As it pertains to Reg O and overdraft monitoring: Are business DDA accounts for which directors are signers to be included in the overdraft monitoring process?
Is OFAC training a required course for our board of directors annually?
Reg O - Directors (not Executive officers). Are primary residences subject to Reg O reporting for directors? Are there specifics to when they are or not be be reported such as on the mortgage system, loan side, 2nd lien or purpose like Executive officers?
What are the financial reporting requirements for Directors and their related interests under Reg O? Do they need to produce tax returns or appropriate financial statements annually for their personal loans and loans to their related interests?
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?
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?
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?
If a director or executive officer is a custodian or power of attorney on an account of their child or wife, does that account need to be monitored under the Reg O overdrafts limitations applicable to executive officers and directors?
Does the Reg E opt in/out requirement apply to Directors? If an institution is required to charge Directors for overdrafts as part of the Reg O requirement, would this prohibit them from opting out for Reg E purposes?
Reg E vs Reg O? The President of our bank is on a joint account with his teenage son. The account is marked as a Reg O account in the system. The teenage son has a debit card. He did not opt in for Reg. E. The son used his debit card for fuel and created an overdraft in the account. As a Reg O account, we would have to charge an OD fee. Since the son did not opt in for Reg E, we cannot charge a fee. Which one should we violate? How do we prevent this from happening again?