Foreign wires disclosure info
02/16/2020
What are the main items of information that must be disclosed before a consumer pays for a foreign remittance transfer?
John Burnett
Bio:
John Burnett joined Glia Group, Inc., and BankersOnline in 2004, and currently serves as Executive Editor. He is a 1990 honors graduate of the Stonier Graduate School of Banking and is an alumnus of the ABA National Compliance School, where he served on the faculty for several years.
John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company.
He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He is a regular presenter of BOL Learning Connect webinars and a presenter at BOL Conferences events.
Contact info:
You may contact John via email at jburnett@bankersonline.com.
Questions Answered
Can You Use "Student" for an Occupation on a CTR?
02/09/2020
Can you use "student" for an occupation on a CTR?
FDIC Quarterly Banking Profile Book Retention
02/09/2020
I just found a hoard of FDIC Quarterly Banking Profile books. I am assuming that we have kept these over the years because no one knew how long to keep them. As a rule of thumb, I have been keeping things that I am unsure of for at least 5 years. I have not found something in my department that has to be kept any longer tan that. I could not find any record retention guidance for this book. Should I trust my gut and just keep 5 years worth?
Foreign transfers and availability date
02/09/2020
5. Does the consumer requesting a remittance transfer have to be told when the funds will be available for the recipient?
Verbal Telephone Confirmation: 3 Day Closing
02/09/2020
Can a lender accept verbal telephone confirmation from an applicant of receipt of the 3-day closing disclosure?
Stop Payment on Check Processed for Wrong Amount
02/09/2020
A customer placed a stop pay on a check for $1,600. The bank first processed the deposit as $16.00 so our system didn't stop it and the customer didn't realize it until several weeks later. I have looked everywhere and can't find any case similar to this. Can we return it and if so, for what reason, additional paperwork is needed?
Joint custodians
02/02/2020
Can both of a child’s parents be custodians on a UTMA for the child’s benefit?
Error claims on Remittance Transfers
02/02/2020
Who must notify the provider of remittance transfer services of a problem with a transfer to trigger the error resolution requirements of subpart B?
Who can be a UTMA custodian?
01/26/2020
Can a grandparent be a custodian on a UTMA account, and is there a regulation listing who can be an authorized signer on such accounts?
Alternatives to UTMA accounts
01/19/2020
Are there any alternatives to UTMA accounts when a minor is involved?
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