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Today is: April 25, 2024  
 

Compliance Companion®
Standard Procedures Manuals (SPM)
 

New Accounts Documentation & Compliance April 2023

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, health savings 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 an extensive 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.
    • Restrictions on brokered deposits.

The main text of the Manual is 592 pages, with 88 pages of appendixes.

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* Janet Bonnefin is retired from the practice of law with the firm.
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