Our goal is to take complex compliance concepts and put them in simple terms that apply to the real world. My question is: Does regulation CC apply to the foreign bank (which is my customer)?

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Depositary Bank B sends the original check (or a substitute check or electronic check) for collection and makes funds from the deposited check available to its customer. Sending DC to Customer if Current DC not Expired? One of the tellers cashed a unemployment check that had been already paid via Digital Federal Credit Union. Depositary Bank B may not make an indemnity claim against Depositary Bank A because Depositary Bank B accepted the original check bearing a restrictive indorsement inconsistent with the means of deposit. Depositary Bank A offers its customers a remote deposit capture service that permits customers to take pictures of the front and back of their checks and send the image to the bank for deposit. I tried contacting Digital Credit Union, but I have not recieved any response. The following examples are taken right out of the commentary to Regulation CC. Loan Imaging - Does It Make Financial Sense? Specifically, part 229.34(f)(3) of Regulation CC states the following: (3) A depositary bank may not make an indemnity claim under paragraph (f)(2) of this section if the original check it accepted for deposit bore a restrictive indorsement inconsistent with the means of deposit. What has become a problem for the check-cashing industry is that when a financial institution receives a check deposited via mRDC and receives settlement, and later the paper check is presented at a check-cashing location, or any other financial institution other than the issuing bank, that second business gets the check returned and has no means of recovery for the loss. Valid/Invalid Claim Notice When Disputing RCCs? Does the funds availability notice have to be on ATM deposit envelopes? Remote Deposit Capture. Does Enterprise-Wide Capture Make Financial Sense?

Depositary Bank A accepts an image of the check from its customer and sends an electronic check for collection to Paying Bank.

The total volume of all SARs within the Bank Secrecy Act (BSA) database increased by 4% from 2011 to 2012.FinCEN, The SAR Activity Review - By the Numbers (BTN), May 2013. Over the years, NAFCU‘s Compliance team has been asked if Regulation CC‘s funds availability schedule applies to checks deposited through remote deposit capture (RDC).

VP at a bank ($95M USA) Are mobile deposits subject to Regulation CC, Regulation DD and Regulation E. Help is greatly appreciated. The check casher then deposits the check to its own account via remote deposit capture (RDC) - this is standard practice today. Introducing our new Mini-Con Series! Compliance Cohort LLC assumes no responsibility for use of (or errors and omissions in) any of the information on this site or related resources. Depositary Bank A receives settlement for the check.

The item was subsequently stolen from his home.

Location: 1221 College Park In addition to the information found in the regulation itself, the commentary to Regulation CC provides three examples to help financial institutions understand the liability requirements for mobile deposits. Can two separate LLCs have a "joint" bank account, and if state laws impact this, in the state of Florida? Are we at the institution required to send valid/invalid claim notices when disputing remotely created checks (RCC), and if so, where is the requirement? Looking for effective, convenient training on a particular subject? Reg CC now assigns the liability of duplicate presentment to the financial institution accepting the remote capture, unless the depositor endorses the back of the check with something like, “For Remote Deposit With My Financial Institution”.

Most believe Remote Deposit of check images are subject to Reg CC mandates. New warranty and indemnity rights, liabilities and obligations to Regulation CC went into effect July 1, 2018. Industry Discussion Starts Here.

Regulation CC Applicability to Cell Phone and Mobile Deposits, Funds Availability Notice on ATM Deposit Envelopes. Customer never actually receives the original check but now has credit for it. John-5/31/2017 3:13:53 PM New Reg CC Amendments! Can a Financial Institution send out a debit card to an existing customer, even if the current card is not expired? Sending DC to Customer if Current DC not Expired? Now, per Check 21, the check casher's bank is the depository and is a warranty recipient entitled to enforce the warranty against the payee's bank so long as the depository (1) sustains a loss and (2) takes the original. Does the FCRA requirement to obtain permission for consumer reports apply to independent contractors or only employees? Learn about our FREE and Premium Newsletters and Briefings.

What Financial Services Can Learn from Big Tech, Omnichannel to Omnipresent – How Retailers Should Navigate the Social Landscape to Drive Purchase Decisions This Holiday Season, Cryptocurrency & Compliance: How KYC Can Help Crypto Exchanges Grow, Enhancing Retail Financing Strategies with Waterfall Lending. SCOTUS FDCPA ruling on collectors of purchased debt, Greenpoint Mortgage Funding, Inc. v. Bach, Unauthorized Checks/Drafts/Transactions/Withdrawals. The customer withdraws the funds. The customer first scanned the check from home and then came to my credit union with the original check and cashed it.