Banking Law and Referrals
Course Number: ABA
Course Code: ABA
Explains the Interagency Consumer Protections in Sales of Insurance (ICP) rules on retail sales, solicitation, advertising, insurance products or annuities to consumers. Describes Regulation R that provides a framework for banks to refer customers to satisfy their banking demands. Describes the Loan Originator Compensation rules under Regulation Z that address limited circumstances under which a bank employee who is not a loan originator may make a referral.
What You’ll Learn
After completing this course, students will be able to:
- Explain the purpose of the Interagency Policy Statement and when it applies.
- Explain the Interagency Consumer Protections (ICP) rules impacting the referrals of customers for non-FDIC insured products.
- Describe Regulation R exemptions that allow banks to pay bankers for referring customers.
- Describe Regulation Z Loan Originator Compensation rules that specify the actions that only apply to loan originators.
Audience: Any bank personnel who make mortgage, investment, or insurance referrals to mortgage loan originators, or securities and/or insurance licensed persons or entities.