2024 Operations Compliance Triage Conference
AGENDA
REMOTE FEED ACCESS TIMES
10:00am - 6:00pm Eastern Time
9:00am - 5:00pm Central Time
8:00am - 4:00pm Mountain Time
7:00am - 3:00pm Pacific Time
Conference begins each day at the specified time which is dependent on which time zone you reside in.
Get ready for the conference!
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TUESDAY, SEPTEMBER 17, 2024
Day 1
CENTRAL TIME
SESSION
9:00 - 10:00 Update on Deposit Related Issues-What's Happened Since Last Year?
Deborah Crawford
10:00 - 10:10BREAK
10:10 - 11:00 Marijuana Update -- the Operations side - Brian Crow
11:00 - 11:10BREAK
11:10 - 12:00 Closed Accounts, Stop Payments, Unauthorized Transactions-A myriad of Deposit Issues
John Burnett
12:00 - 1:00 LUNCH
1:00 - 2:00 W-8BENs and NRA Interest Reporting - Deborah Crawford
2:00 - 2:10BREAK
2:10 - 3:00 Regulation CC Update and Changes for 2025 - John Burnett
3:00 - 3:10BREAK
3:10 - 4:00Check Fraud-Counterfeit Checks, Altered Checks, Forged Endorsements - Brian Crow
4:00 - 5:00Q & A
Adjourn - See you tomorrow!
      
WEDNESDAY, SEPTEMBER 18, 2024
Day 2
CENTRAL TIME
SESSION
9:00 - 10:00IRA Update
Deborah Crawford
10:00 - 10:10BREAK
10:10- 11:00 Regulation E Hot Spots
Brian Crow
11:00 - 11:10BREAK
11:10 - 12:00 FDIC Logo, Advertising Rules and Trust Changes
John Burnett
12:00 - 1:00 LUNCH
1:00 - 2:00 Maintaining Business Accounts-Beneficial Ownership Update
Deborah Crawford
2:00 - 2:10BREAK
2:10 - 3:00 UDAAP Risk - Brian Crow
3:00 - 3:10BREAK
3:10 - 4:00 Overdraft Programs-What's Left?
John Burnett
4:00 - 5:00 Discussion--Q and A
Adjourn - Thank you for attending!


Update on Deposit Related Issues - What's Happened Since Last Year?
It is true that change is a major constant in life, and the Operations side of banking is no exception. Ever-present on regulators' operations areas for concern are cyber threats and illicit activity. We await FinCEN's pronouncements on what banks' role will be in the changing Beneficial Ownership Information arena. And the CFPB has been leading the Administration's attack on traditional deposit operations fees both in enforcement actions and in attempts to regulate them. We'll hit just the highlights in this overview, with details following in other conference sessions.

Marijuana Update - The Operations Side
Will the Drug Enforcement Administration reschedule marijuana from Schedule I to Schedule III under the federal Controlled Substances Act? If they do, what difference will it make in the continuing differences between federal and state laws in states that allow medical or recreational sale and possession of marijuana? What effects could there be for the operations side of banking? In this session, you will get the latest information on federal rules changes if they occur and how they could affect banks that accept deposit accounts of marijuana-related businesses.

Closed Accounts, Stop Payments. Unauthorized Transactions - A Myriad of Deposit Issues
Can a bank reopen a deposit account that's been closed? Does it matter whether the customer or the bank closed it? Recent enforcement actions are pretty clear that the specter of UDAAP looms over such actions. Can a bank accept a stop payment order on a check that has already posted to a depositor's account? We'll explain why the answer is not always "No." Must a financial institution accept a consumer's stop order on all future recurring EFT payments from the consumer's account? Yes, if the circumstances are right. In this session, we'll also look at Nacha's rules affecting unauthorized ACH debits from business and consumer accounts, and more.

W-8 BENs and NRA Interest Reporting
There's confusion in the industry over when we need to obtain W-8 BENs from non-U.S. persons, and what we need to do with them when we get them. Do you need to get a W-8 BEN when the account being opened will not pay interest? What if the account is joint with a U.S. person who has a Social Security number? How do you report interest payments when there is an account owner who is a U.S. person? When do you report interest on form 1042-S? Get the facts in this session.

Regulation CC Update and Changes for 2025
It has been five years since the Fed and the CFPB issued the first round of inflation adjustments to the dollar amounts used in determining funds availability from deposited checks in Regulation CC. That first round didn't go very well. There were lots of questions about notification of depositors, how to make those notifications, when and how to update funds availability disclosures, and when banks could make the changes. The adjustments for 2025 have been announced, and there are significant increases. In this session, we'll give you the information you need to make next year's adjustments smoothly and without confusion.

Check Fraud - Counterfeit Checks, Alterations, Forged Indorsements
How should you describe a bogus check? Is it a counterfeit? An authorized check that has been altered? An outright forgery never authorized by the purported issuer? Inquiring minds -- and attorneys -- want to know, because it can make a difference concerning who pays (and how much). Who is responsible when a legitimate check is paid with a forged indorsement or an indorsement of someone other than the payee? In this session, we will clear up misconceptions, but we can't guarantee that the responsible party will always pay.

IRA Update
Whether it is Congress or the IRS making the changes, the rules affecting bank operations handling of IRA accounts continue to change, and sometimes the rules can't keep up with the law. You'll get the latest on Required Minimum Distributions, inherited IRAs, and all the rest of the changes in this information-packed hour.

Regulation E Hot Spots
Understanding what constitutes an "accepted access device" and the circumstances under which a transaction is or is not authorized are just two of the problem areas under Regulation E. Another is a misconception that Nacha rules limit a consumer's recovery of unauthorized ACH debits to those within the past 60 days. And there are clearly challenges in handling consumers' claims of unauthorized transactions via CashApp, Venmo, Zelle and similar channels. We'll cover all the hot spots and the latest guidance.

FDIC Logo, Advertising Rules and Trust Changes
Recent FDIC changes to their rules present some compliance challenges. The changes in deposit coverage for trusts has been in effect since April 1, 2024. Has your bank identified and notified depositors who should know about the changes to make informed choices about their funds? A bigger operational challenge looms, however, in getting into compliance with the FDIC's other big change -- to Part 328, short titled "Advertisement of Membership." There's a new official digital sign for selected digital channels such as ATMs, websites, online banking and banking apps, more flexibility on placing the Official FDIC sign inside bank premises (but with more definition on signage requirements when non-deposit products are offered), and every signal that the FDIC's starting to play tough in this arena. You will get the information you need to get your institution into compliance by the January 1, 2025, deadline.

Maintaining Business Accounts - Beneficial Ownership Update
Banks want to know what the rules are going to be on Beneficial Ownership Information reporting. We know they will be changing, but we don't know when or how they will affect what banks are currently doing about getting beneficial ownership certifications. Banks also want guidance on how they will access the FinCEN database of Beneficial Ownership reports, and what they are expected to do (and not do) with the information they can retrieve from the database. And did we mention the fact that there is a lawsuit challenging Congress's, the Treasury Department's and FinCEN's constitutional authority to enact and implement the Corporate Transparency Act? Get the facts and information on what your bank can and should be doing now.

UDAAP Risk
What is UDAAP and why has it become the de facto bogeyman for financial institution compliance officers (and in other industries)? Do we have guidance on the acts or practices that create the risk of being declared Unfair, Deceptive, or Abusive? What can we learn from our complaint management practices to make course corrections to avoid UDAAP accusations in the courts or in regulatory enforcement actions? We'll discuss the symptoms of UDAAP and point out examples that have resulted in financial institutions paying some big civil penalties.

Overdraft Programs - What's Left?
Regulators have been concerned about overdraft programs in fits and starts since the early 2000s, with interagency guidance in 2005, FDIC guidance in 2010, the beginnings of application of UDAP (section 5 of the Federal Trade Commission Act) by prudential regulators in enforcement actions, accompanied by the targeting of specific fees associated with overdrafts. The latest attacks propose that larger banks be forced to lower their overdraft fees to a breakeven level or restrict overdraft coverage to OD lines of credit with OD fees becoming finance charges, and a suggestion smaller financial institutions could suffer the same fate. Where do banks and credit unions go from here with their overdraft programs? What is left to do?

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