October is National Cybersecurity Awareness Month

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

July’s Regulatory Recap

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 5.7 of the Rules of … Read More

FAQs on Changes to Regulation D

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, a statement savings account, or … Read More

Remittance Transfer Rule

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 certain conditions. The Final Rule … Read More

February’s Regulatory Recap

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

Remittance Transfers

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 combined disclosures required for remittance … Read More

June’s Regulatory Recap

June’s Regulatory Recap is now available.  It includes the legislative update for Washington and Oregon, along with a recap of proposed and final rules from D.C.  Let us know if you have any questions, or if we can help in any way. Law-Related Services Disclaimer.  Please be advised, CSG provides financial services compliance audit and consulting services to our clients.  … Read More

Consumer Compliance Supervisory Highlights

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

May’s Regulatory Recap

May’s Regulatory Recap is now available.  It includes the legislative update for Washington and Oregon, along with a recap of proposed and final rules from D.C.  Let us know if you have any questions, or if we can help in any way. Law-Related Services Disclaimer.  Please be advised, CSG provides financial services compliance audit and consulting services to our clients.  … Read More

A Framework for OFAC Compliance

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