Remote Deposit Capture (RDC) Rules and Regulations - Legal and Compliance Requirements

Duration: 90 Minutes
Get a basic understanding of Remote Deposit Capture technology and workflow, business 'best practices' for managing and mitigating the risks of merchant and remote capture, plus tips on establishing and monitoring exposure limits and underwriting guidelines.
Check 21
Instructor: Donna K Olheiser
Product ID: 501820
Financial institutions and their customers are legally obligated to comply with laws and regulations implemented to help prevent and detect money laundering and international terrorist financing.

Objectives of the Presentation
  • Define technical and regulatory terminology and how remote deposit capture works
  • Identify types of remote deposit capture, from merchant capture to ATM and mobile capture
  • Explain the exception item process, and general legal and compliance framework
  • Details on performing risk assessments and implementing effective mitigating controls for performing customer due diligence reviews on the RDC customers
  • Outline how Regulation E for consumer entries that are converted to ACH applies
  • Overview on FFIEC Guidance for Remote Deposit Capture (RDC)
  • Understand the development and recent growth in the use of the RDC technology
  • Identify risks involved to financial institutions that offer this service
  • Understand appropriate risk management techniques in recently issued Federal Financial Institutions Examination Council (FFIEC) guidance
Why Should you Attend
Remote Deposit Capture, just like other payment collection systems have guidance, laws and rules that are required for a financial institution to utilize to help mitigate the risks involved and ensure compliance with its RDC Program. It is suggested that financial institutions regularly produce internal reports on the status of their RDC service.

Although RDC offers considerable benefits to financial institutions and their customers, the service is not without risks. The FFIEC guidance covers several issues that require management attention.

Areas Covered
This webinar will take attendees through a comprehensive review of the following pertaining to RDC:
  • FFIEC Guidance on Remote Deposit Capture
  • Federal Reserve Bank laws and Electronic Check Clearing House Organization (ECCHO) rules for RDC
  • RDC and how Check 21 relates
  • Uniform Commercial Code for RDC
  • Agreements between you and your customers (commercial and consumers)
  • Regulation J relative to its connection with RDC
  • Regulation E for consumer entries that are converted to ACH
Who will Benefit
  • Deposit Manager
  • Retail Banker, Branch Manager
  • Legal Counsel, CTO, CIO, COO
  • Mobile Banking Manager, Policy Manager, Auditor, Compliance Officer
Topic Background
Recent legislation in the USA commonly referred to as "Check 21" makes this entire process possible. Passed in October 2003 and implemented in October 2004, this legislation allows banks to clear checks based upon images of the original items; instead of having to transport the original check all the way back to the paying bank for clearing. The benefits of RDC can be substantial: convenience, reduced transportation risk & cost, better availability, processing efficiencies, the ability to consolidate banking relationships and more.

Remote Deposit Capture has been called 'The most important development the (U.S.) banking industry has seen in years' by the Federal Reserve and others. Almost all of the RFPs (Request for Proposals) Cash Management groups at the largest banks in the USA request information on this service, and nearly all of the top banks in the USA are already using this service, or are well on their way to doing so.

The commonly-viewed benefits of this new service, referred to as Remote Deposit Capture (RDC), include convenience, better deposit availability and reduced transportation cost & risk. It is important to note that not all solutions are the same. Additional functionality such as Intelligent Character & Document Recognition, data management through business rules, the ability to feed internal systems, intelligent clearing capabilities and many others can further add value to the business case.
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  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
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Instructor Profile:
Donna K Olheiser, AAP, is the vice president of Education Services and founder of Dynamic Mastership, LLC. She is an enthusiastic and energetic Certified Master Trainer with over 14 years' training experience. She has designed and facilitated over 100 training sessions each year with her expertise being the rules for companies and financial institutions when processing electronic (specifically ACH) payments, then scheduling the events to facilitate and deliver the material through a variety of venues (webinars, teleseminars, in-person workshops, including regional and national conferences).

Her extensive knowledge, enthusiasm and passion for transferring payment processing knowledge using the adult learning theory is remarkable and has helped many payment professionals perform daily operational tasks including exception processing while remaining compliant with the NACHA Operating Rules. She uses scenarios and examples to bring the learning home, easy to comprehend and apply to real-life day-to-day ACH processing. Ms. Olheiser's ability to engage the learner through the entire training event helps the adult learner apply what they've learned during and after each training session.

She has over 24 years of experience in the financial services industry which includes 9 years' experience as the education service director at a Regional Payments Association (RPA), where she managed and facilitated the entire education program for nearly 800 financial institution members. Prior to that, Ms. Olheiser spent 14 years in various departments with the Federal Reserve Bank of Minneapolis and also holds the Accredited ACH Professional (AAP) designation (achieved in 2004).
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