11/30/2009
A business has a credit/debit card that multiple employees can use, but one of the employees makes a purchase that is unauthorized by the business, or an employee stole the card to make an unauthorized purchase. We have been told (by Fiserv) that the business has to deal with the merchant directly, leaving us (the bank) completely out of it. Is this in compliance with Reg E or are there steps that we, as an institution, must take to keep from having a Reg E violation?
09/14/2009
We are planning on having a CD product just for employees. We already have checking with interest for employees. This would be a product they can add funds to, and as they do, the tiers would trigger a higher rate. Is this a compliance problem?
08/10/2009
We are thinking of conducting some mystery shopping in-house. Are there any compliance issues that we should be concerned with? What about if we compensate the shopper?
07/27/2009
Another bank employee asked me if it was true that there is a regulation stating that an interest only open ended line of credit can’t be for more than fifteen years before it must be re-written into a term note. I have never heard that and can't seem to find anything to that affect. Have you ever heard that, it is true and if so, what is the regulation?
05/04/2009
Is there anything in Reg O that prevents senior management (V.P. or higher) from receiving the same employee benefits as lower level employees such as fees waived on the purchase of official checks and money orders?
05/04/2009
We have employees who have joined Facebook, Twitter, Linkedin and the like. These are social networking sites and what employees do on their own time is their own business. Are we responsible for advertising compliance if they solicit business in these sites, as they strive to make new accounts goals?
04/20/2009
We are licensed to have a mobile branch (courier). If our courier picks up deposits/transfers from a customer’s place of business does this count as one of the six transfers since we are a licensed mobile branch?
04/13/2009
In order to receive the CRA services credit, does the bank employee have to be a direct representative of the bank? Would it count if an employee is volunteering with tax preparation assistance through a non-profit organization?
03/23/2009
Is there a regulation that forbids sweetheart deals on deposit products for insiders?
03/16/2009
A big part of our IT Security budget is spent on GLBA compliance. Are we doing something wrong?