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Today is: November 21, 2018  
 

Compliance Companion®
Standard Procedures Manuals (SPM)
 

New Accounts Documentation & Compliance February 2017


The New Accounts Documentation & Compliance Manual, which consists of three Parts, focuses on the documents and disclosures that financial institutions should provide when opening a new account, and explains the advertising rules for deposit and share accounts. The text of the Manual is 480 pages, with 95 pages of appendices (sample forms, common ACH return reason codes, etc.).

Part One:

  • Explains the documentation a financial institution should obtain when opening various types of deposit 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 accounts (specifically, 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 insurance coverage.
  • Examines the laws and regulations governing political campaign accounts for both federal and California elective offices.

Part Two:

  • Provides an extensive discussion of the Truth in Savings Act and 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.
  • Discusses the NCUA's truth-in-savings regulation, which applies to all credit unions whose accounts are either insured by, or eligible to be insured by, the National Credit Union Share Insurance Fund.

Part Three:

  • Discusses the compliance requirements for deposit account advertising. The topics covered include –
    • Regulation DD's advertising requirements
    • California and federal laws prohibiting false or deceptive advertising
    • Advertising FDIC and NCUA membership
    • Telemarketing
    • Restrictions on brokered deposits.

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For information regarding Compliance Companion® online subscriptions or to order a hard copy of this Manual, contact info@bankerscompliancegroup.com or call 949-553-0909. The cost of the hard copy is:

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