|
BCG Standard Procedures Manual #2, New Accounts Documentation and Compliance, provides banking professionals with in-depth information
regarding legal and regulatory compliance requirements in connection with offering deposit and share accounts.
This Manual is organized into four parts, as follows.
Part One: Deposit Accounts
- Explains the documentation a financial institution should obtain when opening
various types of deposit or share accounts, including sole proprietorship, partnership,
corporate and fiduciary accounts (such as guardianship, conservatorship and family
trust accounts).
- Provides a discussion of the regulations affecting deposit and share accounts
(specifically, FRB Regulation D and the CIP regulations).
- Discusses the requirements governing special deposit relationships (including public
deposit accounts, bankruptcy accounts and accounts belonging to Native American
tribes), as well as FDIC and NCUA deposit and share insurance coverage.
- Examines the laws and regulations governing political campaign accounts for both
federal and California elective offices.
Part Two: CFPB Truth in Savings Act and Regulation DD
- Provides an extensive discussion of the Truth in Savings Act and CFPB Regulation
DD, providing detailed information about such topics as account-opening disclosures,
periodic statements, change-in-terms notices, and issues concerning automated
overdraft protection programs.
- Also provides a discussion of the NCUA’s TISA regulation, which applies to all credit
unions whose accounts are either insured by, or eligible to be insured by, the NCUA.
Part Three: Digital Account Opening
- Examines the disclosure and consumer consent requirements under the E-SIGN Act
and CFPB Regulation DD and discusses the FFIEC’s guidance entitled,
“Authentication and Access to Financial Institution Services and Systems,” in
connection with opening various types of accounts online.
- Addresses electronic disclosures in deposit operations generally.
- Discusses the record retention issues that arise in an online context.
- Examines the use of scanned driver’s licenses and the impact of the federal MOBILE
Act and also the California statutory requirements regarding the confidentiality of
driver’s license information, and the interaction between the federal and state laws.
- Finally, Part Three addresses the laws governing e-signatures, e-contracts and e-
records, including the relationship between the E-SIGN Act, Cal ETA and the Model
UETA.
Part Four: Deposit and Nondeposit Account Advertising
- Discusses the compliance requirements for deposit and share account advertising.
The topics covered include –
- Regulation DD and NCUA’s TISA regulation advertising requirements.
- California and federal laws prohibiting false or deceptive advertising.
- Advertising FDIC and NCUA membership.
The main text of the Manual is 467 pages, with 88 pages of appendixes.
_____________________________________________________________________
Compliance Companion
Compliance Companion® is a one-stop regulatory compliance resource for financial institutions.
This online compilation of 19 industry-leading compliance manuals, including this SPM #2, New Accounts Documentation & Compliance,
takes the legalese out of federal and California laws and regulations, making it easier to understand and keep up with ongoing compliance
developments.
Published by Aldrich & Bonnefin, PLC, Compliance Companion® has many useful features including search capabilities, links to
internal cross-references and web-based sources, as well as samples of dozens of forms, disclosures and notices.
This compliance resource can also be accessed from your mobile device, making it faster and easier to get the latest information on federal and
California laws and regulations governing financial institutions.
For information regarding online subscriptions to Compliance Companion®, contact
info@bankerscompliancegroup.com or call 949-553-0909.
Back to List of Manuals
|
