January’s Regulatory Recap is now available here. Let us know if you have any questions or 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… Read More »
If your institution participated in the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loan program: Do you have nagging concerns that your PPP loans are not fully compliant with the ever-changing regulations? Do you worry that in a rush to make PPP loans your institution may have overlooked potential regulatory and risk management pitfalls?… Read More »
On January 9, 2021 FinCEN, along with the Federal Reserve, FDIC, NCUA, OCC issued Answers to Frequently Asked Questions Regarding Suspicious Activity Reports and Other Anti-Money Laundering Considerations for financial institutions. We have reprinted the questions below. The Guidance from FinCEN also includes numerous citations not included below. Question 1: Requests by Law Enforcement… Read More »
The CFPB released a Statement encouraging financial institutions to better serve consumers with limited English proficiency (LEP) and to provide principles and guidelines to assist financial institutions in complying with the Dodd-Frank Act, the Equal Credit Opportunity Act, and other applicable laws. In publishing the Statement, the Bureau seeks to: (1) promote access to financial… Read More »
The Washington State legislative session opens today, Monday January 11, 2021. The Legislature begins each legislative session annually on the second Monday in January. In odd-numbered years, such as when the state budget is debated upon, the State Legislature meets for 105 days, and in even-numbered years, it meets for 60 days. The cut-off dates… Read More »
In Letter to Federal Credit Unions 21-FCU-01, the NCUA provides updated guidance and templates to assist federal credit unions seeking to convert to a community field of membership or expand their existing community field of membership. This letter replaces the guidance previously provided in NCUA Letter to Federal Credit Unions 11-FCU-03, Community Charter Conversions and Expansions. Since… Read More »
The NCUA issued Letter to Federal Credit Unions 21-FCU-03 stating that “any federal credit union with a multiple common bond field of membership may include in its field of membership, without regard to location, underserved communities as defined by the Federal Credit Union Act. To promote greater financial inclusion and strengthen communities, the NCUA encourages… Read More »
December’s Regulatory Recap is now available at https://complianceservicesgroup.com/wp-content/uploads/2021/01/REGULATORY-RECAP-December-2020.pdf. Let us know if you have any questions or if we can help in some 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”… Read More »
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