TOPIC: Consumer

Keeping Original Recorded Mortgages

VP at a bank ($497MUSA)
I am curious if other banks are still keeping the original recorded mortgage in addition to an electronic copy stored in a document imaging system  (the orig mortgage is placed in what our bank refers to as a thin file that is stored in the vault and houses the original note, mtg and a few other collateral doc) My research leads me to believe that an electronic copy suffices in most states when the loan is in default. Our portfolio is mostly Indiana properties.

    Line of Credit Grace Period

    Employee at a bank ($99MUSA)
    How many days after the billing cycle ends and bills are issued do you require payment on a personal line of credit?  Our HELOCs are set up to all cycle on the last day of the month, bills go out the next morning and they are due on the 21st, so 21 days after they cycle they are due.  Our Personal Lines of Credit (not secured by a residence) have a shorter time frame between billing cycle end date and payment due date, and I am concerned we are not giving customers enough time.  Is there a required length of time that we need to give our customers for these types of lines?  Thank you for your help!

      Compliance Monitoring/Testing Plan for a Loan Product Serviced by a Third-Party

      Employee at a bank ($13.6BUSA)
      Hello CBANC Family,

      I am once again reaching out for help. I am hoping I can get help from you all. We will be launching an unsecured personal loan/consumer loan product in the near future, and while the loans will remain in our books,  a third party will handle the origination and servicing of these loans. Do any of you have any compliance testing/monitoring plan(s) that you are willing to share with me, please? Any guidance will be immensely appreciated. Many thanks.

        Form letter for Change in Terms mailing for deposit accounts

        Manager at a bank ($227MUSA)
        Does anyone have a sample or form letter that can be used for mailing out change of terms notifications on  a type of deposit account?

        We currently refund some foreign ATM charges on our DDAs.  This is a manual process and we want to discontinue this on our existing DDA accounts.  We will be launching a new DDA which will do this for our customers (and automates the process).  We therefore can encourage the customer to convert/change to this new product.  However, we will need to mail out the change of terms notice to our customers who have these older DDAs (at least 30 days prior).  Was hoping someone out in CBANK land has done something like this before so we do not have to start from scratch.  Any example/sample/etc.  will be GREATLY appreciated.

          Contacting your customers/members

          Employee at a credit_union ($291MUSA)
          We are looking at different avenues for contacting members/customers regarding transactional info on their account; not marketing.  We have some that are not responding to mailed letters or phone calls regarding their dormant accounts and we are considering emails.  We have read the CAN-SPAM reg and will not be marketing to them and will still include the option to "opt out".  We have staff that want to use facebook messenger, but I don't feel social media messaging is the way to go.  Do you use any social media messaging to contact your members?  Do you have a sample of your authorization that your customer/members sign?  We will be running this by legal, but wanted to see what others are doing as we update our policies and procedures.