Developing Procedures for Third-party Claims for Funds and Info


Presented by: John Burnett                  
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When your institution is presented with a third party's claim for funds from or information about a customer's accounts or business relationship with the institution, there is little time to consult with bank counsel to determine how or whether to respond to that claim. There can be legal limits on your time to respond, privacy and other confidentiality issues to resolve, constraints on the funds that can be remitted or held, required forms for your response, and other knotty issues to resolve before you act on the request.

A failure to understand the third party's claim or request, a mistake in determining what funds can or cannot be remitted, or a failure to meet a legal deadline for completing the response to these claims can put the financial institution at risk for penalties or damages, or even for the full amount of the claim. To avoid such mistakes, financial institutions should have well-researched and clearly written policies and procedures for the intake and processing of such claims, for providing timely and proper responses to the claims, and for notifying its customers, when permitted.

This webinar is intended to assist financial institutions in identifying their responsibilities for handling third party claims for customer funds or information and developing written policies and procedures for processing claims which their legal counsel may review and approve. Both state law and federal law are critical in this effort, and procedures must ensure compliance with both.

The program is not a substitute for legal advice on a particular fact situation. Because state laws vary widely, this presentation will focus on federal claims; the discussion of state rules is necessarily general and will be used to illustrate how a state rule may influence an institution's handling of these claims. Accordingly, the discussion is not focused on the laws of any one state, nor will it provide guidance for handling specific states' requirements. Such issues must be considered with the assistance of an institution's legal counsel.

On completion of this program attendees should be:
  • familiar with the federal claims most likely to be made against customer funds and information,
  • able to develop a written, systematic plan for handling federal and state third party claims in a timely, well documented fashion and
  • encouraged to present their written procedures for review and approval by legal counsel.
Anyone in charge of designing or auditing a procedure for handling third party claims against customer funds or information are the expected attendees.

About the Speaker:John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from ABA's Stonier Graduate School of Banking, and is also a graduate of the BAIs and the Massachusetts Banker Associations Schools of Banking.

John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company.

John joined Glia Group, Inc. and the team in June, 2004. He is a frequent presenter of BOL Learning Connect webinars, and at BOL Conferences events.

He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and a former member of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task Force as Regulation DD was being written, and has served on several ABA and Massachusetts Bankers seminar panels.

This program was recorded in its entirety in March 2019. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document.

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  • Model: cd_thirdparty0319
  • Manufactured by: Glia Group, Inc.

This product was added to our catalog on Thursday 31 January, 2019.

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