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Signature Card Legal and Compliance Issues

OnDemand Webinar (106 minutes)

Gain an understanding of what a signature card is and specific regulatory requirements that need to take place.As the world speeds onward through the digital age, depository bankers frequently find themselves trying to synthesize archaic rules with the realities of cutting-edge technology. The signature card is one aspect of depository banking that has been slow to evolve. The regulatory requirements are often so murky that banks pay to store hard copies indefinitely, cling to old document templates creating potential liability, and are generally hesitant to evaluate the operational, regulatory, and legal standards that have been in place for many years. With the influx of online banking into the marketplace, brick and mortar banks must take a hard look at these areas and make prudent decisions about how they intend to evolve. While online banks must figure out how to adapt their business model and practices to rules that were not written with them in mind. This topic helps compliance personnel, branch administration, branch managers, and general counsel of depository institutions navigate the signature card rules that impact their business. Beyond the rules, the material also provides information about the choices depository institutions have and the risks and rewards of those choices, so that its leadership can develop and implement an evolutionary plan consistent with the law which protects the interests of both the institution and its customers.


Ashley M. Elmore Drew, Esq., Greenspoon Marder LLP


Operational Standards

• Data Verification

• Document Retention Electronic vs. Paper Storage

• QA/QC Concerns (Image Verification, Changes to Cards)

• Ownership Types and Choices

• Multiple Accounts

IRS and Regulatory Issues

• W-8/W9 Form Requirements

• Regulatory Alphabet Soup: P, E, DD, and CC

Legal Compliance

• Contract Provisions (Setoff, Arbitration Clauses)

• Consumer Accounts vs. Commercial Accounts

• State Law Variations

• UCC3 and UCC4

What's Next?

• Regulatory Landscape

• Predictions of the Future

• How to Stay Informed