Mistakes happen. Even strong compliance programs can have a slip-up, and you may find your bank has wrongfully disclosed the Annual Percentage Rate (on a loan) or the Annual Percentage Yield (for a deposit product).
Nobody wants compliance mistakes but when they are tolerable and in moderation, you grow, you learn from them and that leads to improvement and survival in a tough world of compliance and banking.
When your bank receives a claim that an ACH charge to a customer’s account was unauthorized, you have to respond correctly and your customer expects swift results.
Have you ever eaten at In-N-Out Burger? The menu is simply delicious… straightforward, plain, and uncomplicated. In fact, it is probably a bit like your loan product lineup.
I heard a banker comment that, “Reg E hasn’t changed, so what’s to learn?” The Reg itself and the commentary haven’t changed, interpretations of who is a financial institution, what is an error and who has to investigate errors have.
Recorded on March 19, 2024
Managing Third-Party Claims for Funds and Information
The FDIC’s revised regulation on Advertisement of Membership, False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC’s Name or Logo becomes effective April 1, 2024, with a mandatory compliance date of January 1, 2025.
The Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing the access and safeguard provisions of the Corporate Transparency Act (CTA) (the “Access Rule”).