We're being requested by the US Treasury to handle, over the telephone, amongst other things:* non-receipt of ACH credit claims, * request for account ownership info, and others that they want to give to us. We do not have to resolve the actual issue real-time over the phone but at a minimum, take in their claim/request. They're referring to the Social Security Act (Section 1441, Title 26, Title II the Railroad Retirement Act of 1974 and the Right to Financial Privacy Act (12 U.S.C. 3413 (K)) and saying that we're required to comply. Are you familiar with this and what are we required to do?
I work for a federal agency that sends literally millions of deposits directly to bank accounts each month. Our policy states that in the event a beneficiary does not receive a direct deposit in his/her account, we must verify with the bank that the deposit was not received. With the financial privacy act in mind, can banks verify whether or not a deposit has been received if the depositor knows the owner of the account, the account number, the SSN of the account holder, the amount of deposit and the date it was deposited?
Evaluating an institution's compliance with privacy requirements is one of those things that is simply difficult to get a handle on.
The role of the financial institution's Security Officer is different from any other industry. Banking is the most regulated industry in the United States.
National Security Letters are written investigative demands, somewhat analogous to administrative subpoenas that can be issued by the Federal Bureau of Investigation in counterintelligence and coun
When dealing with fraud cases, how do we determine when we can readily supply documents to the police versus when we would need to be subpoenaed for records? Most recently our cases have involved customers and we have provided the necessary copies for them and the police as it relates to the investigation. However, if we have forgotten a document or if they feel that there are other documents to assist them, can we readily supply them? We do not have copies of the police reports at this time either, though the staff is aware of the investigations.
What law or regulation addresses a bank employee giving out information on banking information to an outside party that has no tie to the account?
Due to the rise in check fraud and identity theft, we are receiving more and more requests for customer and account information from local law enforcement. These investigations may or may not involve a bank loss, and some of the investigations are the result of a customer's police report. Do you know of clear-cut guidelines when we can provide the requested information or when a subpoena or search warrant is required? We want to help stop crime, but I wish not to contact outside counsel every time a law enforcement request comes in.
Multiple transactions must be treated as a single transaction if the financial institution has knowledge that (1) they are by or on behalf of the same person and (2) they result in either currency