Just the facts: Managing account closures in a new regulatory environment
Recent executive orders are reshaping expectations, requiring that account closure decisions be based on objective, individualized risk assessments rather than ...
Tag: Accounts
Fed to allow banks to collect CIP data from third parties
The Federal Reserve has joined other banking agencies in allowing banks to collect taxpayer identification number information from third parties ...
ABA supports proposed updates to international electronic payment framework
ABA said it supports seven proposed enhancements to the International Automated Clearing House Transaction framework by Nacha, including eliminating the ...
Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success
SPONSORED CONTENT PRESENTED BY JACK HENRY™ When it comes to new deposit account opening, there’s no one-size-fits-all approach. What is ...
ABA Regulatory Policy and Compliance Inbox: Account error resolution requirements
Discerning special exceptions under Regulation E and demographic information requirements under Regulation B.
Social Security implements new protocols for changing bank information
The Social Security Administration announced that beneficiaries will no longer be able to change their direct deposit bank information through ...
ABA Regulatory Policy and Compliance Inbox: When is what may seem to be an overdraft … not?
Determining if a bank's payment of a check is an extension of credit. Plus questions on Reg. X and Reg. ...
Fintechs go BaaS fishing
To signal a productive partnership, six questions that BaaS banks should expect to hear from fintech companies.
Bank identification requirements for payable-on-death beneficiaries: Which rule applies?
Also: The Unlawful Internet Gambling Act and account re-opening.
Compliance question of the month: Is it unfair practice to reopen deposit accounts that consumers previously closed to process debits or deposits?
In May 2023, the Consumer Financial Protection Bureau issued Consumer Financial Protection Circular 2023-02 that addresses the reopening of deposit ...
