Most Popular Compliance Content
Changing Banking Hours
09/20/2004
We're planning on closing a branch for Saturday banking. What kind of notification do we have to give? (We are in Texas.)
SAR Reporting and Due Diligence?
09/20/2004
Suppose you are in a target bank as part of the due diligence team looking at a possible merger/acquisition target. In the course of your due diligence review, you discover suspicious activity that rises to the level of SAR filing. Do you file a SAR? The bank officials obviously can't tell you whether they filed a SAR without violating the law themselves. Do you just discuss it with them and strongly encourage them to file a SAR if they haven't already done so?
Does this soccer promotion get a red card?
09/20/2004
We are planning a grand opening "fun day" which will involve some sports competitions that will likely appeal to kids. Would there be any compliance "red flags" if we advertised that we would make the first deposit of $25.00 towards a savings account for anyone who makes a goal in our soccer competition?
Reg O and Discounted Loans
09/20/2004
Are there any limits on discounting consumer loan rates to officers of the bank? We offer 75 bps off for regular employees.
Customer Follow-Up and Verfication of Requests
09/20/2004
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.