE): FORMCHECKBOX APPLICABLE FORMCHECKBOX NA OR UNKNOWN(i)Does the home page include the appropriate insurance disclosure? Regulations require that all advertisements promoting deposit/share products and services or promote non-specific banking products and services must contain the statement in substance that deposits/shares are insured by the FDIC or NCUA. Is the logo found on calculators? Is the logo legible and shows the proper $250,000 and not $100,000? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(7) Regulation D#ASPECT: REGULATION CITEDFINDINGS(A)Promotion of Regulation D related aspects within Website (IF APPLICABLE, LIST ALL URLS THAT ARE APPLICABLE): FORMCHECKBOX APPLICABLE FORMCHECKBOX NA OR UNKNOWN(i)For Certificates of Deposit and Share Certificate accounts, do disclosures include early withdrawal penalty provisions when applicable? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(8) Truth in Savings#ASPECT: REGULATION CITEDFINDINGS(A)Promotion of TISA related aspects within Website (IF APPLICABLE, LIST ALL URLS THAT ARE APPLICABLE): FORMCHECKBOX APPLICABLE FORMCHECKBOX NA OR UNKNOWN(i)If account is advertised as "Free", does a review of the statement of fees and charges reflect that no maintenance or activity fee charged is charged for “free” accounts? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(ii)If rate of return stated on a webpage it is given as APY If interest or dividend rate is given, it is not more prominent than APY, no other rate permitted FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(iii)As applicable, if APY stated on a webpage, includes: (1) If variable rate, statement that rate may change after opening; (2) Period of time APY is offered, or 'as of' date that APY is accurate; (3) Minimum balance to obtain APY (Note: For tiered-rate accounts, minimum balance for each tier close to and equally prominent with APY); (4) Minimum amount to open account if greater than minimum to obtain APY; (5) Statement that fees could reduce earnings on the account; (6) For time or term share accounts: (6i) The term of the account; (6ii) Statement that early withdrawal penalty will or may be imposed; (6iii) If the account has a maturity greater than one year, does not compound interest or dividends on an annual or more frequent basis; and requires withdrawal of interest or dividends at least annually and then disclose APY as interest or dividend rate include following statement: "Interest or dividends cannot remain on deposit and payout of interest or dividends is mandatory" FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(iv)) If bonus stated on a webpage, does it include: (1) APY; (2) Time required to obtain bonus; (3) Minimum balance to obtain bonus; (4) Minimum balance to open account if greater than minimum to obtain bonus; (5) When bonus will be provided FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(v)Part 1030.8(b) state that if an advertisement states a rate of return, it shall state the rate as an “annual percentage yield,” using that term. (The abbreviation “APY” may be used provided the term “annual percentage yield” is stated at least once in the advertisement.) The advertisement shall not state any other rate, except that the “interest rate” or “dividend rate,” using that term, may be stated in conjunction with, but not more conspicuously than, the annual percentage yield to which it relates. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(vi)The annual percentage yield, the annual percentage yield earned, and the interest or dividend rate must be rounded to the nearest one-hundredth of 1 percentage point (0.01%) and expressed to two decimal places. For account disclosures, the interest or dividend rate may be expressed to more than two decimal places FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(9) Fair Housing Act#ASPECT: REGULATION CITEDFINDINGS(A)Promotion of FHA related aspects within Website (IF APPLICABLE, LIST ALL URLS THAT ARE APPLICABLE): FORMCHECKBOX APPLICABLE FORMCHECKBOX NA OR UNKNOWN(i)Does the home page include the appropriate equal housing disclosure? If the home page includes references to real estate loans, the financial institution must also include the equal housing disclosure. (Part 338.3) FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(ii)If the financial institution accepts real estate applications on-line does the website contain the equivalent the Equal Housing Lobby Poster as required the Fair Housing Act? Is the proper Fair Housing logotype found where needed? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(10) Home Mortgage Disclosure Act#ASPECT: REGULATION CITEDFINDINGS(A)Promotion of HMDA related aspects within Website (IF APPLICABLE, LIST ALL URLS THAT ARE APPLICABLE): FORMCHECKBOX APPLICABLE FORMCHECKBOX NA OR UNKNOWN(i)Do the loan applications on-line request government monitoring information in compliance with Regulation B (12 CFR 1002.13) or Regulation C (HMDA)? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(11) Equal Credit Opportunity Act#ASPECT: REGULATION CITEDFINDINGS(A)Promotion of ECOA related aspects within Website (IF APPLICABLE, LIST ALL URLS THAT ARE APPLICABLE): FORMCHECKBOX APPLICABLE FORMCHECKBOX NA OR UNKNOWN(i)Do all of the types of loan applications refrain from inquiring about prohibited information except as allowed by Regulation B (12 CFR 1002.5)? NOTE: See Appendix B to this checklist for rules about taking applications. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(ii)If the financial institution advertises for credit on its web site and uses pictures of people on the site, review the pictures to be sure that they do not use words, symbols, models or other forms of communication on a webpage advertising that express, imply or suggest a discriminatory preference or a policy of exclusion in violation of Regulation B. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(iii)Do the loan applications on-line request government monitoring information in compliance with Regulation B (12 CFR 1002.13) or Regulation C (HMDA)? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(iv)Regulation B, 12 CFR 1002.5(d)(2) requires loan applications that ask for the gross income of the member/customer to also contain the disclosure that “alimony, child support, or separate maintenance income need not be revealed if you do not wish to have it considered as a basis for repaying this obligation.” The request should be prior to the “other income” section of the application. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(v)The Commentary to Regulation B, 12 CFR 1002.7(d)(1) requires that the intent of the applicants to apply for joint credit be evidenced at the time of application. Providing joint financial information is not adequate evidence that the intent of the other individual is to assume the credit obligations (Regulation B at 1002.7(d)(1)). The applicants must affirm the intent to apply for joint credit with signatures or initials on the written application or by some other distinct action. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(vi)Regulation B, Section 1002.6(b)(2) does not permit the financial institution to offer more favorable credit terms to those less than 62 years of age. Senior programs typically include free checking accounts, free traveler’s checks, discount brokerage services and other noncredit features. This is permissible, as long as they do not also include discounted credit terms. In 1990, the banking agencies clarified that the Equal Credit Opportunity Act prohibits financial institutions from offering special credit-related seniors’ programs that offer credit to individuals who are younger than 62. Such programs are considered discriminatory and violate the ECOA rules because age can only be used favorably as a factor in granting credit if the applicant is age 62 or older. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(12) Consumer Leasing#ASPECT: REGULATION CITEDFINDINGS(A)Promotion of consumer leasing products within Website (IF APPLICABLE, LIST ALL URLS THAT ARE APPLICABLE): FORMCHECKBOX APPLICABLE FORMCHECKBOX NA OR UNKNOWN(i)12 CFR 1013.7(b)(2) If the financial institution provides a percentage rate in a webpage promotion, is the rate not more prominent than any of the other disclosures required by 1013.4? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(ii)12 CFR 1013.4(s) If the lease rate is advertised is the following notice in 1013.4 provided? “this percentage may not measure the overall cost of financing this lease” FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(iii)12 CFR 1013.4(s) If the financial institution provides a percentage rate in a webpage promotion do they refrain from using the terms “annual percentage rate,” “annual lease rate,” or any equivalent term? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(iv)If the webpage/ad contains any triggering term (The amount of any payment; or a statement of any capitalized cost reduction or other payment (or that no payment is required) prior to or at consummation or by delivery, if delivery occurs after consummation) it must also contain the following: That the transaction advertised is a lease;The total amount due prior to or at consummation or by delivery, if delivery occurs after consummation;The number, amounts, and due dates or periods of scheduled payments under the lease;A statement of whether or not a security deposit is required; andA statement that an extra charge may be imposed at the end of the lease term where the lessee’s liability (if any) is based on the difference between the residual value of the leased property and its realized value at the end of the lease term. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(vi)Does the webpage/advertisement include offer of, or solicitation of credit insurance? If so, does the webpage/ad contain proper disclosures? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(13) Overdraft Protection Requirements#ASPECT: REGULATION CITEDFINDINGS(A)Promotion of Overdraft protection requirements within Website (IF APPLICABLE, LIST ALL URLS THAT ARE APPLICABLE): FORMCHECKBOX APPLICABLE FORMCHECKBOX NA OR UNKNOWN(i)Do any advertisements promoting the payment of overdrafts (not including transfers from lines of credit or savings accounts) disclose in a clear and conspicuous manner: (1) The fee or fees for the payment of each overdraft; (2) The categories of transactions for which a fee for paying an overdraft may be imposed; (3) The time period by which the member/customer must repay or cover any overdraft: 4) The circumstances under which the institution will not pay an overdraft. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(14)(a) Truth in Lending Act: Open-end Loan Advertising/Promotion#ASPECT: REGULATION CITEDFINDINGS(a)Promotion of Dwelling Secured Loans within Website (IF APPLICABLE, LIST ALL URLS THAT ARE APPLICABLE): FORMCHECKBOX APPLICABLE FORMCHECKBOX NA OR UNKNOWN(i)If any of the terms required to be disclosed under section 1026.6(a) or (b) or the payment terms of the plan are included on any webpage, affirmatively or negatively, webpage must also include the following: (1) Any loan fee that is a percentage of the credit limit under the plan and an estimate of any other fees imposed for opening the plan, stated as a single dollar amount or a reasonable range; (2) Any periodic rate used to compute the finance charge, expressed as an annual percentage rate as determined under section 1026.14(b). (3) The maximum annual percentage rate that may be imposed in a variable rate plan. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(ii)Discounted and premium rates. If any webpage includes an initial APR that is not based on the index and margin used to make later rate adjustments in a variable-rate plan (i.e. a 'teaser' rate), the webpage must also state the following with equal prominence and in close proximity to the initial rate: (1) The period of time such rate will be in effect; (2) A reasonably current annual percentage rate that would have been in effect using the index and margin. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(iii)Balloon payment. If the webpage contains a statement about any minimum periodic payment, it must also shall state with equal prominence and in close proximity, the following: (1) A balloon payment will result; (2) The amount and timing of the balloon payment that will result if the consumer makes only the minimum payments for the maximum period of time that the consumer is permitted to make such payments. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(iv)If promotional payment or rate is mentioned then the following disclosures must be made in a clear and conspicuous manner with equal prominence and in close proximity to each listing of the promotional rate or payment: (1) Period of time in which the promotional rate or payment will apply; (2) In the case of a promotional rate, any annual percentage rate that will apply under the plan. If such rate is variable, the annual percentage rate must be disclosed in accordance with the accuracy standards in §§1026.5b or 1026.16(b)(1)(ii) as applicable; (3) In the case of a promotional payment, the amounts and time periods of any payments that will apply under the plan. In variable-rate transactions, payments that will be determined based on application of an index and margin shall be disclosed based on a reasonably current index and margin. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(v)Are the disclosures clear and conspicuous? Specifically, are consumers directed to the table or schedule when a trigger term is mentioned and disclosures are provided in a table or schedule format? Disclosures cannot be obscured by techniques such as graphical displays, shading, coloration, or other devices (see also comments on clear and conspicuous. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(vi)Tax implications. If the webpage promoted/advertised extension of credit may exceed the fair market value of the dwelling, the promotion/advertisement shall clearly and conspicuously state that: (1) The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes; and (2) The consumer should consult a tax adviser for further information regarding the deductibility of interest and charges. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(vii)HELOC—If the financial institution accepts home equity line of credit applications on line, does the webpage evidence that the customer/member receives the application disclosures and the booklet available before the customer/member submits the application? (12 CFR 1026.5b(2)(b).) If a link is used, the link must describe its purpose such as “For Regulation Z Disclosures, click here.” FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(viii)HELOC—Do the Home Equity Disclosure meet all of the requirements of 12 CFR 1026.5b. Please note that you may not know if the disclosures accurately reflect the practices of the financial institution unless you also review a line of credit agreement and interview financial institution staff. Use the Home Equity Line of Credit forms checklist to verify that all the disclosures are provided. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(14)(b) Truth in Lending Act: Unsecured Open-end Credit#ASPECT: REGULATION CITEDFINDINGS(b)Promotion of Unsecured Open-end loans within Website (IF APPLICABLE, LIST ALL URLS THAT ARE APPLICABLE): FORMCHECKBOX APPLICABLE FORMCHECKBOX NA OR UNKNOWN(i)Do any of the advertisements state any terms that are not actually available? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(ii)If any of the terms required to be disclosed under section 1026.6(b) are stated, either affirmatively or negatively, are the following disclosures also provided: (1) any minimum, fixed, transaction, activity or similar charge that is a finance charge under 1026.4 that could be imposed; (2) any periodic rate that could be applied, stated as an APR (if the rate is a variable rate that fact must also be disclosed); and (3) any membership fee or participation fee that could be imposed? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(iii)Credit Card— Do the credit card applications/solicitations comply with the disclosure rules at 12 CFR 1026.5a? The credit card APR must be in 18-point font. Cash advance and balance transfer APRs must be included in the Regulation Z table. (Dennis - this section should be added to the section for unsecured open-end credit) FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(14)(c) Truth in Lending Act: Closed-end Loan Advertising#ASPECT: REGULATION CITEDFINDINGS(c)Promotion of Non-dwelling Secured Loans within Website (IF APPLICABLE, LIST ALL URLS THAT ARE APPLICABLE): FORMCHECKBOX APPLICABLE FORMCHECKBOX NA OR UNKNOWN(i)If the webpage contains any "triggering term,”* the following items must also be included in the webpage/ad 1026.16(b): (1) Any minimum, fixed, transaction, activity or similar charge that could be imposed. (2) Any periodic rate that may be applied expressed as an annual percentage rate as determined under section 1026.14(b). If the plan provides for a variable periodic rate, that fact shall be disclosed. (3) Any membership or participation fee that could be imposed. "Triggering terms” under 1026.16 include: 1026.6(a)(1) Description of how finance charge is to accrue; 1026.6(a)(2) Periodic rate used and corresponding APR; 1026.6(a)(3) Explanation of method used to determine balance; 1026.6(a)(4) Explanation of method used to determine any finance charge; 1026.6(b) Amount or explanation of any charges other than finance charges. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(ii)Promotional periods and post promotional rate must contain disclosures that are stated in a prominent location closely proximate to the first listing of the promotional rate. The disclosures are as follows: (1) When the promotional rate will end; (2) The annual percentage rate that will apply after the end of the promotional period. If such rate is variable, the annual percentage rate must comply with the accuracy standards in §§1026.5a(c)(2), 1026.5a(d)(3), 1026.5a(e)(4), or 1026.16(b)(1)(ii), as applicable. If such rate cannot be determined at the time disclosures are given because the rate depends at least in part on a later determination of the consumer's creditworthiness, the webpage/advertisement must disclose the specific rates or the range of rates that might apply. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(iii)Statement of deferred interest. If a deferred interest offer is advertised/promoted, the deferred interest period must be stated in the webpage/advertisement/promotion. The deferred interest period and, if applicable, the term “if paid in full” must also be stated in immediate proximity to each statement of “no interest,” “no payments,” “deferred interest,” “same as cash,” or similar term regarding interest or payments during the deferred interest period . The terms of the deferred interest offer must also be stated in a prominent location closely proximate to the first statement of “no interest,” “no payments,” “deferred interest,” “same as cash,” or similar term regarding interest or payments during the deferred interest period. The terms that should be disclosed are as follows: (1) A statement that interest will be charged from the date the consumer becomes obligated for the balance or transaction subject to the deferred interest offer if the balance or transaction is not paid in full within the deferred interest period; and (2) A statement, if applicable, that interest will be charged from the date the consumer incurs the balance or transaction subject to the deferred interest offer if the account is in default before the end of the deferred interest period. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(iv)If the rate is an “introductory” rate then the term introductory or intro must be in immediate proximity to each listing of the introductory rate. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(v)Misleading terms. A webpage promotion/webpage promotion may not refer to an annual percentage rate as “fixed,” or use a similar term, unless the promotion also specifies a time period that the rate will be fixed and the rate will not increase during that period, or if no such time period is provided, the rate will not increase while the plan is open. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(vi)Does the webpage promote, include an offer of, or solicitation of credit insurance? If so, does the webpage/ad contain proper disclosures? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(14)(d) Truth in Lending Act: Closed-end Loan Advertising#ASPECT: REGULATION CITEDFINDINGS(d)Promotion of dwelling-secured closed-end Loans within Website (IF APPLICABLE, LIST ALL URLS THAT ARE APPLICABLE): FORMCHECKBOX APPLICABLE FORMCHECKBOX NA OR UNKNOWN(i)If a webpage states a rate of finance charge, the rate is stated as APR. No other rate is allowed, except that a simple annual rate or periodic rate that is applied to an unpaid balance may be stated in conjunction with, but not more conspicuously than, the APR. 1026.24 (b) FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(ii)If the annual percentage rate may be increased after consummation, the webpage promotion states that fact. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(iii)If the webpage promotion includes any "triggering" terms*, the following items must also be included in the promotion: (1) The amount or percentage of the down payment. (2) The terms of repayment (e.g. example of: no. of payments, amt of payments, amount financed). (3) The "annual percentage rate," using that term, and, if the rate may be increased after consummation, that fact. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(iv)If credit secured by a dwelling promotes more than one rate then the following disclosures must be provided in a clear and conspicuous manner: (1) Each rate of interest that will apply. In variable rate transactions, a rate determined by adding an index and margin shall be disclosed based on a reasonably current index and margin; (2) Period of time during which each rate will apply; (3) The annual percentage rate for the loan. If such rate is variable, the annual percentage rate shall comply with the accuracy standards in §§1026.17(c) and 1026.22. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(v)If credit secured by a dwelling states the amount of any payment, then the following disclosures must be provided in a clear and conspicuous manner (iii-does not have to be disclosed with equal prominence but with prominence and in close proximity): (1) Amount of each payment that will apply over the term of the loan, including any balloon payment. In variable-rate transactions, payments that will be determined based on the application of the sum of an index and margin shall be disclosed based on a reasonably current index and margin. (2) Period of time during which each payment will apply; (3) Required for first lien only – A statement that the payments do not include amounts for taxes and insurance premiums, if applicable, and that the actual payment obligation will be greater. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(vi)Tax implications. If the promoted extension of credit may exceed the fair market value of the dwelling, the webpage/advertisement shall clearly and conspicuously** state that: (1) The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes; and (2) The consumer should consult a tax adviser for further information regarding the deductibility of interest and charges. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(vii)Prohibited acts or practices in webpage promotions for credit secured by a dwelling. The following acts or practices are prohibited in promotions for credit secured by a dwelling (12 CFR 1026.24(i)) See the regulation for exceptions to this rule: (1) Misleading advertising of “fixed” rates and payments. Using the word “fixed” to refer to rates, payments, or the credit transaction in a promotion for variable-rate transactions or other transactions where the payment will increase. (2) Misleading comparisons on a webpage advertisements. Making any comparison in a webpage promotion between actual or hypothetical credit payments or rates and any payment or simple annual rate that will be available under the webpage/advertised product for a period less than the full term of the loan. (3) Misrepresentations about government endorsement. Making any statement in a webpage promotion that the product offered is a “government loan program”, “government-supported loan”, or is otherwise endorsed or sponsored by any federal, state, or local government entity, unless the webpage/advertisement is for an FHA loan, VA loan, or similar loan program that is, in fact, endorsed or sponsored by a federal, state, or local government entity. (4) Misleading use of the current lender's name. Using the name of the consumer's current lender in a webpage promotion that is not sent by or on behalf of the consumer's current lender. (5) Misleading claims of debt elimination. Making any misleading claim in a webpage promotion that the mortgage product offered will eliminate debt or result in a waiver or forgiveness of a consumer's existing loan terms with, or obligations to, another creditor. (6) Misleading use of the term “counselor”. Using the term “counselor” in a webpage promotion to refer to a for-profit mortgage broker or mortgage creditor, its employees, or persons working for the broker or creditor that are involved in offering, originating or selling mortgages. (7) Misleading foreign-language advertisements. Providing information about some trigger terms or required disclosures, such as an initial rate or payment, only in a foreign language in a webpage promotion, but providing information about other trigger terms or required disclosures, such as information about the fully-indexed rate or fully amortizing payment, only in English in the same advertisement. FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????(viii)Does any webpage promotion include an offer, or solicitation of credit insurance? If so does ad contain proper disclosures? FORMCHECKBOX COMPLIANT FORMCHECKBOX NON-COMPLIANT FORMCHECKBOX NA OR UNKNOWNURL(S): FORMTEXT ?????FINDINGS: FORMTEXT ?????This template has been prepared for informational purposes only and is not legal advice. You?may wish to consult legal counsel for website compliance requirements for your financial institution's specific circumstances, particularly for retention requirements governed by the laws of your state.1257300117475For more information on AdvisX and its cost-effective, technology-driven compliance, risk, and IT services for financial institutions, visit us at , call us toll-free at 1.888.980.1949, or email us at info@.00For more information on AdvisX and its cost-effective, technology-driven compliance, risk, and IT services for financial institutions, visit us at , call us toll-free at 1.888.980.1949, or email us at info@.1371600252095For a daily update of what's hot in compliance, we invite you to visit a daily update of what's hot in compliance, we invite you to visit . ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download