Jul 6
Jul 6 Agencies Issue List of 2022 Distressed or Underserved Non-Metro Middle-Income Geographies

On July 1, 2022, the OCC announced that the Federal Agencies have released the 2022 list of distressed or underserved nonmetropolitan middle-income geographies. These are geographic areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration under the community development definition.

Jul 4
Jul 4 FDIC Updates Consumer Compliance Exam Manual

Adam Witmer

Regulatory Update

On June 29, 2022, the FDIC updated sections of the Consumer Compliance Examination Manual. The Consumer Compliance Examination Manual is a primary resource and reference tool for FDIC compliance examination staff when conducting Consumer Compliance and CRA examinations. It incorporates examination policies, procedures, and guidance and is available on the FDIC website as a resource for FDIC staff, bankers, and other members of the public.

Jul 1

Jul 1 VIDEO: Appraisal Discrimination Example

Adam Witmer

Fair Lending

In this Compliance Clip, Adam discusses a hot topic in fair lending: appraisal discrimination. This is a topic that comes from our recent Fair Lending Hot Topics program and is something that every financial institution should be aware of, as regulators have said they are seeing “a wave” of this issue across the country.

Jun 30
Jun 30 CFPB Aims to Reduce Junk Fees from Debt Collectors

Adam Witmer

Regulatory Update

On June 29, 2022, the CFPB issued an advisory opinion affirming that federal law often prohibits debt collectors from charging “pay-to-pay” fees. These charges, commonly described by debt collectors as “convenience fees,” are imposed on consumers who want to make a payment in a particular way, such as online or by phone.

Jun 29
Jun 29 CFPB Issues Interpretive Rule on State’s Ability to Implement Fair Credit Reporting Laws

Adam Witmer

On June 28, 2022, the CFPB issued an interpretive rule affirming states’ abilities to protect their residents through their own fair credit reporting laws. With limited preemption exceptions, states have the flexibility to preserve fair and competitive credit reporting markets by enacting state-level laws that are stricter than the federal Fair Credit Reporting Act (FCRA).

Jun 29
Jun 29 FinCEN and BIS Issue Alert on Potential Export Control Evasion

Adam Witmer

Regulatory Update, BSA

One June 28, 2022, FinCEN and the BIS issued a joint alert to financial institutions advising them to be vigilant against efforts by individuals or entities to evade BIS export controls implemented in connection with the Russian Federation’s further invasion of Ukraine.

Jun 29
Jun 29 FTC Sues Walmart for Money Transfer Fraud

Paula Parras

Regulatory Update, BSA

On June 28, 2022, the FTC sued Walmart for allowing its money transfer services to be used by fraudsters, who swindled consumers out of hundreds of millions of dollars. In its lawsuit, the FTC alleges that the company turned a blind eye while scammers took advantage of its failure to properly secure the money transfer services offered at Walmart stores. The FTC is asking the court to order Walmart to return money to consumers and to impose civil penalties for Walmart’s violations.

Jun 27
Jun 27 OCC's Semiannual Risk Report

Adam Witmer

Regulatory Update

On June 23, 2022, the OCC issued the Semiannual Risk Perspective for Spring 2022 that details the key issues facing the federal banking system. The report, which covers risks facing national banks, federal savings associations, and federal branches and agencies, presents information in five main areas - the operating environment, bank performance, a special section on climate-related topics in emerging risks, trends in key risks, and supervisory actions.

Jun 27
Jun 27 FinCEN Advisory on Updated Deficient Countries

Paula Parras

Regulatory Update, BSA

Jun 27
Jun 27 CFPB Issues FCRA and Regulation V Human Trafficking Final Rule

Adam Witmer

Regulatory Update, FCRA

On June 23, 2022, the CFPB issued a final rule to help survivors avoid some of the financial consequences of human trafficking. Through the final rule, the CFPB has established a method for survivors of trafficking to submit documentation to credit reporting companies that identifies any adverse item of information that resulted from human trafficking. The rule prohibits credit reporting companies from providing a report containing the adverse items of information.