Category Archive

January’s Regulatory Recap is now available.  It contains regulatory updates, new guidance released, status on Washington State legislative activities, and other actions that may impact your institution. 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 … Read More

DCU Bulletin B-22-02 2022 Exam Focus The Washington State Department of Financial Institutions, Division of Credit Unions, released B-22-02 Initiatives and Exam Focus for 2022. The Bulletin describes the DCU’s current initiatives and what examiners will be looking for when conducting annual reviews of state-chartered credit unions during the year. The DCU will use a hybrid approach to exams with … Read More

In November, FinCEN, along with the OCC, imposed an $8 million BSA Civil Money Penalty against a Texas Bank for willful violations of the Bank Secrecy Act regulations. While the Consent Order leaves a number of questions unanswered, it does provide examples of the violations.  In this post we highlight what we consider to be some of the most relevant … Read More

December’s Regulatory Recap is now available.  It contains regulatory updates, such as the annual Regulation Z threshold adjustments, new guidance released, including the CFPB’s Supervisory Highlights, and other actions taken by the banking supervisors. Our auditing schedule is filling up for 2022.  Contact us now to get on our schedule. Please be advised that CSG provides financial services compliance audit and … Read More

On December 7, 2021, the Consumer Financial Protection Bureau (Bureau) issued the 2021 LIBOR Transition Final Rule amending certain provisions in Regulation Z, which implements the Truth in Lending Act (TILA), to address the sunset of LIBOR. Closed-End Credit The LIBOR Transition Final Rule adds an example to the commentary of an index that would be comparable to LIBOR for … Read More

November’s Regulatory Recap for is now available.  It contains regulatory updates, such as the annual Regulation Z threshold adjustments, new guidance released, including the Joint Statement on Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response to the Continuing COVID-19 Pandemic and CARES Act, and other actions taken by the banking supervisors. Our auditing schedule is filling up … Read More

On November 18, 2021, the FDIC, OCC, and Federal Reserve approved a final rule requiring institutions to notify their primary federal regulator of any significant computer-security incidents (notification incident) as soon as possible, and no later than 36 hours, after the institution determines that a cyber incident has occurred. Notification incident is a computer-security incident that has materially disrupted or … Read More

On October 25, the CFPB has issued its annual Regulation Z threshold adjustments.  This final rule adjusts the dollar amounts for Regulation Z (TILA), including the Credit Card Accountability Responsibility and Disclosure Act (CARD Act), the Home Ownership and Equity Protection Act (HOEPA), and the Dodd-Frank Act.  These Regulation Z threshold adjustments are effective January 1, 2022. Minimum interest charges … Read More

Compliance Services Group is looking for a Compliance Auditor.  If you are interested, send your resume to james.mckinney@complianceservicesgroup.com. POSITION DESCRIPTION Company/Location:  Compliance Services Group, LLC/Olympia, WA Position Title:  Compliance Auditor or Senior Compliance Auditor Reports To:  Lead Compliance Auditor Status:  Exempt Updated:  August 13, 2021 Salary Range:  $45,000 – $95,000 SUMMARY A Compliance Auditor or Senior Compliance Auditor is responsible … Read More

July’s Regulatory Recap is now available here.  It contains updates to the regulations that may affect your institution and guidance to help you stay in compliance. Are you receiving our Weekly Rewinds?  They contain information to let you know what is going on in the financial world on a weekly basis.  Previous editions are available on our Resources page, with … Read More