Webinar: Five Steps for E-SIGN Compliance
August 30, 2023 3:00 pm - 4:00 pm
E-SIGN is one of the most convenient processes to grace the financial industry in a long time. It was especially handy during the COVID pandemic.
But like anything else, there are a multitude of regulations and safeguards, particularly when it comes to online account opening. Join us to learn more about the due diligence involved in this popular process.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Explain and implement the multi-step consent process to open “no-contact” accounts or process loan applications
- Understand which loan and deposit regulations are related to E-SIGN
- Use the most recent BSA guidance for satisfying the due diligence requirements for CIP (Customer Information Program)
- Define and identify acceptable documents for loan and deposit accounts, and incorporate risk-mitigation strategies into the new account process
- Determine if enhanced due diligence steps are required to open an account or process a loan application
WEBINAR DETAILS
The 2020 pandemic forced financial institutions to open accounts electronically and follow E-SIGN as branches were temporarily closed. Although the national COVID health emergency ended on May 11, 2023, financial institutions continue to enjoy the convenience of online account opening. This fast-paced session will explain the multi-step consent process and best practices for processing loan applications, opening deposit accounts, and avoiding common pitfalls. Important requirements will be covered, including CIP required documentation and “reasonable belief” of the true identity of the customer, as well as risk mitigation strategies for potential fraudulent loan applications.
WHO SHOULD ATTEND?
This informative e-banking session is targeted toward compliance officers, risk managers, operations managers, business development managers, and others responsible for managing online banking, E-SIGN compliance, e-statements, and e-disclosures.
TAKE-AWAY TOOLKIT
- Current exam procedures and many resources for online banking
- E-SIGN checklist and answers to common questions
- Social media policy template
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
Presenter: Susan Costonis, Compliance Training & Consulting for Financial Institutions
Susan Costonis is a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real-life examples.