Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 28

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1
Chunk 28
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 of the Bank are also
subject to federal laws, such as:

    ·
    the Federal Deposit Insurance Act which, among
    other things, limits the amount of deposit insurance available per insured depositor category to $250,000 and imposes other limits
    on deposit-taking;

    ·
    the Right to Financial Privacy Act, which imposes
    a duty to maintain the confidentiality of consumer financial records and prescribes procedures for complying with administrative
    subpoenas of financial records;

    ·
    the Electronic Funds Transfer Act and Regulation
    E, which governs the rights, liabilities, and responsibilities of consumers and financial institutions using electronic fund transfer
    services, and which generally mandates disclosure requirements, establishes limitations on liability applicable to consumers for
    unauthorized electronic fund transfers, dictates certain error resolution processes, and applies other requirements relating to automatic
    deposits to and withdrawals from deposit accounts;

    ·
    The Expedited Funds Availability Act and Regulation
    CC, setting forth requirements to make funds deposited into transaction accounts available according to specified time schedules,
    disclose funds availability policies to customers, and relating to the collection and return of checks and electronic checks, including
    the rules regarding the creation or receipt of substitute checks; and

    ·
    the Truth in Savings Act and Regulation DD, which
    requires depository institutions to provide disclosures so that consumers can make meaningful comparisons about depository institutions
    and accounts.

The CFPB is an independent
regulatory authority that is funded through the Federal Reserve. The CFPB has broad authority to regulate the offering and provision
of consumer financial products and services. The CFPB has the authority to supervise and examine depository institutions with more than
$10 billion in assets for compliance with federal consumer laws. The authority to supervise and examine depository institutions
with $10 billion or less in assets such as us, for compliance with federal consumer laws remains largely with those institutions’
primary regulators. However, the CFPB may participate in examinations of smaller institutions on a “sampling basis” and may
refer potential enforcement actions against such institutions to their primary regulators. As such, the CFPB may participate in examinations
of the Bank. In addition, states are permitted to adopt consumer protection laws and regulations that are stricter than the regulations
promulgated by the CFPB, and state attorneys general are permitted to enforce consumer protection rules adopted by the CFPB against certain
institutions.

The CFPB has issued