Examiners are asking more and more for a compliance risk assessment. Is there a sample format that I could use to develop something more formal for them?
I need to know if there are any specific regulations for opening up minor's savings accounts other than collecting CIP procedures?
Should banks verify checks over the phone? Does Reg. P or any of the regs address this.
I'm the Internal Auditor of a community bank and will really appreciate your help with this. I'm working on the BSA Internal Audit and was trying to see if the FDIC/State requires for all employees to complete their BSA training, regardless of their department? We have a very good compliance program and training but it seems that some of the Loan department has not finish or even started with their online BSA training. Should I include as a recommendation to make sure that all employees complete their BSA training or should I write it up as violation? If you advise me to write it as a violation, give me good arguments because I have a stubborn Compliance Officer. Once again I would like to thank you for your time and assistance.
For customer-initiated requests (auto debit setup, removal, name/address changes, due day changes, etc.), is there anything in the regs pertaining to follow-up letters that should be sent to the customer? Some banks send letters reiterating the request/changes made, whereas others don't.
Does any regulation require us to have our policies addressing regulations, in whole or a summary, in the Human Resources manual?
Can you please tell me the difference between an Act and a regulation? And is a law different than a reg or act? For example, Regulation DD is for Truth and Savings, but there is also a Truth and Savings Act.
When a SAR is filed and you report it to the board, should you list the name of the person on whom the SAR is filed or just give a synopsis?
I am looking for verificiation regarding HOEPA and Balloon payments. At a recent training seminar, we were told that HOEPA loans must have a minimum term of 5 years. We have scoured the regs for a definitive answer and cannot find any such documentation. Is there a minimum period for balloon payments on HOEPA loans?
Is there something in the regs which requires borrowers sign the ARM Disclosures?