Most Popular Compliance Content
UTMA Custodian Deceased, How to Handle
04/28/2024
My question is on a custodian account/UTMA when the minor reaches the age of majority. In this case the custodian did not close account prior to their death. Can the bank distribute funds to minor who is now over 21? What if the terms and conditions of the account say only the custodian can disburse funds: does that mean the “minor” has to get a new custodian assigned to allow for funds to be given to minor?
Compliance actions when violations are found
04/21/2024
What action steps are needed when we find a severe or frequent violation?
Procedures for Claims to Funds
04/21/2024
We received a "Notice of Freeze" from the Florida Department of Revenue on one of our customers. Is there a set procedure for handling such notices from a state authority or do they differ by bank and or the state the bank or the customer is in? Would this procedure be the same for an action from a governmental entity as from a private action like an unpaid debt?
Reg CC and Debit Card Deposits
04/21/2024
Under Reg CC, how are deposits made by debit card treated? (These might be a deposit at an ATM or a merchant refund on a debit card burchase, as examples.) Can we hold these for three days even for existing customers?
FCRA – Permissible Purpose
04/14/2024
Why is a permissible purpose needed to get someone’s credit report?