Most Popular Compliance Content
Your next BSA/AML examination
01/22/2017
What should we expect in our next BSA/AML examination?
Compliance Ramifications if Negative IR (TISA)
01/22/2017
I have been instructed to lead a project around compliance ramifications if negative interest rates were to occur in the US. With regard to deposit accounts, would all TISA and other initial disclosures need to be updated to reflect this change. Since the change in terms would negatively affect our customers. This would be quite an undertaking as we have 10 member banks. Would all of our advertisements have to be re-disclosed? Any feedback is greatly appreciated.
Payment of Wages to Employees of Bank (Reg E)
01/22/2017
Regarding payment of wages to employees of a bank, the bank has decided (after years of allowing direct deposit to any account at any bank) to either allow direct deposit to an account at their bank or payment by check, meaning anyone with direct deposit of their wages to another institution must decide on opening an account at the bank where we work or get paid by check (not desirable choices). I have a few questions regarding this change. Although it is in compliance with Reg E, since we work in Florida, I was wondering if Florida Statute from chapter 532 applies, specifically 532.04 PAYMENT BY DIRECT DEPOSIT OF FUNDS (1) reads as follows "None of the provisions of this chapter shall be deemed or construed to prohibit the payor of wages or salary from causing the amount of such wages or salary to be deposited directly to the account of the payee in a financial institution by electronic or other medium if such direct deposit has been authorized in writing by the payee and if the payee has designated in writing the financial institution of her or his choice in which such deposit is to be made." I am not a lawyer but it seems to me that the statute is stating that if an employee gets paid by direct deposit, the financial institution for that direct deposit is of the employee's choosing. I believe the bank policy for payment of its employees violates the Florida statute and I would appreciate it if someone could let me know their opinion or interpretation. Also, one more question, if the employee had to complete a direct deposit authorization form, can the bank just cancel those instructions and change to a check or would the bank need each employee to sign another form authorizing the change or cancellation of a direct deposit order already on file? Obviously most employees are not happy with the change but are somewhat nervous about speaking up. Dissent with this current policy is not popular with upper management. I would like to keep this inquiry discrete for obvious reasons, feel free to share, in a general way, this issue but please do not mention my name.
Social Media Posts Without Member FDIC
01/22/2017
At this time our social media posts, facebook, twitter, google display ads etc. don’t’ have the Member FDIC due to character and layout constraints, however, they are one click away from our landing page that will have the advertising notice of FDIC membership. Would this be acceptable?
Loan Policy Exception Management
01/22/2017
How do banks use technology to manage loan policy exceptions?