Unemployment Insurance Fraud

The Financial Crimes Enforcement Network (FinCEN) issued advisory FIN-2020-A007, Advisory on Unemployment Insurance Fraud During the Coronavirus Disease 2019 (COVID-19) Pandemic.  The advisory was issued to alert financial institutions to unemployment insurance (UI) fraud observed during the COVID-19 pandemic.  The advisory includes descriptions of COVID-19-related UI fraud, associated financial red flag indicators, and information on reporting suspicious activity. Financial red … Read More

Sometimes it adds up

Penalties can add up quickly for ineffective vendor oversight of an insufficient compliance management system. The OCC hit Morgan Stanley with a $60,000,000 civil penalty for not having proper oversight of decommissioning two data centers and deficiencies in vendor oversight.  From the Consent Order: “In 2016, the Bank failed to exercise proper oversight of the decommissioning of two Wealth Management … Read More

RESPA FAQs

On October 7, the CFPB released a set of Frequently Asked Questions (FAQs) discussing topics under the Real Estate Settlement Procedures Act (RESPA) and Regulation X. The FAQs provide an overview of the provisions in RESPA Section 8 (and the respective sections in Regulation X), and they address the application of these provisions to gifts and promotional activities and also … Read More

NCUA Examiner’s Guide & COVID-19

While we are all getting tired of hearing “COVID-19” multiple times a day, this time it may help you when examiners come to visit.  On June 30, the NCUA updated its Examiner’s Guide to include a section on COVID-19. The section begins with “The COVID-19 pandemic may have a lasting impact on credit unions’ financial and operational conditions. Examiners should … Read More

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

September’s Regulatory Recap

September’s Regulatory Recap is now available here.  Let us know 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 Professional Conduct governing lawyers.  Since some … Read More

August Regulatory Recap

August’s Regulatory Recap is now available here.  Let us know 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 Professional Conduct governing lawyers.  Since some … 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

Payday Loans

On July 7, 2020 the CFPB issued a Final Rule to amend its requirements regarding Payday, Vehicle Title, and Certain High-Cost Installment Loans (12 CFR 1041).  We blogged about the proposed rule and history of the regulation last year. The 2017 Rule had two primary parts – the “Mandatory Underwriting Provisions” (effective 11/19/2020) and the “Payment Provisions” (effective 08/19/2019). The … Read More

June’s Regulatory Recap

June’s Regulatory Recap is now available here.  Let us know 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 Professional Conduct governing lawyers.  Since some of our … Read More