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Latest Compliance - Employee Topics

Hold Liability

04/09/2007

What type of action could be taken against a financial institution that places a hold on a cashier's check that is less than $5,000.00? Can the employee responsible for placing the hold be held personally liable for failing to comply with Reg CC?

Talkative Teller

01/29/2007

What are the steps to take when a banker teller has been accused of discussing bank information outside of the bank? What information should not be disclosed to anyone?

Bank Employee Overdraft

01/22/2007

What is the law/reg regarding overdrafts on bank employee checking accounts? From time to time we won't charge a good customer (long time customers who rarely have overdrafts) an overdraft fee. Since we do this for some customers can we do the same for a bank employee?

Employee Credit Report

01/08/2007

May we pull a credit report for an employee at the request of the employee?

POA on a Revocable Trust Account

11/27/2006

Is it possible to have a revocable trust account where you have set up a person to be a power of attorney on the account along with the trustee (only 2 signers on account), where the POA is also a successor trustee?

Outside Vendor Paying for Customer Referrals

05/22/2006

We refer customers to an outside vendor for Merchant Services. The company we deal with has created an incentive program for these referrals. They have submitted one of our employees a check in the amount of $50 for a referral that resulted in a sale. I have read and understand the RESPA implications in regards to referrals in the mortgage lending area, but what about the Deposit side of the bank? Do we allow the employee to accept the check?

Employees Required to Open Account at Other FI for Payroll Deposit

05/15/2006

For payroll confidentiality reasons, the FI where I work requires that all employees open a checking account at another institution for direct deposit of payroll. Is this a violation of Reg E relating to employment or government benefits which states. "No financial institution or other person may require a consumer to establish an account for receipt of electronic fund transfers with a particular institution as a condition of employment or receipt of a government benefit? As for as I know this issue has never been raised by any examiners.

Senior Level BSA Officer

04/24/2006

Does the Bank Secrecy Officer have to be a senior level officer at the bank? What section of the regulation covers this?

Mandatory Annual Employee Training List

04/10/2006

I have been unable to locate a concise list reflecting the Regulations that require mandatory annual employee training. Would you be able to direct me on how I would obtain such a list?

Offering Insiders HELOCs with No Closing Costs

03/27/2006

Reg O. At some point I had it noted that we should exempt insiders from any marketing of special offers. We have been offering a special on HELOCs, and they have no closing costs. Can an insider obtain the special and get their HELOC with no closing costs, or should we charge the insider the closing costs?

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Most Popular Compliance Content

Is a wheel-spin game allowed?

07/07/2024

We have a “spin the wheel” promotion. To spin, a customer must donate $1 that the bank donates to a charity. All the prize amounts on the wheel are more than $1 therefore all customers will get more than they donate. The amount won is then sent to the customer via our e-wallet app. We set a certain number of spins and it is done on a first-come-first-served basis.

Re-using a recent appraisal

07/07/2024

We have a business account that took out a construction loan 11 months ago on lot A. Our business customer just bought lot B (right beside lot A) and is planning to use the exact same floor plan as lot A for lot B for the construction. Since this appraisal was completed 11 months ago on a different address, would we have to get a new appraisal completed for lot B, or, since everything is the same besides the address (right next door with same floor plan not 1 year old) could we reuse the lot A appraisal for lot B? I am having trouble finding information about this in the regulation.

Borrower signatures on Right to Rescind notice

06/30/2024

When a right to rescind is involved in a real estate-secured transaction, we are trying to confirm if there is anything in the regulation that requires the borrower(s) to sign all copies of the notice of right of rescission, or only requires the borrower(s) to sign one copy for the lender and leave the borrower copies unsigned. We can only find where the number of copies to be provided is specified (two for each owner if on paper, one for each owner if delivered electronically).

Internal raffles matter

06/23/2024

Can we do an internal raffle (selling tickets for a chance to win a prize) to benefit a non-profit organization?

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