Introduction to Regulation CC and the Expedited Funds Availability Act

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Course Description

This training is designed to help banking staff understand the time-frames for customers to be able to draw against funds they have deposited

The law requires banks, when customers deposit funds into their accounts, to tell them how long it will take before the funds are available to them. Staff need to understand these requirements.

This short, single-module course outlines the types of transactions where banks are required to make funds available to customers the next business day, and the exceptions to these requirements. It also covers those transactions that are excluded from the next business day rule. Staff who complete the training will be able to explain these rules to their customers.

The course also introduces staff to the Check Clearing for the 21st Century Act, so they can understand the technology that enables banks to safely comply with the next business day rule.

It gives an overview of the applicable penalties for non-compliance.

Who is this training for?

The course is a suitable introduction forall banking staff who deal with borrowers including credit card holders.

Scenario

Jasmine, who runs a small baby-sitting business from home, needs to make a $500 up-front payment to a new supplier in order to open an account to purchase baby food.

Jasmine has just received a $400 check from a client for the last two month’s baby-sitting and she wants to use the funds from that check to make the deposit payment to her new supplier.

How soon will Jasmine be able to make her payment to the new supplier?

Retail Banking Compliance Training

This course is part of the Retail Banking Compliance Suite

The courses available are

For more details, click on the course names above.

Course Outline

  • Explain the purpose and function of Regulation CC
  • Give a general explanation of the transactions that have short hold periods
  • Discuss transactions that may have longer hold periods and explain where you can get the details

Introduction to Regulation DD and the Truth in Savings Act (TISA)

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Course Description

This training is for banking staff on the information that must be supplied to customers when opening banking accounts

Regulation DD was designed to help consumers make more informed decisions about the accounts they open and so to foster healthier competition between financial institutions, in order to promote financial stability.

This short, one-module course introduces bank staff to the purposes of Regulations DD and TISA. It describes the types of accounts subject to the regulation, the type of information that must be supplied, and the times when it must be supplied. It includes real-lifecase studies.

It also introduces truth in advertising requirements that apply to the sale of savings products.

Who is this training for?

The course is a suitable introduction for all customer-facing banking staff.

Scenario

Jasmine, who runs a small baby-sitting business from home, was handling her finances using her savings account. Because things became more complex, Jasmine decided to open a different account that will allow her to pay her suppliers and invoice her customers more efficiently.

Jasmine is wondering what sort of new account she should open, and which bank she should open it with.

Retail Banking Compliance Training

This course is part of the Retail Banking Compliance Suite

The courses available are

For more details, click on the course names above.

Course Outline

  • Explain the purpose of Regulation DD and TISA
  • Describe the types of accounts covered
  • Describe the types of information required to be disclosed to consumers and when it must be disclosed

Introduction to Regulation E and the Electronic Funds Transfer Act

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Course Description

This training is for bank staff on rights, liabilities and responsibilities of businesses and their customers in electronic fund transfer systems

Much of Regulation E outlines the procedures consumers must follow in reporting errors with EFTs and the steps a bank must take to provide recourse.

Banks’ liabilities with respect to problematic e-payments are a daily cost of doing business. This cost can be minimized if bank staff are properly trained in the various requirements, timelines etc, and are able to advise their customers accordingly. Failure to comply, on the other hand, subjects a bank to significant penalties.

This short, one-module course sets out the rights and responsibilities of consumers and of banks when there is an EFT error. It includes a real-life case study.

Who is this training for?

The course is a suitable introduction for all customer-facing banking staff.

Scenario

Jasmine is checking her bank statement on-line. She notices an entry relating to a $600 purchase three days ago at a fruit and vegetable store in another city. Jasmine has never been to that store.

Jasmine checks further and discovers a few other, smaller purchases that she did not make.

She checks her pocketbook and discovers her debit card is missing. Jasmine realizes that she must have left it in a drug store when purchasing milk last week.

What should Jasmine do to try to get that money back?

Retail Banking Compliance Training

This course is part of the Retail Banking Compliance Suite

The courses available are

For more details, click on the course names above.

‍

Course Outline

  • Explain the purpose of Regulation E and the Electronic Funds Transfer Act
  • Describe the responsibilities and liabilities of consumers who discover that their debit card may have been lost or stolen
  • Describe the responsibilities of banks when an EFT error is reported to them

Introduction to Regulation Z and the Truth in Lending Act (TILA)

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Course Description

This training is for banking staff on their responsibilities and liabilities under the truth in lending law

There are severe penalties for lenders that do not comply with the truth in lending laws – staff training is a crucial part in ensuring that a lending business maintains compliance in this area.

This short, single-module course gives an overview of the many elements of TILA as they apply to both open-end (eg credit card) and closed-end (eg home lending) loans. TILA covers more than the requirement for lenders to provide clear and consistent loan information that allows consumers to make informed decisions about credit contracts. It also covers repayment procedures, right of rescission, limits on fees, dispute resolution, assessment of a borrower’s capacity to service a loan, record keeping, and more. Contact staff need to be aware of all these issues in order to avoid jeopardizing the business’ compliance with the law.

The training also outlines the penalties and other sanctions that apply in cases of non-compliance.

Who is this training for?

The course is a suitable introduction for all banking staff who deal with borrowers including credit card holders.

The Truth in Lending Act was passed in 1968 to help clear up confusion in the credit and lending markets that left most consumers dazed about exactly what they were signing up for.

Debt.org, America’s Debt Help Organization

Retail Banking Compliance Training

This course is part of the Retail Banking Compliance Suite

The courses available are

For more details, click on the course names above.

‍

Course Outline

  • Explain the purpose of Regulation Z and TILA
  • Identify the main components and what it covers
  • Recognize required disclosures and when they are used
  • Promote understanding of the penalties for violations of TILA

Introduction to the Office of Foreign Assets Control (OFAC)

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Course Description

This training is for banking staff on how to avoid dealing with sanctioned countries, businesses and persons

There are severe penalties for banks that commit OFAC violations. Staff need to understand how the OFAC works and how to avoid committing violations.

This short, single-module course gives an overview of OFAC, is functions and how it works. The training provides an overview of the Sanctions List and the sorts of individuals and entities that may be included in it.

Learners are introduced to the compliance obligations that OFAC imposes on banks and given information on how they, personally, should act to support the bank in meeting those obligations. The penalties for non-compliance are discussed.

Who is this training for?

The course is a suitable introduction for all banking staff who on-board customers or who handle customer transactions.

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Scenario

Jasmine is an executive officer at My Save Bank, which has its head office in Ohio. While undertaking an audit of pending transactions, she discovers a number of large sums of money being transferred to a foreign national in Yemen. Jasmine is concerned that the account name and details look suspicious and are not what My Save Bank would typically deal with.

What should Jasmine do next?

Retail Banking Compliance Training

This course is part of the Retail Banking Compliance Suite

The courses available are

For more details, click on the course names above.

Course Outline

  • Explain the background and purpose of OFAC
  • Describe who must comply with OFAC
  • Explain the purpose of the SDN list
  • Promote understanding of the penalties for violations, civil and criminal

Introduction to Fair Credit Reporting Act (FCRA)

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Course Description

This training covers what banking staff need to know about consumer credit information regulation

Often called Regulation V, the FCRA defines the way consumer credit history can be collected and stored; the purposes it may be used for; and the rights of consumers to access it, monitor its use and seek to correct errors.

Bank staff need to be familiar with the FCRA in order to

  • Understand how the bank may collect and use consumer credit information
  • Know how to assist bank customers in accessing their rights under the legislation

 

This short, single-module course provides an introduction to the way the FCRA works, discusses the various rights that consumers have under the FCRA, and outlines a number of special rights relating to identity fraud.

Who is this training for?

The course is a suitable introduction for all banking staff, particularly those who are customer-facing.

Scenario

Gabriel is considering taking out a loan for $20,000 with Highest Power Finance to cover the purchase of a new car. Before taking out the loan, he wants to check his credit score with Equifax. He receives the report a week later and applies for the loan, but his application is rejected.

What action can Gabriel take under the FCRA in response to his rejected loan application?

Retail Banking Compliance Training

This course is part of the Retail Banking Compliance Suite

The courses available are

For more details, click on the course names above.

Course Outline

  • Identify the purpose of the FCRA
  • Understand the key components of the Act
  • Recognize the rights of the consumer
  • Explain penalties for non-compliance under FCRA

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Retail Banking Compliance Suite – USA

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Course Description

This is a series of short courses to train banking staff on what they need to know to comply with some of the most important banking laws

Significant penalties apply if a financial services business fails to comply with these fundamental consumer protection laws. This series of courses have been written by our expert financial services staff to equip banking staff to comply.

These short, single-module courses provide an overview of the relevant laws, and introduce staff to the relevant legal requirements. They include illustrative scenarios and short summative quizzes to allow staff to demonstrate mastery of the subject material.

The courses available are

For more details, click on the course names above.

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For more details, click on the course names above.

Who is this training for?

The course is a suitable introduction for all banking staff, particularly those who are customer-facing.

Scenarios

The training is enlivened by the use of scenarios throughout, that relate the material back to real-world situations that learners may face. The scenarios are supported by formative questions that provide guidance and feedback to learners.

[…]banks can’t afford not to comply. Banks that aren’t on top of the changes being made to the rules and don’t swiftly make business adjustments to comply with those changes, subject themselves to fines, reputational damage and potentially expensive litigation.  There are numerous examples of banks making headlines for the past transgressions and paying the prices as a result.  In 2013 alone, the agency collected $49 billion in penalties.

Forbes The Four Things Every Bank Should Be Doing Now To Protect Consumers August 182014‍

Course Outline

  • Introduction to Fair Credit Reporting Act (FCRA)
  • Fair Lending
  • Introduction to the Office of Foreign Assets Control (OFAC)
  • Introduction to Regulation Z and the Truth in Lending Act (TILA)
  • Introduction to Regulation CC and the Expedited Funds Availability Act
  • Introduction to Regulation E and the Electronic Funds Transfer Act
  • Introduction to Regulation D: Reserve Requirements
  • Introduction to Regulation DD and the Truth in Savings Act

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Introduction to Regulation D: Reserve Requirements

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Course Description

This training is for banking staff on the limitations that apply to withdrawals from various types of account

Bank staff need to understand the way Regulation D limits the number of withdrawals that customers can make from particular types of accounts using “convenient” methods.

This short, one-module course introduces bank staff to the requirements of Regulation D that ensure banks, credit unions and other financial institutions have enough funds available to be able to meet customers’ requests to withdraw money from their accounts. It describes the limitations on withdrawals from certain types of accounts, depending on the withdrawal method, and provides information on the types of accounts that are not subject to these withdrawal limitations. It includes real-life case studies.

The course also briefly introduces the Federal Reserve’s regulation of the amount of cash reserves that financial institutions must hold.

Who is this training for?

The course is a suitable introduction for all customer-facing banking staff.

Scenario

Jasmine likes to keep her money in a savings account where it earns interest. She works from home as a baby-sitter and has regular expenses for food, milk, diapers etc. She has these delivered to her home and likes to pay her suppliers on-line because it’s more convenient. She needs to make one or two payments each week.

Will there be a problem with the frequency of transactions?

Retail Banking Compliance Training

This course is part of the Retail Banking Compliance Suite

The courses available are

For more details, click on the course names above.

‍

Course Outline

  • Give an overview of the purpose and operation of Regulation D
  • Understand which transactions are limited under Regulation D
  • Describe the penalties and charges under Regulation D

Cyber Security – USA

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Course Description

Preventing Data Breaches

Everyone in the workplace has a role to play in information security. The first step in reducing the risk of data breaches is to learn what they are and be aware of how they typically occur, so that appropriate measures can be taken to prevent them from taking place in the future.

This course surveys the most common information security risks and breaches, including direct observation, malware viruses, phishing, identity theft, spam and credit card skimming. It explores how mobile devices such as laptops and phones are vulnerable to theft. It also considers the security risks associated with working remotely, as well as the personal and professional issues associated with online activities such as using social media or storing information in the cloud. Each topic is explored in plain English, followed by a clear explanation of simple strategies for protecting data.

Who is this training for?

This course is suitable for everyone responsible for handling information in the workplace, whether they are at work, at home or offsite.

Course Outline

  • Module 1: Introduction
  • Module 2: Protecting Work Information
  • Module 3: At work, at home and offsite

Fair Lending

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Course Description

This training covers what banking staff need to know about the laws and regulations prohibiting discrimination in the extension of credit to consumers

Discriminatory lending can lead to legal and reputational risks for a financial institution. This course will provide an overview of the five laws and regulations that cover discriminatory lending practices, and assist staff in complying with them.

Bank staff need understand that discrimination is not always obvious, and in fact illegal discrimination can take three different forms: Overt, Disparate treatment, and Disparate impact. This short, single-module course covers those forms of discrimination and gives examples.

The course also introduces learners to the five relevant laws and regulations and discusses their functions and the ways in which they work to protect Americans from wrongful discrimination in financial matters

Properly trained staff can help protect a bank from the risk of being prosecuted for discriminatory practices

Who is this training for?

The course is a suitable introduction for all banking staff, particularly those who deal with consumers applying for credit.

Scenario

Madison is applying for a loan with Smart Credit Bank for a new condo she wants to purchase. She has a stable job as a librarian at her local high school, though is also receiving Social Security Disability Insurance after being injured in a car accident last year. Despite proving that she has a steady stream of income and appears to meet Smart Credit Bank’s stated eligibility requirements, she receives an email a week later stating that her application has been rejected.

Has Madison been unlawfully discriminated against in this situation?

Retail Banking Compliance Training

This course is part of the Retail Banking Compliance Suite

The courses available are

For more details, click on the course names above.

‍

Course Outline

  • Become aware of the three types of illegal discrimination and how they differ
  • Identify the five laws and regulations that make up Fair Lending practices and prohibit discrimination for consumers
  • Understand the resulting actions of illegal discrimination
  • Learn ways to avoid discrimination throughout the credit process