On September 18, 2024, the CFPN released a set of Questions and Answers for Buy Now, Pay Later products. The FAQs pertain to compliance with Regulation Z, which implements TILA, as related to Buy Now, Pay Later products.

Sep 19
Sep 19 CFPB Issues Guidance on Improper Overdraft Opt-In Practices

Adam Witmer

Regulatory Update

On September 17, 2024, the CFPB published guidance to help federal and state consumer protection enforcers stop banks from charging overdraft fees based on phantom opt-in agreements. According to CFPB Director Rohit Chopra, the Bureau has found instances where banks have no evidence that they obtained consent for overdrafts.

Sep 17
Sep 17 FinCEN Proposes Renewal of Monetary Instruments Recordkeeping Rule

Adam Witmer

BSA, Regulatory Update

On September 17, 2024, FinCEN issued a notice and request for comments on the proposed renewal, without change, of existing information collection requirements found in BSA regulations that require financial institutions to maintain records related to the issuance or sale of bank checks and drafts, cashier's checks, money orders, and traveler's checks when the issuance or sale involves the use of currency in an amount between $3,000 and $10,000, inclusive.

Sep 16
Sep 16 CFPB Sues Horizon Card Services and its CEO Robert Kane for Deceptive Credit Card Marketing

Adam Witmer

Regulatory Update, UDAAP

On September 13, 2024, the CFPB sued Horizon Card Services and its CEO Robert Kane for tricking consumers into signing up for its expensive membership credit card. The CFPB alleges Horizon and Kane attracted consumers to the membership program through deceptive marketing tactics.

Sep 16
Sep 16 OCC Takes Action Against Wells Fargo Bank

Adam Witmer

Regulatory Update, BSA

On September 12, 2024, the OCC entered into a Formal Agreement with Wells Fargo Bank, N.A. The agreement requires the bank to take comprehensive corrective actions to enhance its Bank Secrecy Act/anti-money laundering and U.S. sanctions compliance programs.

Sep 12
Sep 12 CFPB Fines Navient $120 Million for Student Lending Failures

Adam Witmer

Regulatory Update

On September 12, 2024, the CFPB filed a proposed order against the student loan servicer Navient for its multiple failures and illegal actions in its student lending services. If entered by the court, the proposed order would permanently ban the company from servicing federal Direct Loans and would forbid the company from directly servicing or acquiring most loans under the Federal Family Education Loan Program.

Sep 11
Sep 11 CFPB Fines TD Bank for Breakdowns that Illegally Tarnished Consumer Credit Reports

Adam Witmer

Regulatory Update, FCRA, UDAAP

On September 11, 2024, the CFPB ordered TD Bank to pay a total of $28 million for repeatedly sharing inaccurate and negative information about its customers to consumer reporting companies. According to the CFPB, the information included systemic errors about credit card delinquencies and bankruptcies.

Sep 11
Sep 11 FinCEN Updates BOI FAQs

Adam Witmer

Regulatory Update, BSA

On September 10, 2024, FinCEN updated its Beneficial Ownership Information Frequently Asked Questions anew. The FAQs are issued in response to inquiries received relating to the BOI Reporting Rule and BOI Access and Safeguards Rule.

Sep 10
Sep 10 FinCEN Issues In-Depth Analysis of Check Fraud Related to Mail Theft

Adam Witmer

BSA, Regulatory Update

On September 9, 2024, FinCEN issued a Financial Trend Analysis (FTA) on mail theft-related check fraud incidents based on BSA data filed between February 27 and August 31, 2023. FinCEN received 15,417 BSA reports from 841 financial institutions on mail theft-related check fraud, amounting to more than $688 million in reported suspicious activity.

Sep 5
Sep 5 CFPB Report Reveals Issues in Medical and Rental Debt Collection

Adam Witmer

Regulatory Update

On September 5, 2024, the CFPB issued its annual report on debt collection, which highlights aggressive and illegal practices in the collection of medical debt and rental debt. The report highlights issues with real estate software inflating rental debt and debt collectors pursuing medical bills already covered by non-profit aid, as well as insufficient financial assistance for low-income medical bills.

Sep 19
Sep 19 CFPB Publishes Buy Now, Pay Later Product FAQs

Sep 19
Sep 19 CFPB Issues Guidance on Improper Overdraft Opt-In Practices

Sep 17
Sep 17 FinCEN Proposes Renewal of Monetary Instruments Recordkeeping Rule

Sep 16
Sep 16 CFPB Sues Horizon Card Services and its CEO Robert Kane for Deceptive Credit Card Marketing

Sep 16
Sep 16 OCC Takes Action Against Wells Fargo Bank

Sep 12
Sep 12 CFPB Fines Navient $120 Million for Student Lending Failures

Sep 11
Sep 11 CFPB Fines TD Bank for Breakdowns that Illegally Tarnished Consumer Credit Reports

Sep 11
Sep 11 FinCEN Updates BOI FAQs

Sep 10
Sep 10 FinCEN Issues In-Depth Analysis of Check Fraud Related to Mail Theft

Sep 5
Sep 5 CFPB Report Reveals Issues in Medical and Rental Debt Collection

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