Happy New Year!! Laurie Jorgensen – Senior Compliance Auditor After the crazy weather events we experienced at the end of 2025, a refresher on some of the aspects of flood insurance compliance seems like a great way to kick off 2026. Flood insurance requirements are multi-faceted and involve considering several circumstances, such as: The list… Read More »
FDIC Extends Compliance Deadline for Digital and ATM Signage to January 1, 2027 Holly Wilson – Senior Compliance Auditor The Federal Deposit Insurance Corporation (FDIC) has announced a major extension for certain compliance requirements under its revised FDIC Official Signs (12 CFR § 328 – FDIC Official Signs, Advertisement of Membership, False Advertising, Misrepresentation of… Read More »
Even with the government shut down, agencies are still grinding away. The Federal Reserve releases its latest version of Consumer Compliance Outlook which focuses on electronic payments, including the instant payment rails of the FedNow Service and the RTP network. Included in the issue: Compliance Services Group offers both consulting and comprehensive compliance audits of… Read More »
The CFPB published its Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions, outlining 25 regulatory activities at different stages of the administrative process. The Bureau’s agenda included nine entries at the prerule stage, ten entries at the proposed rule stage, five at the final rule stage. The CFPB clarified that the timing of these… Read More »
Under the Homebuyers Privacy Protection Act (HR 2808), Congress has enacted provisions regarding permissible purposes under the Fair Credit Reporting Act (FCRA) that will prevent consumer reporting agencies from furnishing consumer reports, in connection with a residential mortgage loan, under certain circumstances. These provisions are effective on March 4, 2026. The intent is to protect… Read More »
On August 22, 2025, the CFPB published an Advance Notice of Public Rulemaking on its plan to revise the open banking rule. This starts the accelerated rulemaking process to replace the cancelled 2024 rule. The ANPR asks the following questions: Scope of Who May Make a Request on Behalf of a Consumer What is the… Read More »
On May 20th, Governor Ferguson signed E2SSB 5686 into legislation. One part of this, effective July 27, 2025, is the assessment of a foreclosure prevention fee of $80.00. This applies to all residential mortgage loans, as defined under RCW 31.04.015(24) except reverse mortgages. With the short period until the effective date, we have been anxiously… Read More »
Effective October 1, 2025, the Quality Control Standards for Automated Valuation Models requirements will go into effect. The rule, codified last August, doesn’t give a lot of guidance on what is required for the 5 objectives and states that “a flexible approach to implementing the quality control standards would allow the implementation of the standards… Read More »
Inflation adjustments for Regulation CC – Availability of Funds and Collection of Checks will be effective on July 1, 2025. These adjustments will be applicable for the next five years, at which time a new schedule may be implemented. The adjustments will require financial institutions to update their disclosures and systems to reflect the new… Read More »
In Letter to Credit Unions 25-CU-01, the NCUA outlined its supervisory priorities and updates to its 2025 examination program. The letter states that “there continued to be signs of financial stress on credit union balance sheets during 2024. Aggregate loan performance began to deteriorate in 2022, and the trend has continued through 2024. The overall… Read More »
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