Bankers Alliance Compliance Corner
Editor's Note: The following was submitted by Bankers Alliance. LBA, through its subsidiary Louisiana Bankers Service Corporation, has partnered with Bankers Alliance to give banks access to three compliance-related programs. Click here for more information.
Q: Is it permissible to open interest-bearing business accounts that are not NOW accounts?
A: With the repeal of Reg. Q over a decade ago, businesses can now have interest-bearing demand deposit/checking accounts. However, it is worth noting that, generally, most for-profit business entities are still not allowed to have NOW accounts under Regulation D, unless they operate for certain purposes and/or are non-profit. Further, certain state laws and/or vendor agreements may also impose restrictions, so it is worth reviewing those, as well. Click here for more information.
Compliance Alliance offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call (888) 353-3933 or email info@compliancealliance.com and ask for the membership team.
Did you know that there are four pillars to a cybersecurity program?
- Policies and identification of the internal and external risks.
- Protection of business operations from damage or loss using technology and in-house security.
- Detection and identifying occurrences of cyber threats including educating staff to recognize risks.
- Response and recovery to restore any services that were damaged during an attack.
Review Alliance is an independent group of compliance specialists offering banks deep-dive audits of their existing transactions, recommendations about program enhancements or guidance on future safety and soundness. Virtual Compliance Officer was added in 2020—a new shared service-model using bank-dedicated compliance officers; perfect for monitoring and guiding your bank remotely. To learn how to put them to work for your bank, call (833)-683-0701or email info@bankersalliance.org and ask for the membership team.