Does the SAFE Act Require an Annual Audit?

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Question:

Does the SAFE Act require us to conduct an annual audit? And if so, what is the Section of the Act that supports this? What does it say?

Answer:

You should review Section 1007.104 of CFPB Regulation G (the Bureau's SAFE Act implementation regulations), in particular subsection 1007.104(f), which mandates annual testing for compliance with the provisions of the regulation.

The Fed's rule, which was "inherited" by the Bureau, formerly appeared in FRB Regulation H, at section 208.104.

First published on BankersOnline.com 1/16/12