Most Popular Compliance Content
Purpose of Wire Transfer Required?
04/07/2008
Are there any compliance regulations that require a bank to request a purpose from the customer on a wire transfer?
Angry & Confused Over Reg E
04/07/2008
I do not mean to sound like such a dummy, but I am so confused about Reg E compliance. I understand that we are required to investigate all card transaction disputes, but does Reg E require us to give a provisional credit on all claims? I am particularly disturbed that the bank, due to the provisional credit requirement of Reg E, ends up writing off claims for which we cannot recoup any losses. Since customer initiated transactions are not considered to be "unauthorized" by the processor and we cannot enter a valid dispute, we will always have to absorb the loss to comply with Reg E. It does not seem fair.
Would These CDs be Subject to Reg E?
04/07/2008
Generally our Certificates of Deposit are not accessible by EFTs; however, we do have two or three accounts in which we have a pre-authorized arrangement to transfer the interest earned monthly to an account for the customer at another financial institution. Does this make the accounts subject to periodic statements under Reg E? If so, exactly what type of disclosures are required and how often must they be submitted?
Reg CC & Tax Refund Checks
04/07/2008
With tax season here, we will soon be inundated with tax refund checks issued by [name of tax preparation service withheld]. For Reg CC purposes, are these checks considered cashier's checks? They are drawn on [name of bank withheld], but issued by [name of tax preparation service withheld] as their agent as a loan proceed.
Separate Banks, One Owner - Late Charge Procedures
03/31/2008
I have a client bank that has just purchased another institution. The two banks have been under the same holding company, but now will be the same bank. For purposes of late charges imposed, must both banks use the same late charge procedures as far as when they are imposed and how much or is it just a matter of disclosure, as long as two separate procedures are disclosed, two modes of implementation will be deemed acceptable?