VIDEO: Leading BSA Board Training

VIDEO: Leading BSA Board Training

Adam Witmer

In this Compliance Clip (video), Adam covers a few best practices to use when conducting BSA training for the Board. As this is often something that is done on an annual basis, BSA training can be repetitive and directors can easily "check out" of the meeting and not have great retention - which defeats the purpose of the meeting. By using best practices in training directors on BSA, your training can be effective, efficient, and even entertaining - which is exactly what your directors want. View this video for a few quick tips on providing BSA training to your board.

FinCEN Extends BOI Reporting Deadline

Adam Witmer
Regulatory Update, BSA

On November 29, 2023, FinCEN issued a final rule that extends the deadline for certain reporting companies to file their initial beneficial ownership information (BOI) reports with FinCEN. Through the final rule, reporting companies created or registered in 2024 will now have 90 calendar days from the date of receiving actual or public notice of their creation or registration becoming effective to file their initial reports.

CFPB Takes Action Against Bank of America for Reporting False Mortgage Data

Adam Witmer
Regulatory Update, HMDA

On November 28, 2023, the CFPB ordered Bank of America to pay a $12 million penalty for submitting false mortgage lending information to the federal government under a long-standing federal law. The CFPB found that hundreds of Bank of America loan officers failed to ask applicants certain demographic questions that are required under federal law, and then falsely reported that the applicants had declined to answer. 

FinCEN Joins International Task Force to Disrupt Financial Flows to Hamas

Adam Witmer
Regulatory Update, BSA

On November 27, 2023, FinCEN and twelve other financial intelligence units (FIUs) issued a public statement recognizing the formation of a task force of like-minded FIUs who aim to strengthen efforts to disrupt international financial flows to Hamas and other terrorist organizations. Counter Terrorist Financing Taskforce – Israel (CTFTI) was established immediately following the brutal terror attacks by Hamas against Israel on October 7, 2023.

FinCEN Issues Alert on COVID-19 Employee Retention Credit Fraud

Adam Witmer
Regulatory Update, BSA

On November 22, 2023, FinCEN, in close coordination with the Internal Revenue Service Criminal Investigation (CI), issued an alert to financial institutions on fraud schemes related to the COVID-19 Employee Retention Credit (ERC). The alert provides an overview of typologies associated with ERC fraud and scams, highlights select red flags to assist financial institutions in identifying and reporting suspicious activity and reminds financial institutions of their reporting requirements under the BSA.

CFPB Fines Toyota Motor Credit for Illegal Lending and Credit Reporting Misconduct

Adam Witmer
Regulatory Update, UDAAP

On November 20, 2023, the CFPB ordered Toyota Motor Credit Corporation to pay $60 million in consumer redress and penalties for operating an illegal scheme to prevent borrowers from cancelling product bundles that increased their monthly car loan payments. The CFPB alleges that the company withheld refunds or refunded incorrect amounts on the bundled products and knowingly tarnished consumers’ credit reports with false information.

CFPB and 11 States Order Prehired to Pay Students for Illegal Lending Practices

Adam Witmer
Regulatory Update

On November 20, 2023, the CFPB and 11 states announced that Prehired will provide more than $30 million in relief to student borrowers for making false promises of job placement, trapping students with “income share” loans that violated the law, and resorting to abusive debt collection practices when borrowers could not pay. In July this year, the CFPB and several state attorneys general and a state regulator filed a complaint against Prehired for deceptive marketing and debt collection practices.

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