What are the bank policies that need board approval and how frequently?
We are finally developing a bank website and will have online application forms. What are the compliance requirements for submitting an online application? We are in need of some good resources for internet banking compliance in general, what resources would BOL recommend?
The August 15, 2006, Frequently Asked Questions on the FFIEC Guidance, "Authentication in an Internet Banking Environment," indicates that the principles of increased security apply to all forms of electronic banking including telephone banking systems. Do I have to perform a Risk Assessment on all of my electronic delivery channels?
I am a Compliance Audit Manager for our company and solely responsible for performing our company's compliance audits; however, I am not certified in Compliance or Audit, but do have a solid compliance background and a MBA. We also have external auditors perform some of the audits. What type of training schedule can you propose to sharpen my compliance skills and what types of audit classes will help me in this newly-created role?
Here are a few details before the question: A Cash Reserve line of credit that is tied to the customer's checking or money market account only and the Line of credit (in increments of $100) is advanced only when funds are not in the checking account. Here's my question: The Business line wants to start charging a $10 transaction fee for each draw/advance and the $10 fee will be coming from the line of credit, not the checking account. Is this transaction fee a finance charge?