The latest compliance news for you!

Weekly Rewind...News from Your Regulators

TWO CSG Auditors earn their Certified Regulatory Compliance Manager (CRCM)!

CSG Compliance Auditors Tricia Briggs, and Jodi Hampton have earned their CRCM from the American Banker's Association. They are ready to help your Financial Institution get compliant! Get more information today!

FinCEN Issues BSA Penalties

$140 Million in BSA Penalties – FinCEN and the OCC assessed a total of $140 million in civil money penalties against a bank for violations of the Bank Secrecy Act requirements. There are a number of violations in the Consent Order, including insufficient and inadequately trained staff, failure to maintain BSA monitoring systems, and failure to file SARs.

Stay tuned for our Thursday Blog Post focusing on BSA Civil Money Penalties.

CFPB Announces Modified LAR

Modified LARs – The CFPB announced that the 2021 data Modified Loan/Application Data register is now available. The modified LARs provide each financial institution's loan-level HMDA data, modified to protect applicant and borrower privacy.

Homeowner Assistance Fund

Homeowner Assistance Fund program – The CFPB is encouraging institutions to participate in HAF programs to help borrowers avoid foreclosure. The Bureau notes that while participation in HAF programs is voluntary, accepting HAF funds can be a pivotal factor to resolve delinquencies and to help prevent avoidable foreclosure for some homeowners.

Property Appraisal and Valuation Equity – Director Chopra issued a statement on the Interagency Task Force on Property Appraisal and Valuation Equity report which discusses the Bureau’s plans to ensure that discrimination does not come into play on home evaluations. The CFPB, along with other financial regulators will, among others, take steps to make sure that algorithmic valuations are fair and accurate.

Emergency Savings & Financial Security Report

Emergency Savings and Financial Security - The report examines how consumers’ financial profiles vary by levels of emergency savings. The report reflects the differences in consumers’ credit and debt profiles, savings profiles, ability to meet financial obligations, and financial well-being by their level of emergency savings. The findings highlight the degree to which consumers struggle across multiple dimensions of their financial lives and will serve as a valuable, original resource for other researchers, the policy community, and practitioners who study, advocate for, and serve struggling consumers.

CFPB Releases Bulletin on Consumer Reviews

UDAAP & Customer Reviews – The CFPB released Bulletin 2022-05; Unfair and Deceptive Acts or Practices That Impedes Consumer Reviews regarding potentially illegal practices related to consumer reviews. The Bulletin discusses activities related to consumer reviews that are generally unlawful under the Consumer Financial Protection Act and the Consumer Review Fairness Act. These include ‘gag’ clauses, fake reviews, and the use of suppression or manipulation of consumer reviews.

DOJ Continues to Investigate SCRA Violations

SCRA Violations – The DOJ obtained a settlement against a Virginia credit union for over $100,000 for violations of the SCRA. Included in the DOJ’s findings were that, although the credit union reduced a covered member’s interest rate to 6%, it did not apply the reduction retroactively back to the borrower’s entry into service, and, in at least 20 cases, the credit union either improperly denied interest rate reductions, or were done incorrectly. The credit union, the DOJ states, did not have policies providing guidance on how to apply SCRA interest rate reduction requests.

ADA Website Accessibility Guidelines

ADA Web Accessibility Guidelines – The guidelines, written in plain-language, discusses the importance of web accessibility, barriers that inaccessible websites create for some people with disabilities, when the ADA requires web content to be accessible, tips on making web content accessible and other information and resources.

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