Deposit Brokers and TIS Disclosures

Posted By: Anonymous

Deposit Brokers and TIS Disclosures - 08/26/03 07:48 PM

TIS says "consumer" gets required disclosure. What happens when deposit broker opens deposit in his name and he holds subsidiary records of his cusotmers' interests? Are TIS disclosures required? Who receives them? Thanks
Posted By: RBanker

Re: Deposit Brokers and TIS Disclosures - 08/26/03 08:33 PM

The best suggestion I have would be to ask your legal counsel, and if you don't want have one, I would suggest you find one. Most community bankers I've talked to tend to shy away from brokered deposits.