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2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Social Security’s Future: The Problem and the Proposals
4 Tax Challenges You May Encounter if You’re Retiring Soon
SBA Releases Updated Standard Operating Procedures
On Jan. 27, 2020, the Consumer Financial Protection Bureau (CFPB) issued a policy statement to announce a new type of guidance called “Compliance Aids”. The policy statement, which is effective Feb. 1, 2020, explains the context of the Compliance Aids. The CFPB already issues compliance resources including small entity compliance guides, instructional guides for disclosure forms, executive summaries, summaries of regulation changes, factsheets, flow charts, compliance checklists, frequently asked questions and summary tables. This new category known as Compliance Aids is intended to be nonbinding, and as such, financial institutions are not required to comply with them. They are to assist in understanding existing rules and regulations, and provide suggestions on how best to comply. However, it will still be possible to comply with a rule or regulation using a method not addressed by the Compliance Aids.
John Zasada, JD, CAMS – Compliance Consulting Director, Financial Institutions Group. John can be reached at zasada@doeren.com.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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