ABA Banking Journal - July 2013 - (Page 36)
ABA COMPLIANCE CENTER | INBOX
Should social media be seen in CRA file?
Q. Do we need to include comments
or complaints received via
Facebook or Twitter in our CRA
A. It depends. Each bank must maintain
a public file that, among other
things, contains all written comments/
complaints from the public regarding
its CRA performance. While responses
are not required to be made to each
such communication by the regulation,
any bank responses to CRA comments
or complaints must also be part
of the public file. That said, there’s a
practical consideration: One of the
small bank performance evaluation
criteria is the bank’s record of taking
action, if warranted, in response to
written complaints about its CRA performance.
However, general consumer
complaints not related to the bank’s
CRA performance are not required to
be in the public file.
If the bank operates a website allowing
customer comments, then CRArelated
complaints sent to that website
should be included in the public file.
Comments made on websites
not associated with the bank—and
especially when respondents remain
anonymous—could be included in
your public file but should not be
required. This would apply to sites like
Facebook and Twitter.
A best practice would be to archive
social media complaints and escalate
and respond to them as appropriate.
Your bank should have a policy on
social media complaints or incorporate
social media postings within its general
complaint policy. This policy should
also address how the bank monitors
and addresses comments/complaints
on social media sites not related to the
bank (e.g. Twitter) or where the posting
is anonymous, appropriate to its
complaint volume. (Response provided
Don’t beef about it—regulators expect
you to have a complaint policy
Q. Do you know of a specific act or
regulation that requires a bank to
have a consumer complaint policy?
A. Required by law? No. Expected? Yes.
Not only can complaint information
be a useful source of information
to the bank, but the regulators expect
one and you will likely be criticized if
you don’t have one. All of the regulators
are following the CFPB’s lead.
They are looking closely at how a
bank handles complaints and, more
importantly, what the bank does with
information about customer dissatisfaction.
For example, is the bank
using the information as an earlywarning
The federal prudential banking
regulators, historically concerned with
safety and soundness, are continuing
to emphasize proper and timely
management of consumer complaints.
Likewise, state attorneys general and
state banking departments, whose
investigatory work is often triggered
by consumer complaints, are placing
more emphasis than ever before
on ensuring that consumer voices
are heard. In this regulatory environment,
it is critical that banks develop
and implement robust, effective,
and efficient programs for managing
consumer complaints consistent with
the volume of complaints received.
(Response provided April 2013.)
When are “points” a “bonus”?
Q. If our bank offers 200 “points”
to customers opening a new
account—valued at $20—would
36 | ABA BANKING JOURNAL | JULY 2013
this be a bonus for Regulation DD
purposes? What if we offer points
to an existing client who refers a
friend to open a new account?
A. To answer your first question, yes.
To the extent that these points have a
dollar value and are provided for opening
an account, they trigger Reg DD’s
bonus rules. To your second question:
If the promotion promised “open an
account with us and refer a friend and
we will give you 200 points” where
the money or points are part of the
account opening “deal,” then Reg DD
bonus rules would apply, because both
requirements must be fulfilled simultaneously.
But if the offer is made to
existing customers who refer friends
after the account has been established,
then no, this does not rise to the level
of a bonus under Reg DD. (Response
provided April 2013.)
Availability policies can be “multi-tier”
Q. We will change our Regulation
CC funds availability schedule
for some commercial customers
who opt for account analysis. Can
we have two different availability
policies? If so, what are the
A. Yes, you can have more than one
funds availability policy.
See the Commentary to 229.16
(a) 2: “The [bank’s] disclosure must
reflect the policy and practice of the
bank regarding availability as to most
accounts and most deposits into those
accounts. In disclosing the availability
policy that it follows in most cases,
a bank may provide a single disclosure
that reflects one policy to all its
transaction account customers, even
though some of its customers may
receive faster availability than that
reflected in the policy disclosure. Thus,
a bank need not disclose to some
customers that they receive faster
availability than indicated in the disclosure.
If, however, a bank has a policy
of imposing delays in availability on any
customers longer than those specified in
its disclosure, those customers must receive
Table of Contents for the Digital Edition of ABA Banking Journal - July 2013
ABA Banking Journal - July 2013
Pass the Aspirin
Cover Story: Pay Choices
State Association Roundtable
ABA At Your Service
ABA Banking Journal - July 2013