On October 25, 2016, FinCEN released FIN-2016-A005, Advisory to Financial Institutions on Cyber-Events and Cyber-Enabled Crime. It serves as a refresher of the credit union’s SAR filing obligations when encountering cyber-events. A financial institution is required to report a suspicious transaction conducted or attempted by, at, or through the institution that involves or aggregates to… Read More »
Starting October 3, 2016, credit unions must comply with the amended regulation the Department of Defense issued implementing the Military Lending Act. With this amended rule, NCUA intends to take the same examination approach used with the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule in 2015 and its Qualified Mortgage and Ability-to-Repay rules in… Read More »
Effective January 1, 2017, NCUA will institute changes to the agency’s interest rate risk review procedures and adopt a standardized measurement of interest rate risk to scope and rate interest rate risk assessments more efficiently and effectively. Field staff will implement these changes using the enclosed Interest Rate Risk Review Procedures Workbook and Guide to… Read More »
The FFIEC released a Frequently Asked Questions Guide related to the Cybersecurity Assessment Tool (CAT). The FFIEC published the Cybersecurity Assessment Tool in June of 2015 as a voluntary tool to help financial institutions’ management identify risk and determine their cybersecurity preparedness. The CAT provides a repeatable and measurable process that financial institutions may use… Read More »
On October 12, 2016, the DCU released Bulletin B-16-18, Indirect Lending and Credit Tier Exceptions. The Bulletin includes credit risk concerns and fair lending risks. The Bulletin addresses concerns with indirect lending procedures and practices which allow underwriters to bump a vehicle loan applicant to a higher credit tier and interest rate that is more… Read More »
On September 30, the DCU released Bulletin B-16-17, which provides Guidance on Money Service Businesses (MSBs). Operation Choke Point, and additional pushing from regulators, urged financial institutions to avoid offering services to specific businesses identified as high risk – such as money service businesses. In late 2014, the DOJ and FDIC determined that they should… Read More »
On October 5, the CFPB released a notice that they intend to publish a list of companies that provide free access to credit scores. Financial institutions, credit card issues, and other companies may offer consumers free access to a credit score giving consumers an important tool to manage their financial lives. The Office of Financial… Read More »
On October 4, the CFPB released its final rule for prepaid cards. The rule will cover traditional prepaid cards, general-purpose reloadable cards, mobile wallets, person-to-person payment products, and other electronic prepaid accounts that can store funds. Payroll cards, student financial aid disbursement cards, tax refund cards, and certain federal, state, and local government benefit cards… Read More »
Compliance Services Group Copyright 2026.© All Rights Reserved | Privacy Policy
No Legal Advice Intended
The information on this website is provided as a service to our clients and visitors. The contents of this website, and the posting and viewing of the information on this website may convey information that can be characterized as “law related services” as defined by Rule 5.7 of the Rules of Professional Conduct (“RPC”) governing lawyers, but should not be construed as, and is not intended to be legal services, legal advice, or forming a client-lawyer relationship. Since CSG is not engaged in the practice of law, neither our services nor our relationship will be governed by the RPCs governing lawyers including, but not limited to, specific RPC rules applicable to privileged communications and prohibitions of conflicts of interest. While CSG uses reasonable efforts to include accurate, up-to-date information on this website, CSG makes no warranties or representations as to its accuracy and assumes no liability or responsibility for any errors or omissions in the content of this website or any third-party websites accessed through links from this website.
Formal Agreement Required for Services
You cannot engage CSG to render services for you through e-mail. CSG is not committed to provide services of any kind to you unless a formal services agreement has been executed by both you and CSG. CSG makes no commitment to you to maintain the confidentiality of any e-mail you send to us nor to respond to any e-mail.
Copyrights
Except for information in the public domain, or whether other ownership is acknowledged, CSG owns the copyright to this web site and all of its content. You may not copy or distribute materials from this web site except for personal, noncommercial use.
Links
Links provided by this web site are to assist our clients and visitors in identifying other useful resources and are not intended to state or imply that CSG sponsors or is associated with these resources or endorses or recommends any of the third party information, products, or services found there.