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Electronic banking continues to evolve, and financial institutions must work hard to keep pace with technology, regulatory requirements, and cyber security challenges. Recent surveys indicate that 51% of U.S. adults use an online banking application. This fast-paced session will cover the required disclosures for opening deposit accounts, E-SIGN compliance, due diligence for CIP under the Bank Secrecy Act, and best practices for opening deposit accounts online. This session will include a review of the six-step process for consumer consent and common challenges with deposit account opening procedures.
HIGHLIGHTS
Which deposit regulations are related to E-SIGN and have specific compliance provisions?
Common questions for E-SIGN
Six-step consumer consent process
Availability of paper delivery or paper copies
Consent choices
Consumer actions
Hardware and software requirements
Affirmative consent
After-consent disclosure
Basic steps for E-SIGN implementation
Getting started and CIP due diligence
Identify pain points
Vendor selection considerations
Assessing the risk – current expectations from the FFIEC for cyber security risk assessment
TAKE-AWAY TOOLKIT
Current exam procedures and resources for online banking
E-SIGN checklist and answers to common questions
Social media policy template
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? E-banking compliance and will benefit compliance officers, risk managers, operations managers, business development managers, and others responsible for managing online banking, E-SIGN compliance, e-statements, and e-disclosures.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs, compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.
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