Vendor Guru Q&A - Compliance

Latest Compliance - Money Orders Topics

Monetary Instruments Log for Credit Union

08/09/2020

I am trying to create a monetary instruments log for our credit union. I have not been able to find a list of the required information needed on the log. Where can I find that information?

Stop Payment on Personal Money Order Purchase

12/15/2019

If a customer stops payment on a personal money order purchase from the bank and it never comes through for payment, do they get their money back and if so, when?

Cashier Checks/MO Purchased at Bank: OFAC

11/04/2018

What is required for cashier checks and money orders purchased at a bank in relation to OFAC?

Required to Cash/Accept Postal Money Orders?

12/17/2012

Is our bank required to cash or accept for deposit U.S. Postal Service money orders?

"Member FDIC" on Cashier's Check/Money Order

11/19/2012

Does a Cashier's Check or Money Order a bank issues have to have the wording "Member FDIC" on them?

Cannot Find Source of Funds-Close Account?

09/24/2012

The husband of a long time customer of the bank, is using her account to deposit large dollars in postal money orders, cash, his social security check and wires for services he provides. The money is then Paypal'd out. We have no idea of the source of these funds. Her paycheck is an ACH not in questions. We have been filing SAR's for a year. Should we leave the account open?

International Postal Money Orders- Availability

01/23/2012

Concerning Reg CC: U.S. Postal Money Orders must be given next business day availability if they are deposited over the counter and into the account of the payee. What are the availability requirements of Japan International Postal Money Orders which are drawn on the same "account/ABA" as U.S. Postal Money Orders? I have searched the Regulation and cannot find anything specific to International Postal Money Orders.

Rules for Holds on Cashier's/Gov't Checks

09/19/2011

What type of holds can be placed on official-type items such as cashier's or government-type checks? What rules accompany these holds?

Uncashed Cashier's Checks and Money Orders

04/25/2011

What are the ongoing responsibilities on uncashed Cashier's Checks and Money Orders? What information is required for checking these monthly? We were told that we had to run them against OFAC.

Bank Customer Sells Money Orders

08/30/2010

Our bank has a business customer who printed checks with different remitters. The checks are clearing through one account. Should we close the account? What potential liability could we have?

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Serving the Unbanked and Underbanked: FDIC's Study

Many federal agency reports to Congress contain little that is interesting, surprising, or useful.

FDIC's Unbanked Study

Initially, CRA was all about helping to meet the credit needs of low- and moderate-income consumers.

Church/Credit Union: Non-government Organizations?

08/01/2021

We are going back and forth as to whether or not a credit union or a church are actually considered non-government organizations? Although we know that they are non-profit, I have read conflicting information and am trying to settle this internally.

Record Retention for Debit Card Dispute Docs

08/01/2021

How long do we need to keep debit card dispute docs? (What is the time of retention?)

Advertising-more than ECOA, TILA, TISA and Fair Housing

08/01/2021

Is following the standard Regs, B, Z, DD and fair housing going to ensure advertising compliance?

Handling Reg E claims on older transactions.

07/25/2021

If an EFT claim is made long after the statement is sent showing the transaction, the rules of investigation don't apply. So why do we investigate any of these claims?

Compliance Info on Paper Checks

07/25/2021

I was wondering if you could point me in the right direction as to where to find more information on compliance for paper checks? Whenever I place a stop payment on a paper check, there's a disclosure that says "this request will expire in 6 months in order to comply with regulatory requirements." For the customers who ask for a more in-depth answer, what can I tell them?

Latest Compliance - Money Orders Topics

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