Banks with active and imaginative marketing departments can produce some great ideas, but some of the ideas can break some rules. Bank staff members who want to assist local charities can also step outside of legal and regulatory boundaries.
Recorded on May 23, 2024
APY and APR Accuracy (Bonus! Using the FFIEC Calculator on T
Mistakes happen. Even strong compliance programs can have a slip-up, and you may find your bank has wrongfully disclosed the Annual Percentage Rate (on a loan) or the Annual Percentage Yield (for a deposit product).
Nobody wants compliance mistakes but when they are tolerable and in moderation, you grow, you learn from them and that leads to improvement and survival in a tough world of compliance and banking.
It has been more than a few years since the Reg Z Loan Originator rules came about, and even longer since the SAFE Act requirements began. When rules and regs start to age, the rationale behind their policies and procedures are forgotten.
When your bank receives a claim that an ACH charge to a customer’s account was unauthorized, you have to respond correctly and your customer expects swift results.
Have you ever eaten at In-N-Out Burger? The menu is simply delicious… straightforward, plain, and uncomplicated. In fact, it is probably a bit like your loan product lineup.
I heard a banker comment that, “Reg E hasn’t changed, so what’s to learn?” The Reg itself and the commentary haven’t changed, interpretations of who is a financial institution, what is an error and who has to investigate errors have.