Bank Secrecy Act (BSA): Federal law requiring financial institutions to assist government agencies in detecting and preventing money laundering, including requirements for reporting and record-keeping.
USA PATRIOT Act Section 326: Requires banks to implement Customer Identification Programs (CIP) and verify the identity of individuals opening accounts.
Fair Credit Reporting Act (FCRA): Regulates the collection, dissemination, and use of consumer credit information, including how banks can use credit reports in account opening processes.
Equal Credit Opportunity Act (ECOA): Prohibits discrimination in banking services based on race, color, religion, national origin, sex, marital status, age, or public assistance status.
Truth in Savings Act (TISA): Requires banks to disclose terms, fees, and conditions for deposit accounts, ensuring transparency in banking services.
Electronic Fund Transfer Act (EFTA): Establishes rights, liabilities, and responsibilities of participants in electronic fund transfer systems.
State Banking Regulations: State-specific laws governing banking operations, account opening procedures, and consumer protection measures that vary by jurisdiction.
State Landlord-Tenant Laws: Local regulations governing rental agreements, tenant rights, and landlord obligations that must be considered in rental verification processes.
State Consumer Protection Laws: State-specific regulations protecting consumers in financial transactions and services.
KYC Requirements: Know Your Customer protocols requiring banks to verify customer identity and assess potential risks in banking relationships.
CIP Requirements: Customer Identification Program standards for verifying customer identity during account opening process.
FDIC Regulations: Federal Deposit Insurance Corporation rules governing deposit insurance and banking operations.
OCC Guidelines: Office of the Comptroller of the Currency guidelines for national banks regarding account opening and customer verification procedures.
