Compliance Applied
This regulation requires bankers to ask questions on owners of entities.
What is Customer Due Diligence (CDD)/Beneficial Owner?
Act that prohibits the Bank from engaging in certain practices that have the potential to cause consumer harm.
What is UDAP (UDAAP) or Unfair or Deception (or Abusive) Acts or Practices?
Act or regulation bans discrimination based on prohibited basis (race, color, religion, marital status, etc.) in all types of lending.
What is ECOA or Regulation B?
This regulation helps provide protection for consumers engaging in electronic fund transfers.
What is Regulation E?
This platform allows the bank to monitor for areas of improvement through situational information submitted by staff?
What is Customer Issue Resolution Tool (CIRT)?
This privilege gives customers a cushion of funds and allows them to potentially spend more than the balance in their account (for a fee)?
What is ODP, Overdraft Privilege?
Act or regulation is specific to consumer-purpose lending and requires the use of standardized forms and loan terms so that consumers receive consistent information to help them shop for the right loan?
What is TILA or Regulation Z?
This product traditionally offers a higher interest rate than a savings account and has an established maturity date?
What is a Certificate of Deposit (COD)?
This needs to be filled out when cash transactions exceed $10,000/day.
What is Currency Transaction Report (CTR)?
Bank Board of Directors must approve this as a foundation for the banks anti-money laundering program. It requires the Bank to certify the identification of each of its customers.
What is CIP, Customer Identification Program?
Act requires the Bank to inform a consumer (in writing) each time the Bank uses a consumer credit report in our underwriting decision?
What is Fair Credit Reporting Act?
This is the status of a checking account that does not have enough money to cover transactions?
What is Non-Sufficient funds (NSF)?
This was signed into law by President George W. Bush following the attacks on the World Trade Centers to help the government fight the funding of terrorism and money laundering activities.
What is the USA Patriot Act?
Act that is focused on Low-to-Moderate income persons and areas and encourages Banks to lend, invest, and volunteer in the communities in which they are located.
What is CRA, the Community Reinvestment Act?
This Regulation limits how much insiders can borrow and sets rules that they cannon receive preferential treatment.
What is Reg O (Insider Lending)?
This requires that two people complete a specific procedure in order to mitigate risk.
What is dual control?