Weekly Rewind...News from Your Regulators

CSG is scheduling now for 2022!

Call or Email CSG today to schedule compliance reviews for your Financial Institution. We are scheduling now for 2022! Get more information today!

FTC Announces Fines for Online Retailer

Blocking Negative Reviews can be Expensive– The FTC announced that an online retailer must pay $4.2 million to settle allegations that the company blocked negative reviews of its products from being posted to its website.

CFPB Explores Exploitative Fees

“CFPB Releases a Request for Information on Exploitative Fees” – The CFPB released a Request for Information for the public to share input that will “help shape the agency’s rulemaking and guidance agenda, as well as its enforcement priorities in the coming months and years.” The fees being reviewed, called junk fees by the CFPB, include penalty fees such as late fees, overdraft fees, non-sufficient funds (NSF) fees, convenience fees for processing payments, minimum balance fees, return item fees, stop payment fees, check image fees, fees for paper statements, fees to replace a card, fees for out-of-network ATMs, foreign transaction fees, ACH transfer fees, wire transfer fees, account closure fees, inactivity fees, fees to investigate fraudulent activity, ancillary fees in the mortgage closing process, and more. In a related blog post, the CFPB focuses on credit card interest and fees.

CFPB Identifies Consumer Reporting Companies

Consumer Reporting Companies - The CFPB released its annual list of consumer reporting companies, which identifies dozens of specialty reporting companies that collect and sell access to people’s data, including individuals’ finances, employment, check writing histories, or rental history records, often without their knowledge. Using the list, people can exercise their right to see what information these firms have, dispute inaccuracies, and file lawsuits if the firms are violating the Fair Credit Reporting Act.

NCUA Call Report Webinar

Call Report Webinar – On February 10, the NCUA will host a 90-minute webinar that will cover changes for credit unions effective March 2022, including new schedules for risk-based capital and the Complex Credit Union Leverage Ratio (CCULR), which became effective in January.

OCC Holds Hearing

Prohibitions and Penalties – The OCC will hold a virtual hearing seeking $500,000 and barring two former officers from working in federally insured institutions. The hearing, beginning January 31, is open to the public, and will be available to view online.

FinCEN Proposes SAR Sharing Pilot Plans

SAR Sharing Pilot Program - FinCEN issued a Notice of Proposed Rulemaking that solicits public comment on the establishment of a limited-duration pilot program for sharing SARs, in accordance with Section 6212 of the Anti-Money Laundering Act of 2020. The pilot program would permit a financial institution with a SAR reporting obligation to share SARs and information related to SARs with the institution’s foreign branches, subsidiaries, and affiliates for the purpose of combating illicit finance risks, subject to approval and conditions set by FinCEN.

From the Government Accountability Office

Virtual Currencies and Human and Drug Trafficking - The U.S. Government Accountability Office issued a more detailed and confidential report previously sent to Congress which summarized the GAO’s review of the use of virtual currencies to facilitate human and drug trafficking. The Report examined two issues: (1) U.S. agencies’ collection of data on the use of virtual currencies for human and drug trafficking; and (2) the steps taken, and challenges faced by U.S. agencies to counter human and drug trafficking facilitated by virtual currencies.

NCUA Encourages Credit Unions to Enhance Cybersecurity

Cyberattacks – The NCUA notes that “Given current geopolitical events, the NCUA, along with CISA, the Federal Bureau of Investigation, and the National Security Agency encourage credit unions and their cybersecurity teams nationwide to adopt a heightened state of awareness and to conduct proactive threat hunting. In addition, COVID-related supply chain disruptions may require management to reevaluate previously held assumptions for business continuity and disaster recovery plans.”

Compliance News from your State

State of Colorado Issues Data Security Best Practices

Data Security Best Practices - The Colorado AGO’s Office, Consumer Protection Section, issued guidance regarding data security best practices. Businesses subject to the Colorado Privacy Act can look to these best practices as a roadmap for the technical and organizational data security safeguards the law requires businesses to implement.

State of Montana Extends COVID Emergency Proclamation

Extension of Emergency Proclamation - The Division of Banking and Financial Institutions extended, until May 1, 2022, its Proclamation of Emergency that allows state-charted institutions to close branches at any time the institution is experiencing severe staffing shortages do to, or exuberated by, the COVID-19 pandemic, if the institution deems it necessary to protect the safety and security of persons or property or both.

Visit our Website!