Most Popular Compliance Content
Business Accounts- Charging Daily Interest
12/01/2008
Our lending department wants to charge business customers daily interest on accounts that remain overdrawn or uncollected for a number of days after the initial infraction. What customer notification is required and are there any regulatory issues about which we need to be aware?
Reporting Rules for Open-End & Closed-End LOCs
11/24/2008
My studies indicate lines of credit are optionally reported (we do not report). Most of the writings seem to equate lines of credit with home equity lines of credit with no distinction between closed-end and open-end. Are there different reporting rules for open-end and closed-end lines of credit?
Deposit Incentive
11/24/2008
We are considering paying a referral fee for new deposit accounts. Instead of paying the customer or the person making the referral, we'll make a donation to a charity of their choice. Are there any compliance issues with this?
In Branch Advertising
11/24/2008
Our grocery store branches have limited floor space. During the day they can move some signs to the walkway in front of the branch and at night, pull them back in before the gate is lowered. For ease of use and to vary the product offerings they are using whiteboards and people with really nice penmanship. What compliance problems are there with whiteboards?
To Whom Should Compliance Officers Report?
11/24/2008
As a compliance officer, I have been accustomed to reporting to the audit committee. Since a recent merger, the president wants me to report directly to him and has taken the audit committee out of the mix. Also, the compliance officer was always appointed by the audit committee, but the president has also decided he will appoint or hire the compliance officer. Does this take away the independence of the compliance officer?