Account Documentation Series: Opening Deposit Accounts Online: Rules, Risks & Best Practices

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Electronic banking continues to evolve, and financial institutions must work hard to keep pace with technology, regulatory requirements, and cyber security challenges. Recent surveys indicate that 51% of U.S. adults use an online banking application. This fast-paced session will cover the required disclosures for opening deposit accounts, E-SIGN compliance, due diligence for CIP under the Bank Secrecy Act, and best practices for opening deposit accounts online. This session will include a review of the six-step process for consumer consent and common challenges with deposit account opening procedures.


  • Which deposit regulations are related to E-SIGN and have specific compliance provisions?
  • Common questions for E-SIGN
  • Six-step consumer consent process
    • Availability of paper delivery or paper copies
    • Consent choices
    • Consumer actions
    • Hardware and software requirements
    • Affirmative consent
    • After-consent disclosure
  • Basic steps for E-SIGN implementation
    • Getting started and CIP due diligence
    • Identify pain points
    • Vendor selection considerations
  • Assessing the risk – current expectations from the FFIEC for cyber security risk assessment

ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs

Susan Costonis is a compliance consultant and trainer who began her career in 1978.  She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.

Originally recorded on March 21, 2017.

Recorded webinar is available until December 31, 2017.

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