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Hold Liability

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What type of action could be taken against a financial institution that places a hold on a cashier's check that is less than $5,000.00? Can the employee responsible for placing the hold be held personally liable for failing to comply with Reg CC?

Section 229.21 of Reg CC contains the provisions for civil liability with regard to compliance with the regulation requirements, including improperly holding a cashiers check. I don't believe there are specifications for individual liability, but I believe the employee could be held individually liable under FIRREA provisions if the violation was intentional.

First published on 4/09/07

First published on 04/09/2007

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