Compliance Q&A Archive

Q: We are in the process of changing our TISA disclosures and are going to be sending out the updated disclosures soon.  We are going to make sure to send out the notices at least 30 days before the effective date of any changes, ...Read More

Q: (CAN-SPAM): When sending unsolicited emails to non-customers, for purposes of CAN-SPAM Act, can the “from” line contain a loan officers name, instead of the entity sending the email; or must the “from” line disclose both the sender individually and the organization? A: The ...Read More

Q: A customer deposited a check into a savings account, the funds from which were made available, and then transferred the funds into a savings account. The savings account receives social security benefits. The check is now being returned. Can the bank exercise the ...Read More

Q: What is the line between relying on the National Automated Clearing House Association (NACHA) warranty and Regulation E requirements in resolving disputes unauthorized transaction disputes? A: Regulation E and NACHA are two requirements that while each govern electronic transactions, run parallel to each ...Read More

Q: My customer would like to establish a benefit account for a fundraiser they are doing in their community. What type of account should this be and what documentation is needed? A: Generally, benefit or memorial accounts are accounts that will be used in ...Read More

Q: Are banks required to perform OFAC checks on incoming domestic wire transfers? A: OFAC requires banks to implement a program in accordance with the bank’s size, complexity, risk-factors, and other criteria, in order to block transactions with certain individuals and counties on the ...Read More

Q: State Bank has a customer who is getting a home equity loan for home improvement and debt consolidation for credit cards. Is the bank required to gather GMI/Demographic Information and is this HMDA reportable? A: It would be HMDA reportable if the purpose ...Read More