Digital Banking Issues – What Are the Compliance Requirements?
We are seeing a rapid shift in the way financial institutions interact with their customers and conduct business to a more remote, online delivery model. Not that these capabilities haven’t always been present, but ever since the pandemic, much more business is conducted remotely, and this is a trend we can expect to continue. What are the requirements to keep in mind when conducting business in this fashion?
What challenges exist? For starters, there are Bank Secrecy Act issues when opening accounts and maintaining relationships with customers who are never seen. The rise in electronic transactions mean increased attention to Regulation E compliance, for example, especially when it comes to handling disputes (which are expected to increase in number). The provisions of the E-SIGN Act must be followed to the letter as well. In lending, there is now the capability to originate a loan from application to closing without ever meeting the borrower (and this includes notarization). These are but a few examples of the many compliance issues at play in a remote environment. In this webinar we’ll discuss these many requirements and provide you with a comprehensive grasp of the issues involved.
What You’ll Learn
- E-SIGN issues and requirements: what can we provide electronically and when?
- Reg. E issues, including disputes: making sure you understand the rules
- Identifying customers under BSA and beneficial owner requirements, as well as OFAC
- Credit card disputes under Reg. Z
- Handling the loan application and closing process remotely
- Handling complaints
- Online communication through email and social media: regulatory guidance
- Advertising issues: reaching remote customers, including opt-out rights
- Remote Online Notarization (RON): incorporating this into your process
- Fair lending issues, including digital redlining
- Privacy and information security issues
Who Should Attend?
Anyone at the institution that deals with customers in a non-in-person environment, including over the phone and/or electronically. Customer service representatives, loan officers, compliance professionals, auditors, legal staff, and management are but a few of the types of bank employees who would benefit from the information.
Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a managing director for Treliant Risk Advisors in Washington, D.C. Through his working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues, and is a frequent contributor to and currently serves on the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at scores of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.