Computer Security Incidents Notification

On November 18, 2021, the FDIC, OCC, and Federal Reserve approved a final rule requiring institutions to notify their primary federal regulator of any significant computer-security incidents (notification incident) as soon as possible, and no later than 36 hours, after the institution determines that a cyber incident has occurred. Notification incident is a computer-security incident that has materially disrupted or … Read More

Regulation Z Threshold Adjustments

On October 25, the CFPB has issued its annual Regulation Z threshold adjustments.  This final rule adjusts the dollar amounts for Regulation Z (TILA), including the Credit Card Accountability Responsibility and Disclosure Act (CARD Act), the Home Ownership and Equity Protection Act (HOEPA), and the Dodd-Frank Act.  These Regulation Z threshold adjustments are effective January 1, 2022. Minimum interest charges … Read More

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