Small Business Lending Data Collection Under the Equal Credit Opportunity Act

On September 1, 2021, the CFPB published proposed rulemaking on small business lending data collection. The proposal would require covered financial institutions to annually collect and report to the Bureau data on credit applications for small businesses, including those that are owned by women or minorities. The proposed rule is 918 pages long. The CFPB also provides a table of … Read More

Advertising Bonuses – Credit Unions

ADVERTISING BONUSES We are often asked to review advertisements that contain bonuses. A bonus, under Truth in Savings (12 CFR 707), requires additional disclosures, so today we thought we would delve into the triggers and requirements. WHAT IS A BONUS? Truth in Savings defines bonus as “a premium, gift, award, or other consideration worth more than $10 (whether in the form … Read More

CFPB announces new requirements for submitting credit card agreements

Last Friday, the CFPB provided information on new data submission requirements for uploading credit card agreements to the CFPB. We have reprinted the bulletin below for your convivence. Credit card issuers who are required to make quarterly credit card submissions to the Bureau pursuant to 12 CFR 1026.58(c) – 10,000 or more open credit card accounts as of the last … Read More

Position Available

Compliance Services Group is looking for a Compliance Auditor.  If you are interested, send your resume to james.mckinney@complianceservicesgroup.com. POSITION DESCRIPTION Company/Location:  Compliance Services Group, LLC/Olympia, WA Position Title:  Compliance Auditor or Senior Compliance Auditor Reports To:  Lead Compliance Auditor Status:  Exempt Updated:  August 13, 2021 Salary Range:  $45,000 – $95,000 SUMMARY A Compliance Auditor or Senior Compliance Auditor is responsible … Read More

July’s Regulatory Recap

July’s Regulatory Recap is now available here.  It contains updates to the regulations that may affect your institution and guidance to help you stay in compliance. Are you receiving our Weekly Rewinds?  They contain information to let you know what is going on in the financial world on a weekly basis.  Previous editions are available on our Resources page, with … Read More

June’s Regulatory Recap

June’s Regulatory Recap is now available here.  Let us know if we can help in any way. Have you seen our Weekly Rewinds?  Past editions are available on our Resources page.   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 … Read More

May’s Regulatory Recap

May’s Regulatory Recap is now available here.  Let us know if we can help in any way. Have you seen our Weekly Rewinds?  Past editions are available on our Resources page.   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 … Read More

April Regulatory Recap

April’s Regulatory Recap is now available here.  Let us know if we can help in any way. We’ve been busy scheduling audits for 2021, but we still have a few available times open.  Check out our Audit Services page and contact us today.   Please be advised that CSG provides financial services compliance audit and consulting services to our clients.  … Read More

Official Advertising Statement (FDIC)

The Federal Deposit Insurance Corporation (FDIC) recently reissued its Request for Information regarding its Official Sign and Advertising Requirements and Potential Technological Solutions. The reissue now also addresses the misuse of the FDIC Official Sign and logo, which was not included in the original request. As a recap, on February 26, 2020, the FDIC published a notice in the Federal Register (85 FR 10997) … Read More

2021 Mortgage Servicing COVID-19 Proposed Rule

On April 5, 2021, the CFPB issued the 2021 Mortgage Servicing COVID-19 Proposed Rule regarding additional protections for borrowers during the COVID-19 emergency. The CFPB seeks comment on the proposed amendments to Regulation X that add or revise existing Mortgage Servicing Rule provisions and provide additional assistance for borrowers experiencing a COVID-19-related hardship. These amendments include additional actions during live contacts with … Read More