Most Popular Compliance Content
FACT Act: FTC Issues Final Rule on Prescreening Notices
02/01/2005
A provision in the FACT Act requires notices to recipients of offers of credit that were prescreened using the consumer's credit report.
Matricula Consular as primary ID for CIP?
01/31/2005
Is a Matricula Consular Card an acceptable form of "Primary" ID under the USA Patriot Act? I recently read an article about larger banks accepting this as a primary form of ID but have also read other articles indicaing that it is not an acceptable form of ID.
Are Kiosk Savings Transactions Limited?
01/31/2005
How would one interpret Reg D compliance for a full-featured kiosk, designed to handle most teller functions? Would location be a factor, such as within a bank branch (in lieu of a face-to-face transaction with a live teller), versus away from the branch when the kiosk is used as an advanced ATM?
Deposit applied to wrong account - Now what?
01/31/2005
A family friend made a deposit of multiple checks. He did not have a pre-encoded deposit slip, but did fill out the deposit slip completely otherwise. The teller receipted the transaction correctly, but encoded a completely different account number on the transaction. That account number belonged to the depositor's mother. (Even though the two are not on accounts together.) The error resulted in two checks being returned, which caused additional late fees and charges to the depositor. Since the transaction was correctly receipted the depositor was unaware of the problem until he received NSF notices. What is the liability of the bank to correct this problem? And what is the recourse of the depositor?
RFPA and Subpoenas
01/31/2005
Concerning the Right to Financial Privacy Act and subpoenas: When we receive a subpoena, has the government authority who issued it already notified the customer at least 10 days in advance, or does the government mail/deliver the subpoena to the bank and customer at the same time? This would mean the bank must wait at least 10 days to provide the information in order for the customer to have time to stop the request.