CFPB And Prudential Regulators Issue Guidance On Deposit Reconciliation Practices

The Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau ("CFPB"), the Federal Deposit Insurance Corporation ("FDIC"), the National Credit Union Administration, and the Office of the Comptroller of the Currency ("OCC") issued guidance on May 18, 2016 outlining the agencies' supervisory expectations regarding customer account deposit reconciliation practices. The guidance does not impose any new requirements, but reminds institutions of the expectation that they implement policies and procedures to protect customers where there is a credit discrepancy (e.g., difference between the amount of the actual deposit and the amount credited to the customer's account).