Most Popular Compliance Content
Oral Stop Payments and the UCC
09/29/2003
I am concerned that we are not following the UCC regarding oral stop payments. We send a letter 14 days after the 14day expiration time and then again 7 days after that. So, we have a stop payment on the books unsigned for approximately 35 days. If we do not get a response we will delete the stop payment. Is this considered to be acceptable?
Is SSN on Mortgage Illegal?
09/29/2003
Our County Registrar of Deeds office called today and said that it is illegal to print the borrower's social security number on a future advance mortgage. I know it's not required, but is it illegal?
New Accounts: Handling an OFAC Hit
09/29/2003
What is the proper way to handle a situation where you are opening up a new account for a new customer and their name shows up on your OFAC list? Do you continue your opening process and then report them to the proper authorities or do you stop immediately and turn the customer away?
Filing SARs for Stopped Nigerian Scam
09/29/2003
Recently my bank received a FedEx envelope containing a large cashier's check payable to a legitimate bank customer. The alert bank associate who initially received the delivery noticed that the envelope had been sent from Nigeria and further research was done instead of just complying with the request to deposit the cashier's check (which looked like a valid item) to the payee. The bank's customer was called. The customer had sold merchandise over the Internet and was expecting the funds. The check was payable for several thousand dollars more that what was owed, and they were instructed to wire back the extra amountzing. We called the alleged issuing bank of the cashier's check to confirm that the item was indeed fraudulent. Since my bank only accepted delivery of the item and never deposited it, and thus neither the bank nor the customer lost any money, should we file a SAR? Had the envelope been delivered to an unsuspecting associate, I fear the outcome could have been very different. I feel that my bank did have the potential to suffer a loss in excess of $25,000. I would appreciate your advice.
What Goes in a CRA File?
09/22/2003
I have just taken over the CRA file for our bank. I've never done anything with this before. What goes in the public file? Should I keep an examination file? Any help would be appreciated!!!