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#1439752 - 09/07/10 09:07 PM Reg CC-Substitute Check Questions
Bec Offline
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Bec
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The Great White North
I am trying to complete a Reg CC Audit and am totally hung up on the Substitute Check part. For one it asks if we are a reconverting bank. According to all my sources, we are not, but they were not very convincing...how do I determine, without a shadow of a doubt that we are or are not a reconverting bank? Also as far as the recredit procedure, is this something that happens rarely? I have asked for documentation from Ops and they all look at me as though I have a third eye.
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#1440091 - 09/08/10 03:35 PM Re: Reg CC-Substitute Check Questions Bec
Bec Offline
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The Great White North
Bump
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#1440773 - 09/09/10 04:19 PM Re: Reg CC-Substitute Check Questions Bec
Ready to Retire Offline
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Do you receive an electronic check file from Fed and then convert the file to checks to be put in your customers' statements? If you do you are a reconverting bank. If you don't reproduce the checks to a paper form you are not.
Last edited by Ready for Spring; 09/09/10 04:19 PM. Reason: can't spell today
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#1441064 - 09/09/10 08:43 PM Re: Reg CC-Substitute Check Questions Bec
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Can anyone give me some help in regards to audit procedures for Reg CC? I'm starting a compliance audit and the procedures on the OCC site don't seem current does anyone have an idea where to receive the most up to date copies? I have searched and can't seem to find anything newer.

Thanks
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#1441135 - 09/10/10 12:06 AM Re: Reg CC-Substitute Check Questions Soccer
rlcarey Offline
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Galveston, TX
The only change in a while is the fact that there are no longer any local checks.
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#1441165 - 09/10/10 11:19 AM Re: Reg CC-Substitute Check Questions rlcarey
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Thanks Randy: During a recent review of the program I used for FCRA it was brought to my attention that the FRB procedures, (most recent ones from their site), that I used didn't reference the affiliate marketing opt-out. Even though I acknowledged it in my report that it didn't apply to our institution. It was still placed in the review. I just don't want that to happen again.
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#1441681 - 09/10/10 09:29 PM Re: Reg CC-Substitute Check Questions Ready to Retire
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All the statements are processed through our data center. So in house we do not produce copies of checks for statements
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