Compliance Connection

Regardless of a bank’s regulator or state jurisdiction, there are certain notice requirements that apply when a bank plans to close a branch under Section 42 of the Federal Deposit Insurance Act.* For any closure subject to Section 42, the bank must provide 90 days prior written notice of any branch closing to its primary Federal regulator as well as to all branch customers, as well as a notice physically posted at the branch site at least 30 days before the intended date of closure to be in compliance with Section 42.

Question: We need to update our deposit account agreements but heard there may have been changes to Indiana law as to how we should make these changes. What is the correct way to amend our agreements under Indiana law?

Question: We recently made payment on what appeared to be a Cashier’s Check we issued, but it turned out to be a counterfeit. The Cashier’s Check was deposited at another bank first and then presented to us for payment. Is the bank of first deposit liable under Indiana law in this situation, or are we?

Question: Recently, we have received several calls from customers confused by mailers appearing to be from our bank, advising them they needed to call a customer service number that was, in fact, that of a non-bank mortgage broker that we have no relationship or affiliation with. Does Indiana law prevent deceptive marketing like this? Answer:

Question: Our new bank online banking software allows new customers to click a box to open an account — is that sufficient to bind them to our account agreement under Indiana law, or do we need an actual digital signature?