Most Popular Compliance Content
Audit checklist for bank as mortgage loan broker
11/17/2024
I am looking for a checklist that auditors would use when doing an audit on a brokered mortgage, specifically when the bank is acting as the broker. Can anyone give me a suggestion as towhere to find one? I have been searching the internet but have not really found anything that would help me with this.
Data breach and card reissuing
11/17/2024
We have been notified by Mastercard of a data breach and need to inform our customers who were impacted by this incident. In previous financial institutions where I have worked, we typically send a letter to notify customers about the card compromise. This letter includes the date we will be closing their card and informs them that a new card will be issued. My question is regarding the regulations surrounding this process: Can customers choose to keep their card active? If so, where does the liability lie if they experience fraud in the future? I am looking for a regulation or a Mastercard rule to implement a formal policy, as there isn't one currently in place at my current financial institution.
Deceased Joint Accountholder Process
11/10/2024
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.
Is checking online banking, being aware of a loss?
11/10/2024
Can a bank use the customer’s history of access to their online banking, to determine when the customer was aware of a loss such as an unauthorized electronic funds transfer?
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?