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!
When is Reg CC going to change? I went to a seminar and the instructor stated June 1st. I have not heard anything else about this.
I am trying to get updated copies of our correspondent banks capital ratios, in accordance with the requirements under Regulation F. I have been able to get all of them but one from the Federal Reserve Bank. Do I really need one from them?
If you stop offering the ability to write checks from your money market account, what disclosures or notice must you give to your customers?
The change on who can have a NOW account (Businesses). When was the change and in what Reg is the change found?
Under the new Reg CC rules, how long can we hold New Account checks?
Is there something in writing from the Federal Reserve and/or the CFPB that supports the comment in this<a href="http://www.bankersonline.com/operations/guru2012/gurus_op011612a.html "> Q and A</a> on Reg E periodic statement requirements? The Iowa Bankers Association, our compliance liaison from the Federal Reserve, and all other sources I can find seem to disagree with this point of view. They say the IF an account CAN be accessed by an EFT, regardless of whether it actually is, that at a minimum quarterly statements have to be provided (and also for each month when an EFT occurs).
I see that Dodd-Frank Act Section 1073 has an effective date of January 2012. Have we seen any final rules to comply with yet?
In talking with The Federal Reserve Board, it was determined that a negative finance charge is not a charge but a credit and should not be used in calculating the APR. We have found a blog on <a href="http://www.bankersonline.com/lending/guru2010/gurus_ldng102510a.html">BankersOnline website</a> that states differently. Where can we find the information to back up the answer that was given on this blog?
REF: Repeal of Reg Q allowing interest on demand deposit account. Where can I find this change in the regulation since the new CFPB has taken over? It was previously in FDIC Part 329 Section 329.1 (b)...Where can I find the new wording?