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Event Date Tue Jul 19 EDT (over 1 year ago)
Location Virtual
Region Americas

Eliminate confusion about how to interpret deposit compliance regulations...Ensure your deposit program is in compliance...and learn how to avoid costly penalties.

Deposit compliance is a complex topic that involves a significant number of employee’s at most financial institutions. The various federal laws and regulations relating to deposit compliance establish requirements for initial disclosures that must be given to new customers (and in some cases, upon request to inquiring non-customers), periodic disclosures after the account is opened, overdraft disclosures and opt-in provisions, error resolution procedures including foreign transactions, and restrictions on advertising.

How to Ensure Compliance with Deposit Regulations provides a simple and effective way to ensure key personnel are up-to-date on current federal regulations. The major federal regulations governing deposits are explained in plain, easy-to-understand language. Walk away knowing exactly what your institution needs to do to achieve total compliance.

• Customer Identification Procedures
• Customer Due Diligence/Beneficial Ownership Rule
• Regulation D
• Regulation E
• Regulation CC
• Regulation DD
• Fair Credit Reporting Act Deposit Issues
• Advertisement of Membership (NCUA/FDIC)
• Bank Sales of Non-Credit Related Insurance
• Responding to Customer Complaints and Inquiries
• Unfair, Deceptive or Abusive Acts or Practices (UDAAP)
• Garnishment of Accounts Containing Federal Benefit Payments

What You’ll Learn During This Information-Packed Seminar…

Customer Identification Procedures:
• Customer information required to open an account
• Methods for verifying identity
• CIP recordkeeping requirements
• Customer Due Diligence/Beneficial Ownership Rule

Regulation D:
• Key changes to reserve requirements.
• The removal of transaction limitation rules for certain types of accounts.
• Transaction, savings and time account definitions and requirements.

Electronic Funds Transfer Act/Regulation E:
• Initial disclosure and overdraft disclosure requirements
• How to handle a customer’s stop payment request
• When liability can be imposed on the customer for unauthorized transfers
• How to comply with the error resolution procedures

Expedited Funds Availability Act/Regulation CC:
• Determine availability schedule for next-day and delayed availability institutions
• Learn how and when to use case-by-case and exception holds
• Initial notice and delayed availability notice requirements
• Responsibilities when handling returned checks

Truth-in-Savings Act/Regulation DD:
• How to ensure accurate and consistent initial disclosures
• What information must be on advertisements for deposit products
• Subsequent and periodic disclosure requirements

Fair Credit Reporting Act Deposit Issues:
• What specifically is meant by “consumer report”
•The only situations under which a consumer reporting agency may furnish a consumer report
• Critical steps you must follow if your institution takes adverse action based on a consumer report
• Key areas in which the FACT Act affects deposit accounts

Advertisement of Membership:
• Deposit insurance coverage, signs and advertising requirements
• The rules related to proper display of membership signs at offices
• Permissible ways to broadcast your FDIC or NCUA membership
• The types of advertisements that do not require an official FDIC or NCUA statement
• NCUA official sign, advertising statement and exclusions from the advertising requirements

Bank Sales of Non-Credit Related Insurance:
• What you can – and can’t – do when selling an insurance product or annuity
• Disclosures that must be made to a prospective buyer of an insurance product
• Permissible ways to reward employees for generating insurance sales leads

Responding to Customer Complaints and Inquiries:
• The regulations with complaint and inquiry requirements
• How to establish a system for responding to complaints

Unfair, Deceptive or Abusive Acts or Practices (UDAAP):
• Determining what is unfair or deceptive
• Determining what is abusive
• Managing risk for advertisements and consumer complaints

Garnishment of Accounts Containing Federal Benefit Payments:
• Initial action upon receipt of garnishment order
• Account review
• Procedures to protect benefits
• Notice to the account holder

This seminar is designed for all employees who deal with the deposit-taking function. Designed to be both a comprehensive introduction of the topics to new deposit employees and a refresher/new developments class for experienced deposit personnel, this program will benefit compliance officers, auditors, cashiers, operations personnel, tellers, customer service representatives and new accounts personnel.


2022 Presenter

K. Natalie Straus
Vice President and Senior Consultant, ProBank Austin