On July 17, 2024, the CFPB, FDIC, FHFA, FRB, NCUA, and OCC jointly issued a final rule, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, designed to help ensure the credibility and integrity of models used in valuations for certain mortgages secured by a consumer's principal dwelling. In particular, the rule will implement quality control standards for automated valuation models (AVMs) used by mortgage originators and secondary market issuers in valuing those homes.

Jul 17
Jul 17 FinCEN, OFAC, and FBI Issues Joint Notice on Timeshare Fraud Associated with Mexico-Based Organizations

Adam Witmer

Regulatory Update, BSA

On July 16, 2024, FinCEN, OFAC, and the FBI issued a joint Notice to financial institutions urging them to be vigilant in detecting, identifying, and reporting timeshare fraud perpetrated by Mexico-based transnational criminal organizations. The Notice provides methodologies, typologies, and red flag indicators to help financial institutions identify potential timeshare fraud in their transactions.

Jul 17
Jul 17 FDIC Publishes FAQs on the Part 328 Final Rule

Adam Witmer

Regulatory Update

On July 16, 2024, the FDIC published a Questions and Answers related to the Part 328 Final Rule - the FDIC Official Signs and Advertising Requirements, False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC’s Name or Logo Final Rule. The FAQs are divided into 5 sections: Physical Premises, Digital Channels, Technical Assistance, Compliance and Effective Dates, and Advertising for Non-Deposit Products.

Jul 16
Jul 16 2024 List of Distressed or Underserved Geographies

Adam Witmer

Regulatory Update, CRA

On July 12, 2024, the FFIEC announced the release of distressed or underserved nonmetropolitan middle-income geographies. As explained in the release, these are geographic areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration under the community development definition.

Jul 15
Jul 15 FFIEC Issues 2023 Mortgage Lending Data

Adam Witmer

Regulatory Update, HMDA

On July 11, 2024, the FFIEC announced the availability of data on 2023 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 5,113 U.S. financial institutions. Covered institutions include banks, savings associations, credit unions, and mortgage companies.

Jul 15
Jul 15 FinCEN Issues Supplemental Alert Regarding Financing of Israeli Extremist Violence in the West Bank

Adam Witmer

BSA, Regulatory Update

On July 11, 2024, FinCEN issued a supplemental alert to highlight additional red flags regarding financing of Israeli extremist settler violence against Palestinians in the West Bank. In February 2024, FinCEN issued an alert to financial institutions related to funding of terrorist attacks against Palestinians in the West Bank by Israeli extremists.

Jul 11
Jul 11 CFPB Proposes Rules to Prevent Home Foreclosures

Adam Witmer

Regulatory Update

On July 10, 2024, the CFPB proposed new rules to make it easier for homeowners to get help when they are struggling to pay their mortgage. Under the proposed rule, mortgage servicers would be required to assist homeowners who need help instead of foreclosing their properties.

Jul 10
Jul 10 CFPB Takes Action Against Fifth Third for Illegal Activities

Adam Witmer

Regulatory Update

On July 9, 2024, the CFPB today took action against repeat offender Fifth Third Bank for a range of illegal activities including illegally loading up auto loan bills with excessive charges and punishing borrowers with repossessions. The order would require the bank to pay a total of $20 million in penalties in addition to paying redress to approximately 35,000 harmed consumers.

Jul 9
Jul 9 FinCEN Updates the BOI FAQs

Adam Witmer

Regulatory Update, BSA

On July 8, 2024, FinCEN issued another set of updates to its Beneficial Ownership Information Frequently Asked Questions. The FAQs are prepared by the agency in response to inquiries received relating to the BOI Reporting Rule and BOI Access and Safeguards Rule.

Jul 9
Jul 9 FinCEN Issues Alert on Fraudulent Scams that Target BOI Reporting Entities

Adam Witmer

Regulatory Update, BSA

In early July, FinCEN published an alert on the Beneficial Ownership Information webpage to warn of fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act.

Jul 18
Jul 18 Agencies Issue Final Rule on Automated Valuation Models

Jul 17
Jul 17 FinCEN, OFAC, and FBI Issues Joint Notice on Timeshare Fraud Associated with Mexico-Based Organizations

Jul 17
Jul 17 FDIC Publishes FAQs on the Part 328 Final Rule

Jul 16
Jul 16 2024 List of Distressed or Underserved Geographies

Jul 15
Jul 15 FFIEC Issues 2023 Mortgage Lending Data

Jul 15
Jul 15 FinCEN Issues Supplemental Alert Regarding Financing of Israeli Extremist Violence in the West Bank

Jul 11
Jul 11 CFPB Proposes Rules to Prevent Home Foreclosures

Jul 10
Jul 10 CFPB Takes Action Against Fifth Third for Illegal Activities

Jul 9
Jul 9 FinCEN Updates the BOI FAQs

Jul 9
Jul 9 FinCEN Issues Alert on Fraudulent Scams that Target BOI Reporting Entities

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