Most Popular Compliance Content
Moving to large bank under CRA
05/10/2004
by Andy Zavoina, BOL Guru
Statement of Condition Availability
05/03/2004
Is it required that the statement of condition be displayed in the lobby area or can it be available to give to the customer if they ask?
Do Only Borrowers Have Rescission Rights?
05/03/2004
Regarding the right of recission, I am processing a loan to a husband and wife to finance improvments to a property owned by husband and his father. The father lives in the home and the father will sign the mortgage only -- not the note, and therefore is not a "borrower". Is this a rescindable transaction for the father?
Waiving Service Charges for Directors
05/03/2004
Is waiving service charges for someone on board of directors a violation of Reg O?
Completing CTR Correctly on Check Cashing
05/03/2004
My question is on filling out a CTR. My bank has several business customers who cash checks for their customers. Due to this activity, several times a week they send in an employee with a check (ususally over $10,001) drawn on the business and made out to cash. The employee is the one who walks out with the cash and we assume that the employee is taking that money back to the business. Should we be filling out the CTR section A on the business (making the assumption that the business is benefitting) and put the employee in section B, or fill out the CTR section A on the person who comes in and actually receives the funds even though we think those funds are being used for the business to cash checks? Or even another scenario...filling out section A for both business and employee? Would it make a difference if there was a notation on the check stating "check cashing" or something we might use to know that the funds were going back to the company for use? Wehave debated all ways and wondered what the gurus thought.