On October 31, 2024, the CFPB took action against VyStar Credit Union for harming consumers through its botched rollout of a new online banking system. In May 2022, VyStar launched a new online banking platform that was dysfunctional, making it difficult for members to perform basic banking tasks for weeks, with some features unavailable for over six months.

Nov 4
Nov 4 FATF Updates List of Deficient Countries

Adam Witmer

BSA, Regulatory Update

On October 30, 2024, FinCEN issued a press release to inform U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering, counter the financing of terrorism, and combat weapons of mass destruction proliferation financing (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with strategic AML/CFT/CPF deficiencies following its plenary meeting last month. U.S. financial institutions should consider the FATF’s stance toward these jurisdictions when reviewing their obligations and risk-based policies, procedures, and practices.

Nov 4
Nov 4 FinCEN Extends Filing of BOI Reports to Victims of Recent Natural Disasters

Adam Witmer

Regulatory Update, BSA

On October 29, 2024, FinCEN announced that certain victims of Hurricane Milton, Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Hurricane Francine will receive an additional six months to submit beneficial ownership information reports. The extension includes reporting updates and corrections to prior reports.

Oct 31
Oct 31 Treasury Releases Inaugural National Strategy for Financial Inclusion

Adam Witmer

Regulatory Update

On October 29, 2024, the US Treasury released the National Strategy for Financial Inclusion in the United States. The Strategy identifies objectives and recommendations for policymakers, industry, employers, and community organizations to advance consumer access to safe financial products and services and strengthen financial security.

Oct 30
Oct 30 FHFA Updates Enterprise Policies on Appraisals, Loan Repurchase Alternatives, and Pricing Notifications

Adam Witmer

Regulatory Update

On October 28, 2024, the FHFA announced updates to several Fannie Mae and Freddie Mac policies that are intended to enhance efficiencies and promote cost savings in the single-family mortgage market. FHFA Director Sandra Thompson stated that the actions are intended to better ensure the Enterprises are reliable sources of liquidity for lenders of all sizes and types, which in turn will promote access to sustainable credit for consumers.

Oct 29
Oct 29 NCUA Chairman Harper on Citadel Federal Credit Union’s Redlining Settlement

Adam Witmer

Regulatory Update

On October 10, 2024, NCUA Chairman Todd M. Harper released a statement regarding the U.S. Department of Justice’s settlement with Citadel Federal Credit Union to resolve lending discrimination allegations. Citadel is a $6 billion financial institution in Southeastern Pennsylvania.

Oct 28
Oct 28 CFPB Acts Against Ejudicate for Misleading Student Borrowers

Adam Witmer

Regulatory Update

On October 10, 2024, the CFPB banned private dispute resolution platform Ejudicate from arbitrating disputes about consumer financial products after the company misled student borrowers about its neutrality and initiated sham arbitration proceedings. The CFPB found that Ejucate was actually a debt collection for Prehired, a company permanently shut down in 2023 for illegal lending practices.

Oct 24
Oct 24 FinCEN Issues Alert to Counter Financing of Hizballah and Its Terrorist Activities

Adam Witmer

BSA, Regulatory Update

On October 23, 2024, FinCEN issued an alert to assist financial institutions in identifying and reporting suspicious activity supporting Lebanese Hizballah (Hizballah), a U.S.-designated Foreign Terrorist Organization. The alert builds upon the agency’s May 2024 advisory on Iran-backed terrorist organizations and offers a comprehensive overview of Hizballah’s global criminal financial networks.

Oct 23
Oct 23 CFPB Issues Personal Financial Data Rights Final Rule

Adam Witmer

Regulatory Update

On October 22, 2024, the CFPB finalized a rule that will give consumers greater rights, privacy, and security over their personal financial data. The rule requires financial institutions, credit card issuers, and other financial providers to unlock an individual’s personal financial data and transfer it to another provider at the consumer’s request for free.

Oct 22
Oct 22 FinCEN Issues Update to the Public Utility Exemption Under the BOI Reporting Rule

Adam Witmer

Regulatory Update

On October 18, 2024, FinCEN published a final rule in the Federal Register to clarify an exemption under the beneficial ownership information reporting rule that FinCEN published on September 30, 2022. The rule modifies the language exempting certain public utilities from the definition of “reporting company” in the beneficial ownership information reporting rule to more clearly implement the language of the exemption found in the Corporate Transparency Act (CTA).

Nov 5
Nov 5 CFPB Fines VyStar Credit Union for Blocking Consumer Access to Accounts

Nov 4
Nov 4 FATF Updates List of Deficient Countries

Nov 4
Nov 4 FinCEN Extends Filing of BOI Reports to Victims of Recent Natural Disasters

Oct 31
Oct 31 Treasury Releases Inaugural National Strategy for Financial Inclusion

Oct 30
Oct 30 FHFA Updates Enterprise Policies on Appraisals, Loan Repurchase Alternatives, and Pricing Notifications

Oct 29
Oct 29 NCUA Chairman Harper on Citadel Federal Credit Union’s Redlining Settlement

Oct 28
Oct 28 CFPB Acts Against Ejudicate for Misleading Student Borrowers

Oct 24
Oct 24 FinCEN Issues Alert to Counter Financing of Hizballah and Its Terrorist Activities

Oct 23
Oct 23 CFPB Issues Personal Financial Data Rights Final Rule

Oct 22
Oct 22 FinCEN Issues Update to the Public Utility Exemption Under the BOI Reporting Rule

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