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.
You may contact John via email at jburnett@bankersonline.com.
03/19/2023
On the loan estimate, I input it as a balloon rather than installment which drastically increased the payment. Do I need to redisclose theis with a revised LE or do I make the correction in the closing disclosure?
03/19/2023
I have a Reg E Section 1005.14(a) question. If a consumer is disputing a charge that originated as an ACH from a P2P or other fintech and we do not have an agreement with the P2P or other fintech, can we as a financial institution direct the consumer to file their dispute with the P2P? Aren't they subject to Reg E Section 1005.14(a)?
03/19/2023
When filing SARs, for the total amount of reported activity would you include both incoming and outgoing transactions when it's the same funds? Example: Customer received an unusual wire for $50,000 and withdrew the funds in a structured manner. Would the total amount reported be $50,000 or $100,000?
03/19/2023
A customer disputed a transaction saying that they were scammed. The bank filed the dispute through their dispute program with a well known vendor I'll refer to as V. This was on October 20. V submitted the claim to the merchant on December 12, and they responded with evidence that the customer initiated the transaction. It went into pre-arbitration and the bank did not hear anything further. At 90 days the bank closed the case with the customer being responsible because the merchant said the evidence proved it was the customer who did it. On January 30, the bank received credit from the merchant stating that there was an error and they are now returning the funds. The bank contacted V since it had been past the 90 days and were told that the merchant has 30 days once they receive the dispute, then when the bank gets the results, they have 30 days for pre-arbitration, then the merchant has 10 days to respond to that. This doesn’t to fit with Reg E time requirements. There is some confusion as to how the bank should handle this situation. They would like to return the money to the customer, but are unsure of how to proceed. What should happen in this case and was it mishandled based on Reg E and merchant rules?
03/19/2023
I wanted to reach out in regards to time frames that depositing banks have to respond to a check return. As with most other banks, I’m sure, we have seen an increase over the last 2 years of check fraud alternating between both altered checks and endorsement fraud. We typically try and return the item and collect for our customers the lossed funds, but most of the time our returns are denied as they are a late return. The denials that we receive though range from 2 weeks – 3 months so I wanted to reach out to see if there is a time frame that a depositing bank has to deny a returned check so we know on our end as far as giving our customers final credit for the check return?
03/12/2023
If a depositor who was repeatedly overdrawn continues to be repeatedly overdrawn during the six months they are subject to the repeated overdrafts exception hold rule, can we extend their repeatedly overdrawn status?
03/12/2023
Participation and LIFO Loans
03/12/2023
For loans that take months from application to closing, at what point would you recommend collecting updated Customer Due Diligence? My initial thought is that as long as the loan had not closed, we can rely on the information from the previous 90 days, but would want to verify/update after that period, and I am having difficulty finding guidance on specific timing.
03/05/2023
When does the bank have to make a deposit of cash available for withdrawal from a transaction account?
03/05/2023
A customer passes and an estate account is opened at another institution by the appointed executor of the deceased. We receive the death certificate and letter of instruction from the executor to disburse the funds to the estate at the other bank. Are any CIP forms needed for the executor or anyone else on our end?
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