March Regulatory Recap

March’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

Proposed Interagency Questions and Answers Regarding Private Flood Insurance

On March 11, 2021, the Federal Reserve Board, FCA, FDIC, NCUA, and OCC published 24 proposed Interagency Questions and Answers Regarding Private Flood Insurance. The agencies state that the proposal is intended to help lenders comply with the agencies’ joint rule which implemented the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012.  These questions would … Read More

DCU’s 2021 Exam Focus

In February, the Division of Credit Unions (DCU) released Bulletin B-21.01, Strategic Initiatives and Exam Focus for 2021. The Bulletin includes updates of the DCU’s 2020 strategic initiatives and objectives, as well as their exam focus for 2021. In 2020, the DCU restructured its examiners into four teams- three devoted to performing safety and soundness exams and one for specialty exams. The DCU also … Read More

February’s Regulatory Recap Now Available

February’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 Rule 5.7 of the Rules … Read More

NCUA Approves Joint-Ownership Share Accounts Final Rule

During its February 18, 2021, open meeting, the NCUA approved a final rule governing the requirements for a share account to be separately insured as a joint account. Under the final rule, proof of joint-ownership, for determining share insurance coverage, can be satisfied by the credit union having issued a mechanism for accessing the account, such as a debit card, … Read More

COVID-19 Fraud Alerts

Did you know that the Federal Trade Commission received more than 2.2 million fraud reports with losses of almost $3.3 billion in 2020? FinCEN has published a number of Advisories and Notices related to COVID-19 fraud activity for financial institutions. For your convenience, we have listed these below. Advisories FIN-2021-A001 – Advisory on COVID-19 Health Insurance- and Health Care-Related Fraud (02/02/2021) This advisory provides … Read More

January’s Regulatory Recap

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 Rule 5.7 of the Rules … Read More

Paycheck Protection Program Audit Available

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? Do you have uncertainty that … Read More

Answers to Frequently Asked Questions Regarding Suspicious Activity Reports and Other Anti-Money Laundering Considerations

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 for Financial Institutions to Maintain … Read More

Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency

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 products for all consumers; (2) … Read More