The Federal Reserve issued its first 2020 issue of its Consumer Compliance Outlook. As always, the issue is a good resource for compliance folks. It contains information on regulatory updates, federal court opinions, and commonly cited violations.
Included in the violations are violations regarding:
- spousal signature requirements under Regulation B and evidence of joint intent – especially conflicts between community property states and Regulation B,
- flood Insurance requirements ensuring proper coverage amounts were obtained and the forced placement of flood insurance not handled properly,
- properly disclosing finance charges, including prepaid finance charges, under Regulation Z, and
- adverse action notice requirements under the Fair Credit Reporting Act (FCRA).
Compliance Services Group can help your institution stay compliant in all these areas. We have knowledgeable, well respected, staff familiar with the requirements. Our consultants can help with your questions, or review your policies and procedures to ensure compliance, and out auditors can make sure that you are following proper steps to comply.
Our audit menu lists many of the audits that we can help with. If you don’t see the review or service that you are looking for, just ask! Email us at email@example.com or call us at 360.943.7137. We are here to help!
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 employees are lawyers with an active bar license but are NOT engaged in the private practice of law, that Rule requires us to make disclosures clarifying that the services we perform may be law-related services, but they are not legal services. Because they are not legal services, those services and our relationship will not be governed by the Rules of Professional Conduct that guide the client-lawyer relationship, such as rules applicable to privileged communications and prohibitions of conflicts of interest. Notwithstanding this disclaimer, we will continue to govern our relationship with you using reasonable ethical and professional standards that are expected to meet your expectations.