Most Popular Compliance Content
When must we reimburse customer for UCC claim?
03/02/2025
When we (Bank B) send a UCC Breach Of Warranty Claim for missing endorsement to Bank A, how long does Bank B have to credit our customer for their missing endorsement claim? Assume the liability is on Bank A, due to missing endorsement and should reimburse Bank B in full. Does Bank B wait for full payment before reimbursement to customer or is there a UCC required timeframe for customer reimbursement?
ATM networks, LPOs and Assessment Areas
03/02/2025
Under the new CRA Assessment Area rules, if a bank is utilizing the Allpoint+ ATM network that allows for networked ATM+ machines to accept cash deposits, would this be considered a deposit gathering ATM location? And, if the bank wanted to open an LPO in a new state (not contiguous to its existing state or retail branch locations) where these ATM+ deposit gathering machines are located, could the Assessment Area include this new LPO market to help their in/out ratio?
Is permission required to use ChexSystems?
02/23/2025
We use ChexSystems for deposit accounts. We have a legitimate business need/permissible purpose to run Chex on those looking to open a consumer account. Do we need to be obtaining written permission from the consumer prior to running Chex?
Retention of 314(a) records
02/23/2025
Do we need to retain old FinCEN 314(a) files? If so, for how long?
Keep Calm and Carry On
02/23/2025
There’s a lot of change going on right now, in every aspect of our lives.