There are many ways to violate military lending rules and some lenders are actively doing this. One lender recently agreed to pay $225,000 because they were not providing the interest rate adjustments the SCRA requires.
Nearly 88 percent of Americans accessed their checking accounts using a smartphone or tablet in 2022, and more than half of that group mobile-deposited one or more checks in 2022.
State laws on accounts for minors vary widely from state to state, but all states have some version of the Uniform Transfers to Minors Act to provide a framework for property (including money) to be held for a minor’s benefit.
In October 2019, FinCEN made a clumsy announcement of changed filing instructions for CTRs, only to postpone the effective date three months later, in January. Another change issued in October was corrected in November 2019.
Recorded on June 06, 2023
Bank Compliance Basics – an Overview of Deposit and Lending
Banking compliance touches several aspects of banking – ALL of them in fact! Whether you work on the deposit side or the loan side of the bank, you have many rules to follow. Do you ever wonder why?
The short answer is that banks are special.
When your customer passes away, family members left behind often know they need to do something about deposit accounts and other banking relationships of the deceased, but don’t know what they can and cannot do with them or with checks payable to the
During the last few years we have had the Secure Act 1.0 and Secure Act 2.0 and new regulations on RMDs and Inherited IRAs. Plus, we have a myriad of new exceptions to the 10% penalty.
As the baby boomer generation ages, “Elder Fraud'' is the fastest growing segment for crime in our country! Criminals know whom they want to target and have found ways to get close to their victims.
One banker commented “Reg E hasn’t changed, so what’s to learn?” While the Reg itself and the commentary haven’t changed, interpretations of who is a financial institution, what is an error and who has to investigate those errors have.
Recorded on March 14, 2023
Regulation CC: Funds Availability (Deposits and Holds)