Vendor Guru Q&A - Compliance

Latest Compliance - IT Topics

Requirements for Changing Online Passwords

06/21/2020

Our examiners made the bank change customers passwords to expire on online banking every 60 days. Of course, customers do not like this. Can you tell me what the requirements are on this?

NonCustomers & CIP

09/23/2013

I have an issue that some of our tellers are not understanding. Tell me from the compliance standpoint of CIP how this should be handled. We have always required ID on all people, customersif you do not know them and noncustomersno question. However, some tellers are not asking for ID on noncustomers because they have been coming into the bank for the last 5 years to cash their check so they do not get their ID. How do you suggest we handle this situation?

Is a Trust a Person?

09/23/2013

Would a trust be considered a legal entity or natural person when it comes to Truth in Lending, RESPA, and HMDA disclosures?

Unique Identifier MLOs, NMLS, & NMLSR Difference

07/15/2013

Since the NMLSRs inception, different banks have referred to an MLOs unique identifier differently. Would you please settle this question? Is it an NMLS number, an NMLSR number, or an MLO number? Does it matter?

Reg CC Place Exception Hold On Entire Deposit?

07/15/2013

According to Reg CC is the exception hold placed on the entire deposit or can the hold be placed on a specific check within that deposit? Where in the Reg do I find this answer?

Physical Address Required for PO Box Exception?

07/15/2013

CIP grandfathered customer (prior to 10/1/03). Customer has a PO Box listed, no physical address. Do we need to obtain physical address now that we have identified the PO Box exception?

Avoiding Filing CTR- Deposit on 2 Diff Days

07/15/2013

I overheard an employee recommending to a customer to deposit part of a deposit one day and the rest of the money the next day, therefore avoiding the filing of a CTR. What action would need to be taken on this employee? I need to make sure that all the bases are covered and all the reports needing filed are filed.

Which Pages of Trust Doc for Deposit Account?

07/15/2013

Since trust documents can be very long, which pages should be required for a deposit account? Typically, we take first page that lists Title of trust, date of trust, who trustees are, successor trustees, financial part and signatures of owner. Do we need the financial part?

Allowed to Pull Credit Report w/o Signed App?

07/15/2013

When an originator takes a phone application, what is acceptable by the regulators that all the proper disclosures have been provided to applicant? My other concern is can we still pull a credit report with written authorization from applicant? ( This usually being provided by a signed application.) I was and still am under the impression that credit should not be pulled until you have an application.

How Does Reg E Apply To A Business

07/08/2013

How does Reg E apply to a Business? We are thinking about offering debit cards to our business customers. Does Reg E only apply to consumers regarding the liability and chargeback rights on debit cards?

Rep Payee and Reclamations

11/03/2024

If Representative Payee dies, what happens to existing funds in the account post reclamation of that months funds? Does the new Rep Payee have authorization to access funds?

Where are Check Return Limits Specified

11/03/2024

Where in the regulations does it spell out the time limits and liabilities for banks regarding counterfeit checks, altered checks, forged endorsements, etc?

Conditioning Overdrafts on Opt-in

11/03/2024

Reg E (12 CFR 1005.17(b)(2)) says we cannot condition the payment of checks and other transaction on the whether the consumer has opted into overdrafts via ATM and one-time debit card transactions. However, it does not clarify whether the opposite is allowed – meaning can you condition ATM and one-time debit card transactions on whether someone has opted into overdrafts via check and other transactions? I can't find any guidance on this question, so any advice is much appreciated.

Compliance tiers for Dodd-Frank Section 1071

10/27/2024

What criteria is used for determining compliance tiers for Dodd-Frank Section 1071?

Next Day - Same Day Availability

10/27/2024

We were recently audited and it was noted that because a customer can immediately withdraw funds from a deposit made that same day, that we should be disclosing as a same day availability bank. instead of next day availability. What is your opinion and how do you recommend wording the change on policy, notices, and disclosures? It seems most examples I find are all next day examples.