Regulatory agencies require all financial institutions to have a robust monitoring program as a part of their Compliance Management System (CMS). Although the agencies do not mandate the specific format of the monitoring program, they expect all institutions to have a program that will identify and report compliance violations.
With so many competing priorities to manage, time to create and manage a robust and meaningful monitoring program is not a luxury most Compliance Officers have! Bankers Service Corporation (BSC) has stepped in to help through its development of a Deposit Compliance Monitoring Program™.
BSC’s Deposit Compliance Monitoring Program™ includes the following:
- Deposit Compliance Monitoring Procedures;
- Compliance Monitoring Schedule and Review Frequency Determination;
- A tool for selecting sample sizes;
- Checklists for the following regulations / areas:
- Truth In Savings – Regulation DD
- Interest on Deposits – Regulation D
- Expedited Funds Availability – Regulation CC
- Electronic Funds Transfer – Regulation E
- Overdraft Protection Programs (ODP)
- Report Templates for each area
- Exception Tracking document
Upon implementation of the Program, and with a little customization to your Bank, you will have a built in monitoring program for the regulations considered to currently be the highest risk areas for the majority of financial institutions.
*Any issues with the transaction and delivery of the product should be directed to Compliance Resource, LLC. ([email protected])
*Any issues/questions related to use of the product should be directed to Bankers Service Corporation. ([email protected] or (859) 263-5427)