On October 20, 2022, the CFPB issued guidance to consumer reporting companies about their obligation to screen for and eliminate obviously false “junk data” from consumers’ credit reports. According to the CFPB, companies need to take steps to reliably detect and remove inconsistent or impossible information from consumers’ credit profiles.

Oct 21

Oct 21 VIDEO: FinCEN SAR Fields Numbering

Adam Witmer

BSA

In this Compliance Clip (video), Adam explains why the numbers on the FinCEN Suspicious Activity Report (SAR) fields are out of order. This is a “fun fact" from the BSA topics.

Oct 20
Oct 20 CFPB’s Brief on Overdraft Fees and Economically Insecure Older Adults

Adam Witmer

Regulatory Update

On October 19, 2022, issued an issue brief regarding how overdraft fees affect economically insecure older adults. According to the CFPB, economically insecure older adults are particularly impacted by overdraft fees because they are often unable to adjust their carefully managed budgets to pay unexpected fees.

Oct 20
Oct 20 CFPB Sues ACTIVE Network for Using Digital Dark Patterns

Adam Witmer

Regulatory Update

On October 18, 2022, the CFPB sued the online event registration company ACTIVE Network for tricking people trying to sign up for fundraising road races and other events, into enrolling into its annual subscription discount club, Active Advantage. According to the CFPB, ACTIVE automatically and unlawfully enrolled families into its discount club by using digital duplicity.

Oct 19
Oct 19 CFPB Reports High Fees on Student Banking Products

Adam Witmer

Regulatory Update

On October 13, 2022, the CFPB published a report on terms and fees associated with banking products marketed in partnership with colleges to students. The CFPB questions the compliance of some marketing deals between colleges and financial institutions to the Department of Education rules. In relation to this, the Department of Education issued guidance to schools on the requirements for college-sponsored banking arrangements.

Oct 18
Oct 18 CFPB Updates Reg Z Thresholds

Adam Witmer

Regulatory Update, Regulation Z

On October 13, 2022, the CFPB published three threshold changes in the Federal Register. Two of the threshold changes relate to Regulation Z while one change relates to consumer leasing under Regulation M. The changes were based on the 8.9 percent increase in CPI-W as of June 1, 2022.

Oct 17
Oct 17 DOJ Announces $1.3 Million Settlement with Evolve Bank

Adam Witmer

Regulatory Update, Fair Lending

On September 29, 2022, the DOJ announced that it has secured an agreement to resolve allegations that Evolve Bank & Trust engaged in lending discrimination on the basis of race, sex and national origin in the pricing of its residential mortgage loans from at least 2014 through 2019. Under the department’s settlement, which is subject to the approval of the District Court, Evolve Bank will establish a settlement fund of $1.3 million to compensate affected borrowers and will also pay a $50,000 civil penalty.

Oct 14

Oct 14 VIDEO: BSA Changing to AML CFT?

Adam Witmer

BSA

In this Compliance Clip (video), Adam answers the question “Is BSA changing to AML/CFT and do we need to make changes to our BSA department names and titles?” Adam clarifies the origin of the term CFT and what financial institutions should really be focusing on in terms of BSA. A transcript of this video is now available.

Oct 13
Oct 13 Das Discusses BOI Reporting Rule

Adam Witmer

Regulatory Update, BSA

On October 12, 2022, FinCEN Acting Director Himamauli Das spoke at the ACAMS AML Conference where he talked about FinCEN’s implementation plan for the Corporate Transparency Act (CTA), particularly the recently issued final rule on beneficial ownership information reporting requirements. Das highlighted the importance of implementing an effective AML/CFT compliance program and how it helps the agency find and stop illicit activities.

Oct 13
Oct 13 FinCEN and OFAC Take Action Against Bittrex, Inc.

Adam Witmer

Regulatory Update, BSA

On October 11, 2022, FinCEN and OFAC announced in separate press releases that they have taken action against Brittex, Inc., a virtual asset service provider, for willful violations of the BSA and for or apparent violations of sanctions against Cuba, Ukraine-related, Iran, Sudan, and Syria. FinCEN assessed a total of $29,280,829.20 civil money penalty against Brittex, $24,280,829.20 of which will be remitted to OFAC.

Oct 24
Oct 24 CFPB Issues Guidance Regarding Junk Data in Credit Reports

Oct 21 VIDEO: FinCEN SAR Fields Numbering

Oct 20
Oct 20 CFPB’s Brief on Overdraft Fees and Economically Insecure Older Adults

Oct 20
Oct 20 CFPB Sues ACTIVE Network for Using Digital Dark Patterns

Oct 19
Oct 19 CFPB Reports High Fees on Student Banking Products

Oct 18
Oct 18 CFPB Updates Reg Z Thresholds

Oct 17
Oct 17 DOJ Announces $1.3 Million Settlement with Evolve Bank

Oct 14 VIDEO: BSA Changing to AML CFT?

Oct 13
Oct 13 Das Discusses BOI Reporting Rule

Oct 13
Oct 13 FinCEN and OFAC Take Action Against Bittrex, Inc.

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