The Federal Reserve posted additional Q&As relating to their recent rule eliminating the six-per-month convenient withdrawal limitations on savings accounts. Savings Deposits Frequently Asked Questions What is the definition of a “savings deposit” in Regulation D? A “savings deposit” is a deposit or account, such as an account commonly known as a passbook savings account,… Read More »
With the rampant fraud associated with the pandemic, the institution’s compliance staff may be considered the unsung heroes of the institution. Along with protecting the institution from steep fines and regulatory violations, the Bank Secrecy Act (BSA) staff protect the institution and customers by identifying and stopping illicit activity. Even with the stay at home… Read More »
The Federal Reserve issued its first 2020 issue of its Consumer Compliance Outlook. As always, the issue is a good resource for compliance folks. It contains information on regulatory updates, federal court opinions, and commonly cited violations. Included in the violations are violations regarding: spousal signature requirements under Regulation B and evidence of joint intent… Read More »
On May 11, the CFPB issued its Final Rule on Regulation E’s remittance transfers requirements, effective July 21, 2020. In advance of the expiration of a statutory exception in July 2020, the Final Rule amendments allow financial institutions to provide estimates of certain fees and the exchange rates related to remittance transfers if they meet… Read More »
April’s Regulatory Recap is now available here. Let us know if we can help in any way. Please be advised that CSG provides financial services compliance audit and consulting services to our clients. The services that we provide include certain tasks that may be characterized as “law-related services” under Rule 5.7 of the Rules of… Read More »
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