As even the most seasoned compliance professionals can attest, deposit operations can be tricky. We recently received a specific question about checks payable that may be relevant to more members of our community, so we’re publishing the question and the answer here. Can checks payable to a business (LLC, Corp.) be cashed or deposited into a personal account? What are the risks if a bank allows such activity, even if you know the individuals have
The payments transformation express train took off on March 25, 2025, when the White House issued an Executive Order mandating a significant shift in how the federal government handles its financial transactions. Essentially, it requires government agencies to stop using paper checks by September 30, 2025 (with certain limited exceptions.) Make sure you have a digital ticket as paper is no longer going to be issued. If you have been on the sidelines in the
This week’s Compliance News Round Up features updates from the Fed, SBA, FTC, FDIC, NCUA and more! Read on for pertinent information impacting our industry… FDIC Modifies Resolution Planning Approach for Large Banks April 21, 2025 Last week, the FDIC reported it had taken action to modify its approach to insured depository institution (IDI) resolution planning. The purpose of this action is to focus the IDI resolution planning process on the operational information most
Have you been looking for the 2025 HMDA Getting It Right! Guide on the FFIEC website? We couldn’t find it either. Here are some tips for working with your 2025 HMDA data from the resources that are still available. By way of background, for many years the Federal Financial Institutions Examination Council (FFIEC) has annually issued A Guide to HMDA Reporting: Getting it Right! for the Home Mortgage Disclosure Act (HMDA). It summarizes key provisions of HMDA and
This week’s Compliance News Round Up features updates from the OCC, SBA, HUD, and more. Read on to catch up on the most recent news impacting our industry! OCC updates names and addresses for notices April 8, 2025 The OCC issued Bulletin 2025-6 to inform OCC-supervised institutions of the appropriate names and addresses for notices required by the Community Reinvestment Act (CRA) and Equal Credit Opportunity Act, and for posters required by the Fair Housing Act. Banks
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The ever-changing laws, regulations, proposals, deadlines, and guidance are a lot for anyone to manage and keep up with so let us do the work for you. Our blog is designed to help compliance professionals by releasing updates as soon as the news breaks. Our Compliance Resource team is researching, following, and monitoring government agencies and regulators to give you all the latest and greatest compliance news. Our goal is to work harder so you don’t have to.