Most Popular Compliance Content
Bank Completed Corporate Resolutions Risks
03/31/2024
What are the pro's and con's of New Accounts completing various Resolutions when opening business accounts? I was advised by legal, that if we use ione, it needs to be board approved and we better know how to complete them accurately. If they are this binding or legal of a document, is it best to not use them? Our system generated resolutions are complicated and we are not completing them consistently.
Unauthorized Authorized Debits
03/31/2024
If a customer authorizes someone to use their card and gives them the PIN for a specific transaction, and that someone uses the card for additional transactions that were not authorized by the customer, is their any negligence by the customer for giving the card and PIN for the first authorized transaction? What are the requirements according to Reg E ?
Prequal Disclosures Required?
03/24/2024
A broker sends a potential borrower to the bank. He wants to pre-qualify for a loan that will be a finished house in a builder's subdivision which is represented by the broker. The dwelling will not be finished for 6 - 12 months. The bank received the application from the broker and pre-qualifies (no pre-approval program) for a later date. There would not be any early disclosures at the type of the pre-qual, correct?
Acceptance of Loan Solicitation Checks
03/24/2024
How do banks handle loan solicitation checks at their branches? Do all banks accept these types of checks, or are we even required to? If they are accepted, when do they give the customer availability or could this type of check be sent for collections? I thought collections was only for foreign checks.
Deceased Joint Accountholder Process
03/24/2024
Is this correct? Surviving joint account owner(s) can continue to use a deposit account as normal. The decedent will need to be removed from any deposit account they are an owner of. We thought the account had to be closed and another one opened but I'm hearing conflicting opinions.