Does your bank have a new compliance officer? Does it have or need an enhanced compliance program? If you are starting or restarting a compliance program it takes a lot of elbow grease and you should begin with the fundamentals.
On January 28, 2022, the FDIC published a final rule to simplify, effective April 1, 2024, its deposit insurance regulations by establishing a “trust accounts” category that governs coverage of deposits of both revocable trusts and irrevocable trusts
wants their money “back” from the bank? The bank didn’t take their money and can’t give it “back.” The bank executed the transfer as the customer requested. Yet the bank is expected to replace that money under many circumstances.
Third Time’s the Charm! On May 11, 2022, after issuing prior proposals in July 2020 and March 2021, the regulatory agencies released their final updated Flood Q&As. It is invaluable Guidance, and you will want to know what it says!
Who banks on smart phones? Your bank’s customers. Who uses P2P payments with vendor apps like Zelle and CashApp? Your bank’s customers. Who is paying more and more and more claims from these transactions? Your bank.
Sweeps, contests and lotteries are really part of advertising, right? Yes – these are typically used to promote various bank products and services but they are a special subset of the broader “advertising” requirements.