Most Popular Compliance Content
Loan Policy Exception Management
01/22/2017
How do banks use technology to manage loan policy exceptions?
Third-party info and AANs
01/22/2017
For purposes of adverse action notices, on a loan application where the appraised value came in low, would the appraisal be considered information from a third-party?
Safe deposit and SCRA
01/22/2017
How can the Servicemembers Civil Relief Act create very significant fines if we don’t comply with correct delinquent box rent collection procedures?
Your next BSA/AML examination
01/22/2017
What should we expect in our next BSA/AML examination?
Reg E and Visa's Zero Liability Rule
01/15/2017
We have a customer who was contacted by a company offering a $5,000 loan. Our customer was interested and paid a loan processing fee of $275.99 using their debit card . Our customer was then contacted by the company needing an additional $151.99 in order to pay the taxes on the loan which was also paid by their debit card. When the loan of $5,000.00 never showed up, our customer contacted the company inquiring on the loan and was told that an additional $463.00 was needed to continue the loan process due to the customers low score. The customer has now filed an EFT dispute with the bank. All the fees were processed through Western Union. Visa is claiming that there are no charge back rights and that the customer has to work with the merchant for the funds. This seems to be a classic loan scam. What is the banks liability with the customer in reference to Reg E and Visa's zero liability rule?