Updated 314(b) Fact Sheet

FinCEN has updated their Section 314(b) Fact Sheet and has rescinded FIN-2009-G002, which is now incorporated into the Fact Sheet. Under section 314(b) of the Patriot Act financial institutions are permitted to share information with one another regarding individuals they suspect may be involved in terrorist financing or money laundering activities. Those institutions who elect to share information under 314(b) … Read More

The CFPB has issued two final rules to amend the ATR/QM Rule

The CFPB has issued two final rules to amend the ATR/QM Rule. The General QM Final Rule amends the General QM definition. The Seasoned QM Final Rule creates a new category of qualified mortgages. The CFPB states the final rules will “support a smooth and orderly transition away” from the so-called “QM Patch,” which is slated to expire July 1, … Read More

November’s Regulatory Recap

November’s Regulatory Recap is now available here.  Let us know if we can help in any way. CSG will be closed December 24 & 25 for Christmas.  We wish all of you a happy and healthy holiday.     Please be advised that CSG provides financial services compliance audit and consulting services to our clients.  The services that we provide include … Read More

Advisory Opinion Program

The CFPB released its first two Advisory Opinion Letters under its Advisory Opinion Program.  The Advisory Opinion Program provides a mechanism through which the Bureau can more effectively carry out its statutory purposes and objectives by better enabling compliance in the face of regulatory and statutory uncertainty. Parties may submit requests for advisory opinions regarding any issue under the Bureau’s purview … Read More

Changes to Privacy Notices on the Horizon?

The Government Accountability Office (GAO) published a report which said that the current privacy model form gives consumers only a limited understanding of financial institutions’ information sharing.  The GAO recommended that the CFPB update the form and consider adding more information about third party sharing. The increasing amounts of and changing ways in which industry collects and shares consumer personal … Read More

OCC – Fair Access to Financial Services

The Office of the Comptroller of the Currency (OCC) has issued a proposed rule to ensure that banks and federal savings associations provide fair access to financial services and not make board-based decisions that affect classes or categories of customers. This proposed rule would prohibit covered national banks and federal savings associations—generally, those with $100 billion or more in assets—from … Read More

NCUA Proposed Rule on Allowing Unpaid Interest in Loan Workouts

During its November 19th board meeting the NCUA issued a proposed rule that would allow credit unions to include unpaid interest in loan workouts and modifications.  The proposal includes commercial and business loans.  The proposed rule would amend Appendix B to Part 741 – Loan Workouts, Nonaccrual Policy, and Regulatory Reporting of Troubled Debt Restructured Loans. The Board has determined … Read More

BSA Due Diligence Requirements for Charities and Non-Profit Organizations

The Federal Reserve, FDIC, FinCEN, NCUA and OCC issued a fact sheet clarifying that compliance efforts to meet Bank Secrecy Act due diligence requirements for customers that are charities and other nonprofit organizations should be based on the money laundering risks posed by the customer relationship. The fact sheet highlights the importance of legitimate charities and nonprofit organizations having access … Read More

Regulatory and Supervisory Issues Relating to Outsourcing and Third-Party Relationships

The Financial Stability Board (FSB) published a discussion paper titled Regulatory and Supervisory Issues Relating to Outsourcing and Third-Party Relationships.  The paper builds on the FSB’s 2019 report Third-Party Dependencies in Cloud Services and a survey conducted during the first quarter of 2020 on the existing regulatory and supervisory landscape related to outsourcing and third-party risk management. The paper states: … Read More

Fair Debt Collection Practices Act (Regulation F) Compliance Aids

On October 30, 2020, the Consumer Financial Protection Bureau (Bureau) issued a final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt. The rule focuses on debt collection communications and gives consumers more control over how often and through what means debt collectors can communicate with … Read More