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#2173297 - 04/12/18 09:09 PM Member FDIC on Certification forms
Buddy the Elf Offline
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Buddy the Elf
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first lily pad on the right
Our Marketing department is requiring that we put Member FDIC on the Beneficial Ownership Certification Form. Is this an actual requirement?
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#2173298 - 04/12/18 09:13 PM Re: Member FDIC on Certification forms Buddy the Elf
RockChucker, CAMS Offline
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Joined: Jul 2013
Posts: 1,628
The Country
Nope
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#2173302 - 04/12/18 09:19 PM Re: Member FDIC on Certification forms Buddy the Elf
Buddy the Elf Offline
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Buddy the Elf
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first lily pad on the right
I KNEW IT! Now.... what to do about it.
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#2173303 - 04/12/18 09:20 PM Re: Member FDIC on Certification forms Buddy the Elf
Buddy the Elf Offline
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Buddy the Elf
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first lily pad on the right
What happens if it's on there anyway?
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#2173304 - 04/12/18 09:20 PM Re: Member FDIC on Certification forms Buddy the Elf
Sunshine Lady Offline
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Tell them it is not in the regulation.
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#2173305 - 04/12/18 09:20 PM Re: Member FDIC on Certification forms Buddy the Elf
Sunshine Lady Offline
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Sunshine Lady
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Nothing happens, you just have more information than you need.
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#2173316 - 04/13/18 12:28 AM Re: Member FDIC on Certification forms Buddy the Elf
BrianC Offline
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Joined: Nov 2004
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Illinois
There are compliance battles worth fighting because doing it wrong poses significant compliance, financial, reputation, etc. risk to the bank. This isn't one of them.
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#2173318 - 04/13/18 10:01 AM Re: Member FDIC on Certification forms Buddy the Elf
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
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Next to Harvey
Agggghh! crazy

At least ask the proponent send you an e-mail citing why it should be included, citing regulation, not opinion. As Brian suggests, don't fight the battle, but at least leave a paper trail indicating exactly who is inept.
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#2173427 - 04/13/18 04:43 PM Re: Member FDIC on Certification forms Buddy the Elf
Buddy the Elf Offline
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Buddy the Elf
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first lily pad on the right
Thank you everyone! I couldn't believe it myself.
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