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Better Keep An Eye Out For Changes

I think training officers and instructors will look back upon 2003 as the year from hell. If they make it through the myriad of regulations, laws, products, security and customer service requirements and mandates, they will surely be some of our most "experienced" employees.

Privacy
Starting with the Privacy rules: opt-in or opt-out; what you may ask and what you may tell; what disclosures must be given and when; what signs must be posted...

ooops! Some of the states are making their own rules about this that may mean even stricter rules. Better keep an eye out for changes here.

New Accounts
Add to that the New Accounts procedures: identification - what to ask for, what kind of documents to accept, what to do with them, what to do about those who have none, how to assess risk, making the decisions. And finally looking forward to the Customer Identification Program that will explain all ...

ooops! Wait a minute. That whole thing has been reopened by congress so part of that may change after all. Better keep an eye out for changes here.

FDIC Insurance
Then there are those days when the subject is FDIC insurance coverage. First the trainer has to understand the $100,000 coverage rules themselves and figure out how to explain them to employees who will then try to explain to customers how you can actually keep $600,000 in the bank and have it all covered. But having done it before, that at least has become a little easier to teach ...

ooops! Did you know there could be a change on living trusts coverage? FDIC has two proposed rules out for comment even as you read this. And AARP is lobbying to have the whole structure changed and increased. Better keep an eye out for changes here.

Regulation B
You learned a long time ago to keep up to date on compliance and lending issues with the BankersOnline web page - how else would you know to do all the reviewing and checking Lucy Griffin talks about in Compliance Action? The latest on Regulation B concerning the signature restrictions on getting the signature of a spouse was on the latest in the changes there. Better keep an eye on them too.As I said, it is going to be a very tough year for the security/compliance/training person who has to learn in order to teach. Better keep an eye out for changes.

Have a good summer!

Copyright © 2003 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 13, No. 6, 8/03

First published on 08/01/2003

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