Most Popular Compliance Content
Notice of E-statement Ready for Viewing
12/01/2008
Under the E-Sign Act, is the bank responsible for tracking or assuring that the customer is receiving the notice that their E-statement is ready to be viewed? We have a system where we send the notice to the email address the customer has provided, if it's not a valid address, it gets kicked back to our server, then we send them a paper copy. At a compliance conference, it was mentioned that we need to ensure that the notice we are sending is viewable to the customer, it's not enough that it reaches them, but the customer should also be able to read the notice (i.e. some email servers may not allow customers to read emails in HTML format). Is this this correct? If so, how do we ensure customers are able to receive AND be able to read their notice?
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?
Reg O Reporting - Standby Letter of Credit
11/24/2008
Does a standby letter of credit need to adhere to Reg O reporting?
GLBA and Customer Information
11/24/2008
Banks are consistently asked for loan account numbers and pay-off amounts by automobile dealers, insurance companies and other banks that wish to pay off trade-ins, submit insurance payments or to get accurate pay-offs when consumers are refinancing debt. How does the GLBA come into play when a bank receives these requests?
Lending Office Issuing Cashier's Checks
11/24/2008
Is there any regulation preventing a bank from having a lending office only issue cashier's checks without becoming a limited servicing branch?