NJCUL Financial Webinar on Managing Minor Account

Register today for NJCUL’s September 10 90-minute webinar on Managing Minor Accounts. In today's competitive environment, financial institutions must develop deposit products that cover a broad spectrum of interests and ages. This session will cover three critical areas for opening minor accounts:

  1. How funds are owned
  2. Proper execution of account-opening documents
  3. How access to the funds should be controlled during the life of the account

Many states have established laws defining the legal ownership of minor accounts, including Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA) accounts. Although state-specific statutes will not be covered, this session will address key challenges and offer practical solutions for opening minor accounts.

 Webinar Highlights:

  • Deposit account options for minors, including savings, UTMA, and joint accounts
  • What questions should be asked at account opening?
  • Documentation requirements, including signature card completion and account changes
  • Who is authorized to make changes and withdraw funds?
  • What if the minor child or UTMA custodian dies?
  • Online access considerations
  • BSA, CIP, and CDD rules
  • Red flags for potential fraud and money laundering with minor accounts

Register today!

CFPB Making Rule-making Clearer

The Consumer Financial Protection Bureau’s (CFPB) rulemaking process typically starts with research and is further informed by public input, including field hearings, consumer and industry roundtables, advisory bodies, and in some cases, small business review panels. The Bureau carefully assess the benefits and costs of the regulations we are considering for consumers and financial institutions.

Proposed rules are generally published to give industry, consumers, and other external stakeholders an opportunity to comment on their potential impact. Once a regulation is in place, we provide support and resources to help stakeholders understand and comply with the rule.

Click here to read up on final rules, find out the progress of a rule under development, comment on proposed rules, and view information and access resources to help you understand and comply with rules.

Need help crafting a comment letter to new or changed proposed regulation, click here or contact Nicola Foggie at nfoggie@njcul.org.