Bulletin B-23-03 (Wire Fraud Alert and Recommendations)

The Washington State Department of Financial Institutions, Division of Credit Unions has published Bulletin B-23-03 (Wire Fraud Alert and Recommendations). We have reprinted it below for your convenience –   Wire Fraud Alert and Recommendations Based on reports and incidents from consumers in Washington State, the Division would like to emphasize the importance for Credit Unions to exercise a heightened … Read More

March 2023’s Regulatory Recap

March 2023’s Regulatory Recap is now available here. This month’s Recap includes the new Small Business Lending Reporting rule from the CFPB, analytics on buy now, pay later borrower profiles, junk fees, and mail-theft related check fraud. Please be advised that CSG provides financial services compliance audit and consulting services to our clients.  The services that we provide include certain … Read More

February 2023’s Regulatory Recap

February 2023’s Regulatory Recap is now available here. The Regulatory Recap includes FinCEN guidance on Mail Theft-Related Check Fraud, a proposed rule from the U.S. Treasury on requiring institutions to use the Treasury Check Verification System to verify that Treasury checks are both authentic and valid before negotiating, and the final NCUA Rule on Reportable Cycber Incidents, among other items. … Read More

Cyber Incident Notification Requirements for Federally Insured Credit Unions

The NCUA Board unanimously approved a final rule that requires a federally insured credit union to notify the NCUA as soon as possible, and within 72 hours, after it reasonably believes that a reportable cyber incident has occurred. Under the final rule, federally insured credit unions are required to report a cyber incident that leads to a substantial loss of … Read More

January 2023 Regulatory Recap

The January 2023 Regulatory Recap is now available here. The Regulatory Recap includes FinCEN Guidance on human smuggling and sanctioned Russian elites, proposed rules from the CFPB, and supervisory priorities, along with agency guidance. Our 2023 audit calendar is open and filling up fast! Whether you are looking for a BSA exam, loan compliance review, help making sure your LAR … Read More

December’s Regulatory Recap

December’s Regulatory Recap is now available here. The Regulatory Recap contains new inflation adjustments from the CFPB, proposed rules from the FDIC & NCUA, along with agency guidance. Welcome to 2023 – the Year of the Question Mark. It seems that everyone is guessing what will happen – interest rates continue to go up, slow down, or decrease, the CFPB’s … Read More

November’s Regulatory Recap

November’s Regulatory Recap is now available here. The Regulatory Recap contains new rules from the CFPB, HUD, and FTC, along with new guidance from the CFPB regarding deposit related fees.   As we are entering December, our auditors are busier than Santa’s elves working on wrapping up projects for our clients. This always seems to be our busy season, with institutions … Read More

October’s Regulatory Recap

October’s Regulatory Recap is now available here.  It contains a summary of October’s regulatory actions.   While still a few months away, it is time to start thinking about your HMDA LAR reporting due March 1, 2023. The Home Mortgage Disclosure Act (HMDA, Regulation C) requires many lenders to maintain, report, and publicly disclose loan-level information about mortgages by March … Read More

Unfair Returned Deposited Item Fee Assessment Practices

On October 26, the CFPB released Bulletin 2022-06: Unfair Returned Deposited Item Fee Assessment Practices. The Bulletin states that having “blanket policies of charging Returned Deposited Item fees to consumers for all returned transactions irrespective of the circumstances of the transaction or patterns of behavior on the account are likely unfair.” The Consumer Financial Protection Act (CFPA) prohibits covered persons … Read More

September 2022’s Regulatory Recap

September 2022’s Regulatory Recap is now available here. It includes FinCEN’s new Beneficial Ownership Information Reporting Requirements rule, and guidance from the CFPB, and others. Our audit schedule for 2023 is beginning to fill up. Now is the time to get on our calendar if you are looking for audits.  Take a look at our list of available audits here.  … Read More