Skip to content

Hold Liability

Answered by: 

Question: 
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?
Answer: 

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 BankersOnline.com 4/09/07

First published on 04/09/2007

Filed under: 
Filed under compliance as: 
Filed under operations as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics