Vendor Guru Q&A - Compliance

Latest Compliance - Board of Directors Topics

Board of Directors Question

02/07/2021

If a credit union board holds a board only meeting after the normal Board meeting, must the Board Chair prepare special minutes or can they provide notes to add to the regular Board meeting minutes?

Are Board of Director Committees Required?

12/15/2019

Are Board of Director committees required per regulation and if so, which ones? If not, what types of board committees are typically held by a financial institution?

What does my regulator's request mean?

10/30/2016

What does our regulator mean by "most recent report for SAR /CTR filed along with 3 years filing trend"?

Who do we have to train on BSA and how often?

07/03/2016

Who do we have to train on BSA and how often?

"Checklist" to Use in Compliance

12/12/2015

Is there a "checklist" to use in compliance that would list the things for each regulation that need to be completed each year? For example, annual training, reports required board notifications, etc.

Corp Board Appoint New Signer if Only One Deceased

01/07/2013

If there is only one signer on a corporate account and he passes away, can the corporation's board of directors appoint a new signer?

Business Purpose Medical Marijuana-Legal?

10/08/2012

I have a possible prospect that would like to open a business account here and he has his business license and EIN number. The purpose of the business is Medical-marijuana dispensaries. We are a community bank and I want to know if it is legal to even open in the state of WA. I understand it is legal to have these dispensaries in the state of WA, will we be in compliance?

Board/Executive Officers Exempt from OD Safeguard?

06/18/2012

Are board of directors and executive officers exempt from having Overdraft safeguard? What if they are listed in a non-owner relationship in a deposit account?

Waiving Overdraft Fees for Board of Directors

09/12/2011

During our annual internal audit of Reg. O, we discovered that overdraft fees are being waived for the board of directors. The overdrafts were under $1,000 and the account was not consecutively overdrawn for 5 days or more. At first, we felt that we could defend this by proving that our BOD is in similar circumstances as other depositors that we waive overdraft fees for. Management has decided that proving these "similar circumstances" may not be a risk we want to take with examiners. How should we handle this violation? Should we have the board members that are in violation pay the fees that were waived? Or should we implement training and awareness to ensure this violation does not happen again?

Extended Due Date on Loan for Director (Reg O)

08/29/2011

A director (reg o) has a loan. Can the due date be extended each year without board approval with the same interest rate? This loan started in 2007 and each year the due date has been changed for another year. The loan is an unsecured loan for 25,000. Also, this director has another unsecured loan for 5,000 with the same thing happening.

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UDAAP: The CFPB’s First Case

In its first significant enforcement action, the Consumer Financial Protection Bureau has issued a consent order against Capital One Bank.

BSA Enforcement Hits Royal Bank of Scotland

As many foreign banks doing business in the United States have discovered, it is not enough to import the compliance systems used in the home country. When in the USA, do as the USA requires.

Aggravated ignorance doesn’t void a Reg E claim

10/10/2021

Why can't we hold a customer or member liable for having the PIN with the card?

Charging Fee on Paper Statements (Move to Online)

10/10/2021

Our bank is now charging a $3 fee on paper statements in an effort to move everyone to online banking, where there would be no charge for the statement. Is this permissible by Reg?

Fraudulent Cashier's Check- Late Return

10/10/2021

We received a call from a credit union on 9-1-21 informing us that a cashier's check on them was fraudulent. We sent that check out on 8-5-21. We waited 10 business days to give the customer credit. (8-20-21) The customer has spent more than half the funds but I placed a hold on the remaining amount. Do credit unions not return through the Fed like banks? They sent us an Indemnification Agreement to sign and send the funds back. Could this be considered a Late Return? Help!

RFPA Certificate of Compliance

10/03/2021

Is it permissible for the government to simply give us the certificate of compliance at the same time they give us the subpoena?

RFPA Certificate of Compliance

10/03/2021

Is it permissible for the government to simply give us the certificate of compliance at the same time they give us the subpoena?

Latest Compliance - Board of Directors Topics

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