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 moved to 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, and 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 and participant in BOL Conferences events.
You may contact John via email at jburnett@bankersonline.com.
08/11/2024
Our BSA Officer manages our bank’s filing of Suspicious Activity Reports (SARs) with FinCEN. She has asked to include in our policy for managing summonses, subpoenas and similar legal documents a requirement that she be notified of any suspect activity that might be turned up in searches in response to those documents. Is that allowed?
08/11/2024
Can you provide an example in which the authorization warranty by an ODFI can recover additional reimbursement for a consumer Receiver who has been hit with a long series of monthly unauthorized ACH debits to his account?
08/11/2024
If a business disputes a transaction as unauthorized and it is past the return timeframe, can we deny the claim since it is not a consumer account and Reg E does not apply?
08/04/2024
We are currently in the process of acquiring a branch of another financial institution. I am by no means a guru in HMDA but certainly not in acquisitions and this is the first time we've done this in a long time (before my time). I am under the impression aftery some reading of the HMDA Getting It Right Guide, that we have to report the loans we obtain through the purchase. This is okay, but I have others saying that we only have to report the ones they originated in 2024, which I don't think is accurate, but I could be wrong. Additionally, the other institution's staff members aren't being very forth coming with information and have advised that we will get the information for the files we are getting, however, we will have to go through it to gather the HMDA required data, as they will not provide us with a LAR. I'm also trying to decipher the guide and if we qualify to not report certain fields, like Loan Costs, Origination Fees and Discount Points.
08/04/2024
How do we handle a situation where the ODFI does not provide a proof of authorization, but sends the contact information of the originator?
08/04/2024
When I have sent the request to return an ACH debit a customer disputed and it was within Reg E 60 days from the statement date we have been challenged on the return. Are we violating Nacha or Reg E when we return the ACH when it's past 60 days from posted, but not 60 days from statement date?
07/28/2024
This concerns a commercial revolving line of credit that is secured by the borrowers' home. This loan is done in the individuals' names and the purpose of the loan is to purchase, renovate and sell investment houses. The thing that is confusing me is that they aren't making purchases or renovating with the line right now. Would this loan still be HMDAreportable since it is secured by the borrowers' primary residence?
07/28/2024
When we receive a garnishment order identifying a judgment debtor who has a joint account at our credit union, and there are federal benefits that have been direct deposited for both of the joint owners of the account, which of those direct deposits do we treat as “protected funds”?
07/28/2024
Two of our depositors receive direct deposits of both VA and Social Security benefit payments to their joint checking account. We received a garnishment order naming one of them as judgment debtor. When we looked back over the past two months’ account activity, we found two direct deposits for Social Security benefits and two for VA benefits. These customers routinely move their SSA and VA deposits into their savings account soon after they are received, and appear to meet their monthly bills using monthly IRA disbursements. Can we treat the SSA and VA funds in the savings account as “protected funds”?
07/28/2024
If we elect to update our disclosures on the circumstances that may trigger overdraft charges, do we have to disclose the order in which we post debit and credit items to deposit accounts?