Happy Monday! I am struggling with the BSCA reporting and hope some of you can help me out. I have read Section 3 of the BSCA so many times, but am inquiring as to exactly what you all are reporting. There are obvious third parties that make changes to posting, computation, etc. The next part is for "preparation and mailing of checks, statements, notices and similar items". I read this as it could apply to title companies paying the purchaser for a house closing, marketing companies who send money out for promotions, services that pay insurance or taxes for our customers, attorneys making payments to someone for a lawsuit, gift card & travel card, payment processors who make electronic payments for our customers (Visa, NACHA, etc.). Lastly, I'm thinking that CDARS & ICS could fall under the "clerical, bookkeeping, accounting..." part of the act.
I would appreciate any guidance that you can provide. This one is just not clear to me at all. Thank you!!
Tina O'Donnell, AAP, CCBRS
VP Operational Risk Manager