August’s Regulatory Recap is now available here. It includes updates to ADA compliance, a FinCEN alert, and supervisory highlights. 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 Professional Conduct governing lawyers. Since … Read More
Cyber Incident Notification Requirements
Beginning Friday, September 1, 2023, the NCUA’s new Cyber Incident Notification Requirements Rule goes into effect. All federally insured credit unions will need to notify the NCUA as soon as possible, and no later than 72 hours, after the credit union reasonably believes it has experienced a reportable cyber incident or received a notification from a third party regarding a … Read More
TILA and Regulation Z: Top 10 Material Violations
The Association of Credit Union Internal Auditors, Inc., recently awarded Justin Hosie and our own Cliff Cook the Pat Richey 2023 Article of the Year for their informative and entertaining article on Regulation Z’s top 10 material violations. TILA and Regulation Z: Top 10 Material Violations By: Justin Hosie[1] and Cliff Cook[2] June 5, 2022 If you saw the title … Read More
July 2023’s Regulatory Recap
July 2023’s Regulatory Recap is now available here. It includes guidance on reconsiderations of value of residential real estate valuations, NCUA Federal Credit Union Bylaw updates, and supervisory highlights. 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
Substance Over Form
The CFPB, along with the State of Maine, filed an amicus brief with the Supreme Court of Maine, dated July 12, 2023, arguing that determining whether a loan is covered by TILA requires assessing all material facts and circumstances relevant to determine the borrower’s primary purpose of entering into the transaction. In short, this case involves borrowers who took out … Read More
Junk Fees
“Junk Fees” seems to be the catchphrase of the year. In his State of the Union address on February 7, 2023, President Biden urged Congress to enact legislation eliminating junk fees. As a result, Senators Blumenthal (CT) and Whitehouse (RI) have introduced the Junk Free Prevention Act. The introduced legislation specifically targets excessive online ticket fees, airline family seating fees, … Read More
June 2023’s Regulatory Recap
June 2023’s Regulatory Recap is now available here. It includes guidance on third-party risk management, commercial real estate loan accommodations and workouts, small business lending FAQs, and others. 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 … Read More
May 2023’s Regulatory Recap
May 2023’s Regulatory Recap is now available here. It includes guidance on reopening previously closed deposit accounts, small business lending data collection, and others. John Bley and Sarah Young will be attending the ACUIA’s 33rd annual conference in San Fransico, June 13 through the 16th. On Thursday, the 15th, John will be discussing third party risks during one of the … Read More
April 2023’s Regulatory Recap
April 2023’s Regulatory Recap is now available here. It includes guidance on discrimination and bias in automated systems, LIBOR transition, time-barred debt, and business email compromises, among others. 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 … Read More
Supervisory Guidance on Charging Overdraft Fees for Authorize Positive, Settle Negative Transactions
The FDIC issued Supervisory Guidance (FIL-19-2023) to ensure that institutions are aware of the consumer compliance risks associated with assessing overdraft fees on a transaction that was authorized against a positive balance but settled against a negative balance (APSN). The guidance expands on an FDIC 2019 Supervisory Highlights article titled “Overdraft Programs: Debit Card Holds and Transaction Processing” by discussing … Read More