In January 2009, the Federal Financial Institutions Examination Council (FFIEC) issued joint guidance identifying a number of regulatory compliance and operational risks tied to the use of remote deposit capture (RDC). The FFIEC's guidance was the first of its kind issued by federal regulators related to RDC and prescribed actions banks, thrifts and credit unions should take to minimize such risks.
In a statement issued along with its guidance, the FFIEC acknowledged RDC technology, when properly managed, can reduce processing costs for financial institutions and make the deposit process faster and easier for customers. However, the organization also strongly recommended institutions lookout for legal, compliance, reputational and operational risks that accompany the use of RDC systems. In addition, the council said institutions should regularly monitor their RDC activities and conduct periodic assessments to help detect and address these risks.