Most Popular Compliance Content
Timing Required on Check Exceptions
01/14/2024
I am working with a new core system and we are discussing our exceptions process for items presented that cannot post for various reasons i.e. NSF, closed account, account restriction, etc. This system will not backdate the item to the date of presentment in cases where we choose to pay it. Is there anything that states the item must be "paid" on the date of presentment? Every other core I have ever used in my 28+ years has always backdated the item to the presentment date.
Advertising CD specials on social media
01/14/2024
We are promoting a CD special on social media. The Reg DD advertising disclosures are a drag. Must we include them? Can’t we say something like “call us for details”?
Stopping Preauthorized Payments
01/07/2024
We currently have outside counsel providing what I believe is inaccurate guidance. However, I'm struggling to find resources I can use to refute their regulatory interpretations. Specifically, this applies to a consumer's right to stop payment under 1005.10(c). Can you please advise how these requirements apply to: 1. Preauthorized transfers for loan payments (we are the lender/servicer) drawn on both external (we obtain debit authorization) and internal deposit accounts; and 2. Preauthorized bill payments both issued against the bank's/vendor's account and debited directly from the consumer's account. We hold the consumer's deposit account and offer the bill pay service.
Conditioning Overdrafts on Opt-in
01/07/2024
Reg E (12 CFR 1005.17(b)(2)) says we cannot condition the payment of checks and other transaction on the whether the consumer has opted into overdrafts via ATM and one-time debit card transactions. However, it does not clarify whether the opposite is allowed – meaning can you condition ATM and one-time debit card transactions on whether someone has opted into overdrafts via check and other transactions? I can't find any guidance on this question, so any advice is much appreciated.
Can we waive early withdrawal penalties on CDs?
01/07/2024
Can we waive early withdrawal penalties on CDs?