Dec 9
Dec 9 CFPB Proposes Rule to Prevent Data Brokers from Selling Sensitive Data to Scammers and Spies

On December 3, 2024, the CFPB proposed a rule to rein in data brokers that sell Americans' sensitive personal and financial information. According to the CFPB’s press release, the proposed rule would limit the sale of personal identifiers and make sure that people’s financial data is only shared for legitimate purposes.

Dec 9
Dec 9 Federal Court Suspends Beneficial Ownership Reporting Rule

Adam Witmer

BSA, Regulatory Update

On December 3, 2024, the ABA Banking Journal reported that a federal judge in Texas had issued a preliminary injunction blocking enforcement of the beneficial ownership reporting rule. This is less than a month before the January 1, 2025 deadline for businesses to report their beneficial owners to FinCEN.

Dec 5
Dec 5 Agencies Release Statement on Elder Financial Exploitation

Adam Witmer

Regulatory Update

On December 4, 2024, five federal financial regulatory agencies, FinCEN, and state financial regulators issued a statement to provide supervised institutions with examples of risk management and other practices that may be effective in combatting elder financial exploitation. The statement is intended to raise awareness and provide strategies to supervised institutions and does not replace previous guidance nor impose new regulatory requirements on this subject issued by any of the agencies.

Dec 5
Dec 5 CFPB Bans Student Loan Pro for Fee Harvesting Scheme

Adam Witmer

Regulatory Update

On December 4, 2024, the CFPB took action to permanently ban Student Loan Pro and Judith Noh, its owner, from offering or providing consumer financial products. The CFPB alleges that the company and its owner violated federal law by charging borrowers upfront fees to file paperwork on their behalf to access free debt-relief programs available to consumers with federal student loans.

Dec 4
Dec 4 Federal Agencies Seek Further Comment on Efforts to Reduce Regulatory Burden

Adam Witmer

Regulatory Update

On December 3, 2024, the federal bank regulatory agencies announced their third notice requesting comment to reduce regulatory burden. The agencies are required to review their regulations at least once every 10 years to identify outdated or otherwise unnecessary regulatory requirements for their supervised institutions.

Dec 5
Dec 5 OCC Updates its UDAAP Booklet of the Comptroller’s Handbook

Adam Witmer

Regulatory Update, UDAAP

On December 3, 2024, the OCC issued version 1.1 of the “Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practices” booklet of the Comptroller’s Handbook. The “UDAP/UDAAP” booklet applies to the OCC’s supervision of community banks.

Nov 26
Nov 26 FinCEN Partners with National Task Force to Combat Fraud and Scams Affecting Americans

Adam Witmer

BSA, Regulatory Update

On November 25, 2025, FinCEN joined a multi-sector national task force dedicated to the prevention of fraud and scams. The National Task Force on Fraud and Scam Prevention, organized by the Aspen Institute’s Financial Security Program, unites important groups such as financial services, technology companies, consumer advocates, information sharing centers, and federal agencies to fight fraud and scams.

Nov 25
Nov 25 CFPB Finalizes Rule to Oversee Digital Payment Apps

Adam Witmer

Regulatory Update

On November 21, 2024, the CFPB finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps. The rule will help the CFPB to ensure that these companies follow federal law just like large banks, credit unions, and other financial institutions already supervised by the CFPB.

Nov 25
Nov 25 Federal Reserve Issues Supervision and Regulation Report

Adam Witmer

Regulatory Update

On November 15, 2024, the Federal Reserve Board issued its November 2024 Supervision and Regulation Report. The report summarizes banking conditions and the Federal Reserve’s supervisory and regulatory activities, in conjunction with semiannual testimony before Congress by the Vice Chair for Supervision.

Nov 18
Nov 18 FinCEN Updates BOI FAQs

Adam Witmer

BSA, Regulatory Update

On November 15, 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.