Most Popular Compliance Content
Hand Delivery of Adverse Action Letters
04/07/2008
Can adverse action letters be given to the customer in person in lieu of mailing them?
Requiring e-statements on employee accounts
04/07/2008
Since we cannot require employees to accept e-statements for their deposit accounts, we are trying to develop incentives that will highly encourage them to sign up for the e-delivery. Presently, employees are not charged a service charge for their accounts. Can we change this policy for existing and future employees, so they will receive an account free of charge if they use e-statements? Otherwise they will be charged the normal service charge incurred by customers without violating regulations, thus start assessing a service charge on all existing employee accounts unless they sign up for e-delivery.
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?