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Returned Statement Record Retention

03/19/2007

How long do we (Deposit Operations) need to keep customer statements returned for unknown address? Take into consideration that we would keep an Excel log of the ones that come back along with the reason for return.

CTR Reporting Exemptions for Sole Proprietorships

02/26/2007

I have recently moved into the compliance area at our bank. The previous compliance officer revoked CTR reporting exemptions for sole proprietorships. Is there anything in the regulations that prohibits us from granting an exemption from CTR reporting requirements to a sole proprietor?

Bank Employee Embezzlement - Customer Notification

05/15/2006

Is there any specific regulation that requires notification to deposit account holders who had funds embezzled from their accounts by a banking employee? This was not done through any type of electronic information security breach such as pharming, phishing, or hacking. The FBI has been working on the embezzlement case and a SAR was filed.

Hurricane Relief Extended to Feb. 28

12/01/2005

The banking agencies released statements responding to consumers and lenders as the 90 day payment deferral period following Hurricane Katrina closed December 1.

Tracking Members after Mail is Returned

10/01/2005

Question: Our credit union is getting a substantial amount of returned mail from membership stating that the member is no longer at the last known mailing address.

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Counterfeit Cards are Still in Play in the U.S. Banking Arena

03/30/2025

In October 2015, U.S. card networks shifted fraud liability for card-present transactions from issuers to merchants if the merchant failed to have an EMV-enabled point-of-sale terminal to accept EMV chip cards. Since the fraud liability shift took effect, ...

Telephones in Vaults

03/16/2025

Is it still a good practice, or industry standard, to have a telephone hidden in the cash vault? We recently revamped our phone system, and in the process, most of the vault phones in our 8 branches were disconnected. Nobody checked with the Security Officer, they just determined that the phone lines in question didn’t have any history of being used, so they got disconnected. I recently did a Security Officer walk through of all the branches and discovered the vault phones were not working. My recommendation was to hook them back up and I’m getting push back because of the cost.

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