Deposit Accounts Clinic
Date: June 8, 2017
Time: 9 am - 3 pm
Location: Paragon Bank
3535 Glenwood Avenue - Raleigh
Registration: $250 (Early Bird - 5/25) / $275 (Regular - after 5/25)
Registration for this event has closed. If you would like to get registered, please contact Brianna Reeder at firstname.lastname@example.org.
The NCBA has brought together a group of experts to help our members brush up on areas of North Carolina law that continually arise with deposit accounts. This year's clinic will feature the following topics:
- Rules Governing Lawyer Trust Accounts
Learn how banks should handle lawyers’ accounts and how to work with the NC IOLTA program at the State Bar that collects the interest on the accounts holding pooled client funds for the purpose of making law related grants. NC IOLTA works with lawyers and banks across the state to coordinate income generated from lawyers’ trust accounts for the purpose of funding grants to providers of civil legal services for the indigent and to programs that further the administration of justice.
- Same-Day ACH Phase II: Operational Impacts for DFIs
This will be a review of Same-Day ACH Phase I, in addition to focusing on the operational impact of Same-Day ACH debits for both the ODFI & RDFI.
- Trust and Estate Law
Discover happens when a person dies without and with a will, in addition with get an overview of the process of estate administration in North Carolina, including opening, administering, and closing accounts for decedent’s estate. This session will also review the different rules for different types of deposit accounts, such as: sole ownership accounts, joint accounts, payable on death accounts, and personal agency accounts. Finally, the speakers will cover dealing with powers of attorney in matters relating to deposit accounts.
- Aging, Vulnerability and Financial Fraud
This session will examine recent trends in financial fraud perpetrated against senior citizens. In particular, we will discuss the various forms of lottery scams, grandparents’ scams, “sweetheart” scams, and Facebook scams, all of which have become increasingly prevalent in North Carolina and throughout the United States. The presentation will address these scams in light of North Carolina Senate Bill 140, passed in 2013, which, among other things, increased the duties of financial institutions to report suspected elder fraud to appropriate authorities. If time permits, the presentation will also discuss several of the home repair scams which typically target the elder population.
- How Many Layers is This Onion? - CIP, Identity of Beneficial Owners & Account Fraud
Too many banks – particularly too many smaller, local banks – are being confronted with new depositors who present multi-layered entities as new account-holders. Trusts, holding companies, obscured beneficial interests, exotic business structures, closely-held, out-of-state or offshore business entities, are all too popular with depositors with too much cash and too few explanations. Unless your CIP program learns to spot the suspicious, confusing, or poorly explained depositor, it cannot pursue the beneficial owners for OFAC purposes. No bank wants a reputation for a lax or superficial CIP program with its regulators, much less with the community of bad actors ready to exploit you. This segment will illustrate the sort of nonsense-entities you may encounter, and provide lines of interrogation that will either penetrate to the beneficial owners of legitimate accounts or scare away illegitimate accounts.
- Regulatory Enforcement and Compliance Concerns for Deposit Accounts
Regulators’ concerns for the unbanked and underbanked have led to multiple hot topics in the deposit account arenas. In the past year, regulators have honed in on a number of deposit account related issues, including deposit account reconciliation, overdrafts and credit reporting. This segment will focus on regulator concerns and recent enforcement actions involving deposit accounts.
Jim is a financial institutions and regulatory attorney with Ward and Smith, P.A. For the first fourteen years of his professional career, Jim was a general practitioner and "country lawyer" in Hendersonville, North Carolina. In 1988, he disengaged from the private practice of law and accepted a senior management position with a local savings bank. When that bank was acquired by First-Citizens Bank & Trust Company in 1991, Jim moved to Raleigh and assumed the newly-created position of in-house counsel. Until 2012, he served as the senior in-house counsel for First Citizens Bank supporting the delivery of its financial products and services throughout the organization and, beginning in 2007, serving as its corporate secretary.
Wanda is the Director of Payments Education for ePayResources where she is responsible for the development and delivery of electronic payments education, including in-person classes, web conferences, and webcasts. She has more than 30 years’ experience in the financial industry, including customer/member service, lending, operations, accounting, and management, and understands the challenges and opportunities facing stakeholders in the payments industry.
Franklin joined the Raleigh law firm of Smith Debnam as a partner in April 1994 after a sixteen year practice specializing in creditor's rights, bankruptcy, and repossession law in Louisville, Kentucky. There, his practice extended through the courts of five states. Over the past 38 years, he has advised and represented most of the major secured and unsecured consumer financers on secured lending, bankruptcy and regulatory compliance matters.
Caren is a partner with Smith Debnam. Caren provides compliance services to the consumer financial services industry and defends banks and other members of the industry in state and federal litigation involving consumer protection statutes. She is the author of a blog, Consumer Financial Services Litigation and Compliance where she regularly posts updates regarding the consumer financial services industry. Caren also serves on the North Carolina Bankers Association’s Bank Counsel Committee.
Since 1990, Claire has worked for NC IOLTA, the grant-making program at the North Carolina State Bar. NC IOLTA works with lawyers and banks across the state to coordinate income generated from lawyers’ trust accounts for the purpose of funding grants to providers of civil legal services for the indigent and to programs that further the administration of justice. Claire maintains the financial records for the program and works with banks and attorneys on IOLTA trust account compliance issues.
Knox is a general business attorney with a financial institutions and regulatory background with Ward and Smith, P.A.. He helps large, mid-sized, and small businesses with general corporate and business issues, including mergers and acquisitions, and is particularly well-equipped to address a variety of regulatory issues and lending matters. Knox has experience with securities issues, and also advises on trust issues, securities brokerage, investment advice and asset management services, and insurance services.
Jeb is an Assistant Attorney General in the Consumer Protection Division of the North Carolina Department of Justice. His work involves bringing enforcement actions against individuals and companies engaged in elder fraud, home appliance and retail fraud, and tax preparation fraud. Recently, he has also been involved in investigations of pharmaceutical practices concerning drug pricing.
The NCBA has secured a discounted rate of $142/night for our attendees at the North Raleigh Hilton. To secure this discounted rate, please call the hotel directly at 919.872.2323 and request the NC Bankers Association rate. This rate includes Lofton's breakfast and complimentary transportation to and from the North Hills Mall. The hotel is located four miles away from Paragon Bank.
Please note that attendees are responsible for securing their hotel reservations.