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 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 of BOL Learning Connect webinars and a participant in BOL Conferences events.
You may contact John via email at jburnett@bankersonline.com.
04/23/2023
Are there any specific requirements that we verify that a beneficiary is a natural person, charitable organization, or other non-profit entity for purposes of complying with 12 CFR 745.4(c)&(d) - beneficiary of a trust?
04/23/2023
When reading the Consumer Financial Protection Circular 2022-06, we are trying to understand if banks are not allowed to charge an overdraft fee on a transaction that was authorized positive and settled negative, regardless if they had OD privilege or not? In the Circular 2022-06, it states that overdraft fees can be deemed unfair acts or practices even when the financial institution complies with federal regulations including Regs Z and E.
04/16/2023
Our bank has a time deposit owned jointly by Mary Smith, who died last week, and her daughters, Carol Jones and Jessica Smith. It is the only joint account in our bank in their names, and there is a balance of $700,000 in the account (Mary received the interest each month as a transfer from the time deposit). Should we talk with Carol and Jessica about FDIC deposit insurance limits?
04/16/2023
We had a customer deposit a Cashier's Check for $92,000. He called the automated number listed on the check and it says the check was paid on Feb. 15. He now wants to wire the money out. We are concerned the check could still come back as fraudulent. What are our time frames for allowing complete use of the funds?
04/09/2023
How long does it take for Social Security to act after a Social Security beneficiary dies?
04/02/2023
Would it be smart to seek out beneficiaries and/or successor custodians to reduce your abandoned property burden...or would that create a GLBA privacy violation?
04/02/2023
Is a veterinary clinic eligible for a Phase II exemption or is it considered practicing medicine?
03/26/2023
A dispensary (Marijuana Related Business) just opened this month in town. We have two members (we are a credit union) that receive payroll from there (ACH). - Given their employer, is it illegal for them to bank with us? - Do we need to terminate our relationship with them? Our policy only states for MRB's that we would allow tier 2 and 3. Technically it is an individual, not a business though. Are we allowed to keep them? I know there are SARs we may have to file for MRB's (limited/terminated, etc.). If we keep thee depositors, do we have to file a SAR every 90 days on the individuals as long as they are employed at the dispensary? We understand there is a certain risk having them. There is really no guidance from FinCEN regarding employees of MRB's, just MRB's themselves. Any guidance would be greatly appreciated.
03/26/2023
We are a bank located in NY. We would like to know if it is required under state (if you know) or federal laws to have a customer sigh a claim form for an unauthorized/forged/altered check? If so, is it required to be notarized? We are aware that NACHA made provisions during the pandemic to allow WSUDs to be taken verbally, however we would like to know if it's necessary for checks and specifically if a Notary is needed as one might not be available in the branch on the day the claim is made.
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?