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The Devil Is in the Details
Take steps to improve your compliance with Regulation E
by Bill Koch, Editor, The Compliance Advisor
If you have ever tried to claim a mail-in rebate, you know that little things mean a lot. If you don’t include the receipt, if you don’t circle the eligible purchase, if you don’t include the UPC label, your rebate claim will be denied.
Financial institutions of all sizes have learned that it’s the little things that can cost them when it comes to Regulation E. In the realm of error resolution, it’s the rare customer who has to pay for his or her own negligence. It’s usually your bank that pays.
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Getting it right with Regulation E
Trey Sullivan |
Many financial institutions fail to understand Regulation E’s consumer protections. This regulation heavily favors consumers, even in cases of obvious customer negligence. This month’s feature article explains Regulation E and what processes you may wish to change to increase your compliance with these important federal regulation.
Last month, we asked for your best advice on how to enforce your compliance program. Your responses show you can create a balance between tough enforcement and gentle encouragement. This month, we want to know how — and if — you would approve a business loan for one of your employees. How would Regulation O affect your decision? We need your best advice.
To keep this material relevant to you, we invite you to become actively involved with this newsletter. Please send ideas for articles you’d like to see and let us know if the topics being covered are relevant to the issues your institution faces. Take our brief survey, and you’ll be registered to win an Apple iPod™.
If you would like to unsubscribe from this newsletter, please click on link at the bottom of the page.
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"Availability of Funds and Collection of Checks (Regulation CC) and Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers through Fedwire (Regulation J): Amendment to Regulation CC and J Addressing Remotely Created Checks," dated March 16, 2006.
OCC Bulletin
ATTUS Technologies Releases New Version of Reg CC Compliance Solution
ATTUS Technologies is set to release an updated version of its Web-based Regulation CC solution, WatchDOG for Reg CCTM 2.0, which provides banks front line automation of check hold calculation, funds availability and customer disclosures.
Details
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Complete our 1-minute reader survey and you could win
an Apple iPod. |
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GLBA, FDIC & FFIEC: Preparing For Your Security Review & Risk Assessment
The Gramm-Leach-Bliley Act (GLBA), FFIEC and FDIC all provide guidelines that establish administrative, technical and physical safeguards to protect the privacy of customers’ nonpublic personal information. This seminar, which focuses on FFIEC’s final guidelines (12CFR Part 30), will help your organization understand the specific compliance requirements on financial service companies, how to assess your current state of readiness and how a comprehensive security risk assessment can reduce risks associated with compromised environments and help build a compliance blueprint for your organization.
Date: May 10, 2006
Time: 3 – 4 pm EDT
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for this complimentary Webinar today. |
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Last Issue's Dilemma:
How Do You Enforce Compliance?
As a compliance officer, the hardest part of my job is not analyzing risk, creating policies or training employees. The hardest part is enforcing those policies.
What I’d like to ask other compliance officers is: How strict are you when it comes to each employee following the rules outlined in your policies? At our bank, for example, the loan department is always the most unwilling to get on board, even though they are the department with the most sensitive customer information.
I need to learn how to strike a balance. If I come down too hard on people, it may hurt my ability to get their support in the future. If I don’t enforce my policies, I’m not doing my job — and my bank could pay the price.
How do you get people on board with your policies without creating enemies?
— Nancy B., Compliance Officer, Stafford Savings and Loan
Read the best advice from readers
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This Issue's Dilemma:
Lending to employees
The vice president of our bank is starting a side business in our community. He has approached our loan department to apply for a small business loan. While I know this request is perfectly ethical, I also know Regulation E makes it very clear how this type of loan should be approved.
Has anyone else approved a business loan to a bank employee? What are some of the processes that you followed? How are other banks training their employees on Regulation O?
—Janice K., Loan Officer
Can You Help?
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Fraud and AML
Monitoring: Stay ahead of the bad guys |
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Change Management:
Survive and thrive |
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Government
Regulations: Keep up with your changing environment |
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to our most important constituents—our customers."
- Trey Sullivan, CEO, ATTUS Technologies
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