What is demonstrable consent and can we do that with new account disclosures we email the new customer?
We are a de novo bank and our BSA officer mentioned that it was "recommended" by FDIC regulators that banks need to check their correspondent banks on OFAC anytime they send or receive a wire from them. To me this seems pointless and quite excessive. We send/receive wires through PCBB and I can't see us needing to check OFAC lists for their name daily. Is this really necessary?
For the Reg CC RDC indemnity, it states; "(2) A bank described in paragraph (f)(1) of this section shall indemnify, as set forth in § 229.34(i), a depositary bank that accepts the original check for deposit for losses incurred by that depositary bank if the loss is due to the check having already been paid." We have a customer which is a business offering check cashing and it makes deposits via remote deposit capture. I am confused over the liability and timing of paper vs. electronic deposits, duplicate items and will restrictive endorsements influence liability?
The NCUA has a regulation that will not allow a federal Credit Union to close out a member's relationship without being approved by the NCUA Board. However, the FFIEC manual allows for an institution to close out a member due to multiple SARs. Does the FFIEC Regulation supersede the NCUA regulation that requires approval before closing out a relationship?
Is it a requirement that all archived loan statements have the "backer" information on it meaning the Reg E language, bank logo, copy of paid checks, etc...?