OCC Bulletin 2016-16| May 18, 2016
Deposit Reconciliation Practices: Interagency Guidance
Chief Executive Officers of All National Banks and Federal Savings Associations, Department and Division Heads, All Examining Personnel, and Other Interested Parties
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively, the agencies) are issuing the “Interagency Guidance Regarding Deposit Reconciliation Practices.” This interagency guidance ensures that financial institutions are aware of the supervisory expectations regarding deposit reconciliation practices for customer accounts.
Note for Community Banks
This interagency guidance applies to all national banks and federal savings associations.
The agencies expect national banks and federal savings associations to
- adopt deposit reconciliation policies and practices designed to avoid or to reconcile deposit discrepancies or designed to resolve discrepancies such that customers are not disadvantaged.
- effectively manage their deposit reconciliation practices to avoid violations of laws or regulations and to prevent potential harm to their customers.
- implement effective compliance management systems, which include appropriate policies, procedures, internal controls, training, oversight, and review processes, to ensure compliance with applicable laws and regulations and fair treatment of customers.
Please contact Kimberly G. Hebb, Director for Compliance Policy, at (202) 649-5470; or Kenneth Lennon, Assistant Director for Community and Consumer Law, at (202) 649-6350.
Grovetta N. Gardineer
Senior Deputy Comptroller for Compliance and Community Affairs