Some U.S. regulators, including The Office of the Comptroller of the Currency (OCC), are examining sales practices at larger banks. The OCC is looking at governance of sales practices, including instances where customer accounts may have been opened without explicit consent. In particular, the OCC is looking at products and services sold that impact a customer’s credit score or can generate fees including deposit accounts, credit cards, CD’s, and more. Download White Paper »
Fraudulent account opening activity can lead to legal issues and reputational damage and regulators have indicated that banks should have structured sales practice risk management programs in place to prevent them.
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