Since October is National Cybersecurity Awareness Month, FinCEN and OFAC have published advisories aiming to increase cybersecurity awareness and aid institutions in responding and reporting incidents. The FinCEN Advisory – Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments The advisory provides information on: (1) the role of financial intermediaries in the processing of ransomware … Read More
February’s Regulatory Recap is now available here. Let us know if you have questions, or if we can be of any service. 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 … Read More
In February, the CFPB released its 21st Supervisory Highlights Report. This report covered findings identified in examinations conducted by the CFPB between April 2019 and August 2019. Areas included in the report include mortgage servicing, payday lending (including general Regulation Z requirements), debt collection, and student loan servicing. Mortgage Servicing Highlights Regulation X violations discussed in the report include failing … Read More
Earlier this month, the FDIC released the inaugural issue of Consumer Compliance Supervisory Highlights. The Highlights are intended to provide the public and supervised institutions with information and observations related to the FDIC’s supervisory activities. It also includes a high-level overview of identified consumer compliance issues. This is a great read for anyone in a compliance-related position, not just those … Read More
On May 2, the Office of Foreign Assets Control published A Framework for OFAC Compliance Commitments. The Framework includes an expected Sanctions Compliance Program (SCP) that institutions should consider when developing their own risk-based OFAC compliance program. There is no “one size fits all” SCP for institutions, and each institution should establish a risk-based program based on the institution’s size … Read More
January’s Regulatory Recap is available here. It includes information on HMDA, penalty adjustments, and Washington & Oregon legislative sessions. If you have any questions, please let us know. If you want the Recaps emailed to you, please complete the Contact Us information below. Law-Related Services Disclaimer. Please be advised, CSG provides financial services compliance audit and consulting services to … Read More
August’s Regulatory Recap is available here, and contains almost everything you need to know about what happened during the month. It includes the changes to Regulation Z thresholds, the “new” Privacy rules under Regulation P, proposed regulations, and links to resources to make life just that much easier. If you have any questions, please contact us.
March’s Recap is now available here.
February’s Recap is now available here. It contains the change to the Prepaid Rule effective date, resources for financial institutions, a summary of interesting news of the month, and updates on Washington and Oregon’s legislative activity. Please contact us if you have questions. Blog posts generally contain only a summary of any requirements, and do not represent all potential impact … Read More
The Federal Financial Institutions Examination Council (FFIEC) announced the launch of a new Industry Outreach website designed to share information about financial institution supervision with financial institutions, regulators, the public and other stakeholders, and to provide updates to supervisory guidance and regulations. The website also provides access to upcoming FFIEC-sponsored webinars and includes archived webinars, such as the Military Lending … Read More