February’s Regulatory Recap is now available. February did not have many new or proposed regulations issued, but there was a lot of guidance documents issued from the CFPB and other regulatory agencies included in the Regulatory Recap. Get On Our Audit Schedule Now We are quickly filling up our audit schedule for 2022. While we… Read More »
ADVERTISING BONUSES We are often asked to review advertisements that contain bonuses. A bonus, under Truth in Savings (12 CFR 707), requires additional disclosures, so today we thought we would delve into the triggers and requirements. WHAT IS A BONUS? Truth in Savings defines bonus as “a premium, gift, award, or other consideration worth more than… Read More »
June’s Regulatory Recap is now available here. Let us know if we can help in any way. Have you seen our Weekly Rewinds? Past editions are available on our Resources page. 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 »
The Federal Deposit Insurance Corporation (FDIC) recently reissued its Request for Information regarding its Official Sign and Advertising Requirements and Potential Technological Solutions. The reissue now also addresses the misuse of the FDIC Official Sign and logo, which was not included in the original request. As a recap, on February 26, 2020, the FDIC published a notice in the… Read More »
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… Read More »
July’s Regulatory Recap is now available here. Let us know if you have 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… Read More »
The Federal Reserve posted additional Q&As relating to their recent rule eliminating the six-per-month convenient withdrawal limitations on savings accounts. Savings Deposits Frequently Asked Questions What is the definition of a “savings deposit” in Regulation D? A “savings deposit” is a deposit or account, such as an account commonly known as a passbook savings account,… Read More »
On May 11, the CFPB issued its Final Rule on Regulation E’s remittance transfers requirements, effective July 21, 2020. In advance of the expiration of a statutory exception in July 2020, the Final Rule amendments allow financial institutions to provide estimates of certain fees and the exchange rates related to remittance transfers if they meet… 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… Read More »
Unless the CFPB extends or removes the expiration of allowing estimates for remittance transfers, financial institutions will need to make sure their disclosures reflect the actual terms of any remittance transfer. Remind me The requirements for remittance transfer disclosures, under Regulation E, include the ability to estimate certain information included on the pre-payment, receipt, or… Read More »
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