Serving Financial Institutions Throughout the United States

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Audit Services

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Who We Are

Compliance Services Group, LLC is the product of two nationally respected companies that provide responsive and high-quality compliance consulting and audit services for financial institutions of all types. In the summer of 2017, Compliance Services, Inc. and Northwest Compliance Group, LLC merged to form Compliance Services Group, LLC. Check out our press release for more details.
Our team of consulting and auditing professionals, with decades of consulting, auditing, and financial institution experience, serves over 75 financial institutions throughout the nation.

Compliance Services Group, LLC is focused on meeting your financial services compliance needs at a value proposition. We can help you implement and maintain a high-quality compliance management program for less than it costs to maintain internal expertise. We also offer compliance audit services either on an independent basis for board audit and supervisory committees or on behalf of the management team. We invite you to explore our service options on the above links to examine what we can do for the benefit of your institution. Contact us to discuss your specific needs.

Compliance Malpractice

Back in 2016, Richard Cordray, the then Director of the then CFPP, now the BCFP, gave a speech at the Consumer Bankers Association where he used the term “Compliance Malpractice” in discussing the Bureau’s public enforcement actions –

“Likewise, our public enforcement actions have been marked by orders, whether entered by our agency or by a court, which specify the facts and the resulting legal conclusions. These orders provide detailed guidance for compliance officers across the marketplace about how they should regard similar practices at their own institutions. If the same problems exist in their day-to-day operations, they should look closely at their processes and clean up whatever is not being handled appropriately. Indeed, it would be “compliance malpractice” for executives not to take careful bearings from the contents of these orders about how to comply with the law and treat consumers fairly.”

While the Bureau plans to no longer regulate by enforcement, it is still advisable to know where the fingers are being pointed, to keep the aim away from your institution.

In July, the Federal Reserve Board released its first issue of the Consumer Compliance Supervision Bulletin, which provides a high-level overview of issues noted by examiners.  It is a great resource for executive management and compliance officers.

This premier issue includes topics in Fair Lending, Unfair or Deceptive Acts or Practices, and Regulatory Developments.  The Fair Lending section includes an often-forgotten fact that Red Lining was actually a governmental mandated program established by the Home Owners’ Loan Corporation, which designated areas as “hazardous” places to underwrite mortgages.  Just a little bit of governmental malfeasance that led to the imposition of the Community Reinvestment Act on banks.  Call it a cruel hoax…

If you have any concerns about any of the findings in the Bulletin or the effects on your institution, contact us.  We are glad to help.

 

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