ABA Banking Journal - September/October 2017 - 61

title and others using the name of an individual. Both
groups state that they have gone through CRA or general
compliance examinations, by the FDIC or other agencies,
with no issues. I would suggest that you decide what
course of action you deem appropriate to take considering
your specific scenario and the regulatory requirements.
Then contact your examination team and get their view on
your recommended action. (Response provided May 2017.)

exempt from the requirement of identifying the message
as an ad or solicitation-but that's it. All other CAN-SPAM
requirements still apply. Therefore, email to those people
still has to include accurate header information and
subject lines and a valid physical address. Also, you still
must include information on how to opt out of receiving
future email and honor opt-out requests promptly."
(Response provided May 2017.)

Q:

Q:

I'd like to get your interpretation of
Regulation II, Section 235.8 regarding
Federal Reserve Board of Governors reporting.
It seems that the Fed requires issuers to submit
documentation regarding interchange fees but I'm
not sure about the timing. The Federal Register
states that the Fed did not specify the frequency
of required reporting in the regulatory text to
retain flexibility. Additionally, it states: "Similar to
other reporting forms, the Board plans to indicate
with publication of the form the frequency with
which entities are required to report." Do you
know what "form" is being referenced? And does
this mean that the Fed will reach out to the issuer
when it wants the issuer to report?
A: The answer is yes. The Fed has a particular form for
covered institutions to fill out with regard to debit card
costs. The Fed uses the information to determine what
the interchange fees should be for debit card interchange
fees paid to covered borrowers (those with over $10 billion
in assets).
It is our understanding that for each report, the Federal
Reserve Board publishes the form (usually revised) and
announces the due date for completion. It may also
notify covered institutions directly. (Response provided
May 2017.)

Q:

If a business sends an email to a banker
asking if the banker would send it
additional product information, can the banker
reply to that email with a product information or
marketing piece?

A: Yes, but with some caveats. According to the Federal
Trade Commission, "If recipients have given their prior
affirmative consent to get messages from you, you're

Our question is regarding the commentary
at Section 1002.9 (a)(1)-4 of Regulation
B. It states: "When an application is missing
information but provides sufficient data for a
credit decision, the creditor may evaluate the
application, make its credit decision, and notify
the applicant accordingly. If credit is denied, the
applicant must be given the specific reasons for
the credit denial (or notice of the right to receive
the reasons); in this instance missing information
or "incomplete application" cannot be given as
the reason for the denial." Does this mean if
we are denying someone for both an incomplete
application and a credit reason, we can only put
the credit reason on the notice of denial? Or can
we put both?

A: The commentary section you quote is for denial for
reasons "other than" incompleteness. If you are denying
the application for incompleteness see the commentary
at Section 1002.9(a)(1)-3. This is an either/or response. It
cannot be both. For example, let's say that the application
is incomplete, but you are denying it due to the credit
history and credit score of the applicant; in other words,
you have enough information to deny the loan without
additional information from the borrower. In that case, you
would not use the fact that the application is incomplete
as a reason for denial; you made a credit decision with the
information you already had available. On the other hand,
if you are denying the application because it is incomplete,
then that is your reason for denial.
(Response provided May 2017.)
Answers are provided by LESLIE CALLAWAY, CRCM, CAFP, director
of compliance outreach and development; MARK KRUHM, CRCM,
CAFP, senior compliance analyst; and RHONDA CASTANEDA, CRCM,
compliance analyst, ABA Center for Regulatory Compliance. Answers
do not provide, nor are they intended to substitute for, professional legal
advice. Answers were current as of the response date shown at the end
of each item.
aba.com/BankingJournal | ABA BANKING JOURNAL

61


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Table of Contents for the Digital Edition of ABA Banking Journal - September/October 2017

CHAIRMAN’S VIEW
UPFRONT
PICTURE THIS
LEGAL BRIEFS
POWER UP PROFILE
THE TOP FINTECH TRENDS DRIVING THE NEXT DECADE
PLUG AND PLAY: FOUR WAYS TO LEVEL UP YOUR MOBILE BANKING APP
MAKING FRIENDS WITH FINTECH
LOOKING AT FINTECH THROUGH THE LEGISLATIVE LENS
LET’S TALK PAYMENTS
IS OUTSOURCING IT SECURITY RIGHT FOR YOUR BANK?
THE CECL RIPPLE EFFECT
FROM YOUNG AMERICANS TO ENTREPRENEURIAL CITIZENS
FINDING THE PERFECT NICHE
THREE ELEMENTS OF BANK LEADERSHIP
REAL ESTATE LENDING
ABA COMPLIANCE CENTER INBOX
WEALTH MANAGEMENT
FROM THE STATES
CORPORATE SOCIAL RESPONSIBILITY
INDEX OF ADVERTISERS
FROM THE VAULT
ABA Banking Journal - September/October 2017 - Intro
ABA Banking Journal - September/October 2017 - bellyband1
ABA Banking Journal - September/October 2017 - bellyband2
ABA Banking Journal - September/October 2017 - cover1
ABA Banking Journal - September/October 2017 - cover2
ABA Banking Journal - September/October 2017 - 3
ABA Banking Journal - September/October 2017 - 4
ABA Banking Journal - September/October 2017 - 5
ABA Banking Journal - September/October 2017 - 6
ABA Banking Journal - September/October 2017 - 7
ABA Banking Journal - September/October 2017 - CHAIRMAN’S VIEW
ABA Banking Journal - September/October 2017 - 9
ABA Banking Journal - September/October 2017 - 10
ABA Banking Journal - September/October 2017 - UPFRONT
ABA Banking Journal - September/October 2017 - 12
ABA Banking Journal - September/October 2017 - 13
ABA Banking Journal - September/October 2017 - 14
ABA Banking Journal - September/October 2017 - 15
ABA Banking Journal - September/October 2017 - PICTURE THIS
ABA Banking Journal - September/October 2017 - 17
ABA Banking Journal - September/October 2017 - LEGAL BRIEFS
ABA Banking Journal - September/October 2017 - 19
ABA Banking Journal - September/October 2017 - POWER UP PROFILE
ABA Banking Journal - September/October 2017 - 21
ABA Banking Journal - September/October 2017 - THE TOP FINTECH TRENDS DRIVING THE NEXT DECADE
ABA Banking Journal - September/October 2017 - 23
ABA Banking Journal - September/October 2017 - 24
ABA Banking Journal - September/October 2017 - 25
ABA Banking Journal - September/October 2017 - 26
ABA Banking Journal - September/October 2017 - 27
ABA Banking Journal - September/October 2017 - PLUG AND PLAY: FOUR WAYS TO LEVEL UP YOUR MOBILE BANKING APP
ABA Banking Journal - September/October 2017 - 29
ABA Banking Journal - September/October 2017 - 30
ABA Banking Journal - September/October 2017 - 31
ABA Banking Journal - September/October 2017 - MAKING FRIENDS WITH FINTECH
ABA Banking Journal - September/October 2017 - 33
ABA Banking Journal - September/October 2017 - LOOKING AT FINTECH THROUGH THE LEGISLATIVE LENS
ABA Banking Journal - September/October 2017 - 35
ABA Banking Journal - September/October 2017 - LET’S TALK PAYMENTS
ABA Banking Journal - September/October 2017 - 37
ABA Banking Journal - September/October 2017 - 38
ABA Banking Journal - September/October 2017 - IS OUTSOURCING IT SECURITY RIGHT FOR YOUR BANK?
ABA Banking Journal - September/October 2017 - THE CECL RIPPLE EFFECT
ABA Banking Journal - September/October 2017 - 41
ABA Banking Journal - September/October 2017 - 42
ABA Banking Journal - September/October 2017 - FROM YOUNG AMERICANS TO ENTREPRENEURIAL CITIZENS
ABA Banking Journal - September/October 2017 - 44
ABA Banking Journal - September/October 2017 - 45
ABA Banking Journal - September/October 2017 - 46
ABA Banking Journal - September/October 2017 - FINDING THE PERFECT NICHE
ABA Banking Journal - September/October 2017 - 48
ABA Banking Journal - September/October 2017 - 49
ABA Banking Journal - September/October 2017 - 50
ABA Banking Journal - September/October 2017 - THREE ELEMENTS OF BANK LEADERSHIP
ABA Banking Journal - September/October 2017 - 52
ABA Banking Journal - September/October 2017 - 53
ABA Banking Journal - September/October 2017 - REAL ESTATE LENDING
ABA Banking Journal - September/October 2017 - 55
ABA Banking Journal - September/October 2017 - 56
ABA Banking Journal - September/October 2017 - 57
ABA Banking Journal - September/October 2017 - 58
ABA Banking Journal - September/October 2017 - 59
ABA Banking Journal - September/October 2017 - ABA COMPLIANCE CENTER INBOX
ABA Banking Journal - September/October 2017 - 61
ABA Banking Journal - September/October 2017 - WEALTH MANAGEMENT
ABA Banking Journal - September/October 2017 - FROM THE STATES
ABA Banking Journal - September/October 2017 - CORPORATE SOCIAL RESPONSIBILITY
ABA Banking Journal - September/October 2017 - INDEX OF ADVERTISERS
ABA Banking Journal - September/October 2017 - FROM THE VAULT
ABA Banking Journal - September/October 2017 - cover3
ABA Banking Journal - September/October 2017 - cover4
ABA Banking Journal - September/October 2017 - outsert1
ABA Banking Journal - September/October 2017 - outsert2
ABA Banking Journal - September/October 2017 - outsert3
ABA Banking Journal - September/October 2017 - outsert4
ABA Banking Journal - September/October 2017 - outsert5
ABA Banking Journal - September/October 2017 - outsert6
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