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Examiners and bank policies and procedures

Will our FDIC examiners be reviewing how we handle third-party claims on customer funds?

It’s certainly possible, because there is a federal regulation that requires specific steps in handling garnishments when certain federal benefit payments might be involved. As customers age, more and more of them will receive one or more of those federal payments, expanding the significance of your compliance with that regulation. Examiners from the other prudential regulators are also likely to be interested in how banks and credit unions handle those claims.
Learn more about John Burnett’s webinar
Developing Procedures for Third-party Claims for Funds and Info

First published on 02/24/2019

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