NOW AVAILABLE: Fall 2024 Quarterly Compliance Update

Adam Witmer

Our Fall 2024 Quarterly Compliance Update is now available in our store and automatically available to Premium Members. (PREMIUM MEMBERS: To access the program, click the “class login” link on our site and choose the quarterly update from the list.) Our Fall 2024 Quarterly Compliance Update covers all of the regulatory activity that took place during the third quarter of 2024 and is a great way for financial institutions to stay up-to-date on the activity that took place in the regulatory compliance world. Plus, part II of the program provides a brief overview of the July 2025 Regulation CC changes that will become effective on July 1, 2025. You can learn more about this program and register at www.compliancecohort.com/fall-2024-quarterly-compliance-update.

CFPB Fines Global Tel Link for UDAAP Violations

Adam Witmer
Regulatory Update, UDAAP

On November 14, 2024, the CFPB took action against Global Tel Link (GTL) for illegally taking millions of dollars from over 500,000 accounts and blocking money transfers to incarcerated consumers, who depend on the funds for essentials like food, medicine, and clothing. The CFPB ordered GTL and its subsidiaries to stop their illegal practices, pay at least $2 million in redress to victims, and pay a $1 million penalty to the CFPB’s victims relief fund.

FRFS Expands FedDetect to Commercial Checks

Adam Witmer
Regulatory Update

On November 13, 2024, the Federal Reserve Financial Services (FRFS) announced the expansion of FedDetect Duplicate Notification for Check Services to include commercial checks, alongside its existing Treasury check notification service. Financial institutions can now see deposit information and images of potential duplicate items for commercial checks, supplementing their existing check fraud mitigation tools.

$100 OFF: BSA BOOTCAMP!

Adam Witmer

Our BSA Bootcamp is on sale for $100 off the regular price. This program provides a deep dive into the foundational BSA/AML rules that apply to financial institutions. The class can be completed in around 3 1/2 hours and would be good for both seasoned BSA professionals as well as those new to BSA/AML. You can view the full curriculum of our BSA Bootcamp - and watch an overview video of the program - at www.compliancecohort.com/video-webinar-bsa-bootcamp.

VIDEO: Updating the Board on 1071

VIDEO: Updating the Board on 1071

Adam Witmer

In this Compliance Clip (video), Adam discusses how a financial institution should update their board on the new small business lending data collection and reporting requirement rule (i.e., 1071). While the regulation doesn’t require a board update per se, there are some best practices each financial institution should consider.

CFPB Study Finds Disparities in Small Business Lending

Adam Witmer
Regulatory Update

On November 13, 2024, the CFPB released a study revealing significant disparities in how lenders treat Black and white small business owners seeking loans. The study was a result of a matched-pair testing conducted by the CFPB and the DOJ to test for and detect differential treatment of fictitious well-qualified Black and white small business owners seeking credit at large bank lenders in two counties.

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