Legislation introduced to the US Senate would allow state attorneys general to initiate unclaimed property audits of national banks with reasonable cause. Current law does not empower attorneys general to issue subpoenas or administer oversight around examinations ensuring compliance with state unclaimed property laws.
Banking (25 articles)
Unclaimed property compliance continues to be a growing concern for banks and credit unions. In recent years, dormancy periods have become increasingly shorter, resulting in more accounts being declared dormant and escheating to the states.
Are you prepared for the upcoming fall escheat reporting season? With a lengthy list of duties and obligations, it is important for banks and credit unions to be aware of the latest legislative changes impacting their industry. Failing to understand all aspects of unclaimed property compliance and unique sets of escheat laws by state may […]
The post below, authored by Sandy Willard, Keane’s Vice President of Corporate Asset Recovery, originally appeared on the Unclaimed Property Professional’s Blog. If you’ve seen the show “Storage Wars”, you know from the tagline of the show that “when storage units are abandoned, the treasures within are put up for auction.” In the unclaimed property world, there […]