I have just found out that due to our size now, I must have a formal plan in place for our FHA loans. We do not originate these loans, but have acquired them from purchased portfolios, so I am sure mine will look different than most, but I would appreciate any guidance, suggestions or general outline or template for producing one. Thanks!
Good morning! I'm curious about how your banks handle documentation upon the death of a customer. I have never worked at a bank that required a copy of the will at death, mostly because it is not up to the bank to read the will and determine who can do what with the property of the deceased. We would require letters of testamentary or executor appointment documentation. We are working on customer death procedures and a co-worker is insisting that we do need a copy. She has had a personal experience at another bank when her parents passed that they did request a copy of the will. This bank was much bigger than we are and has their own legal department, so I'm assuming that's why they would do that. How do you handle this at your bank? What documentation do you require from the individual handling the account(s)? Thanks for the input!
Does anyone have a sample letter they are willing to share, when force placing flood insurance?
We want to know how other banks are handling telephone transfers. With the high amount of phishing and cybersecurity happening, we are limiting what kind of transactions we will do over the phone with proper ID checks. We will transfer between accounts that the customer is a signer on. The issue we want to ask other banks is, Will you to a transfer from one customer's account to another customer's account if they are not a signer on that account? ex. Parents to an adult child or renter to Landlord. How are you documenting that with out a signature? Our thoughts are we have no proof if them come back at us that they did not authorize that transaction. Thanks in advance
Anyone have a vendor management checklist they would be willing to share? We are looking to begin a relationship with a mortgage QC company. As a compliance professional in my former world, I was a part of the VM process but not driving it. I now have this under my umbrella and I need to be sure I am requesting all the relevant documents to review. Thanks! Happy Thanksgiving everyone!
We have a customer requesting positive pay for their online banking. Would there be any compliance issues with this I need to be made aware of? Thank you in advance and HAPPY THANKSGIVING TO ALL!
My bank had over $1 billion in total assets as of the June 30, 2018, Call Report. Therefore, we must complete additional Call Report line items starting with the March 2019 Call Report. We are trying to figure out the best way to track deposits for the FDIC insurance calculation. Does anyone have any suggestions? For example, how do you calculate the insurance limit for joint accounts? We are a Fiserv bank. Are there any Fiserv reports that would be able to assist us with the new Call Report items?
Good Afternoon, I am new to the BSA world. Would you consider the following transaction activity suspicious: sole prop owner is depositing with cash back into his personal account checks payable to him with the memo line indicating work he has done in his field. He has taken about $15,000 in cash from 10/1/18 through 11/1/18. He does have his sole prop account with us, however, does not use it much. Seems he prefers his personal account. Would you suggest a call to this member to find out why he is doing this? Should frontline force him to deposit these checks that have a note written on the memo line into his sole prop account? Not sure how to proceed. Any help you are willing to give is appreciated. Thank you in advance.
Hello! I am sure this has been asked in the past but I was wondering if anyone had a risk assessment template or provider they use for their BSA AML OFAC Risk Assessment that they would be willing to share? Any thoughts on risk assessment tools or vendors is much appreciated!
I reviewed the document library but didn't see anything that seemed to fit, but does anyone have a Reg E Risk Assessment they would be willing to share? Appreciate any help.