On June 10, 2024, FinCEN updated its Beneficial Ownership Information Frequently Asked Questions. The FAQs is the agency’s response to to inquiries received relating to the Beneficial Ownership Information Reporting Rule and Beneficial Ownership Information Access and Safeguards Rule.

Jun 10
Jun 10 FinCEN’s Publishes Its 2023 Year in Review

Adam Witmer

Regulatory Update, BSA

On June 7 2024, FinCEN published its FinCEN Year in Review for FY 2023. The Year in Review is intended to help stakeholders gain insight into both FinCEN’s efforts to support law enforcement and national security agencies, and how financial information is used.

Jun 10
Jun 10 Treasury Seeks Information on AI in Financial Institutions

Adam Witmer

Regulatory Update

On June 6, 2024, the Treasury released a request for information on the Uses, Opportunities, and Risks of Artificial Intelligence (AI) in the Financial Services Sector. The Treasury is particularly interested in understanding how AI innovations can help promote a financial system that delivers inclusive and equitable access to financial services.

Jun 9
Jun 9 JUNE CONTEST: Adverse Action Requirements

Paula Parras

In case you missed our announcement earlier this week, we are we are holding another contest and will be giving away one free enrollment to Adverse Action Requirements class! Our Adverse Action Requirements program takes a deep dive into everything you and your team need to know about adverse action notices.. In this program, we review the adverse action requirements of both Reg B and FCRA, explain disclosure requirements under the FCRA mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), and discuss common adverse action violations. To enter the giveaway, just complete a quick entry form at www.compliancecohort.com/entry. To learn more about this program, go to: www.compliancecohort.com/adverse-action-requirements

Jun 5
Jun 5 CFPB Issues Circular Regarding Deceptive Contract Fine Print

Adam Witmer

Regulatory Update, UDAAP

On June 4, 2024, the CFPB issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. The CFPB warns they will take action against companies and individuals that deceptively slip coercive contract clauses that censor and restrict individual freedoms and rights into their fine print.

Jun 4
Jun 4 CFPB Creates Registry to Detect Corporate Repeat Offenders

Adam Witmer

Regulatory Update

On June 3, 2024, the CFPB issued a rule to establish a registry to detect and deter corporate offenders that have broken consumer laws and are subject to federal, state, or local government or court orders. The new registry is part of the CFPB’s ongoing focus on holding lawbreaking companies accountable and stopping corporate recidivism.

Jun 3
Jun 3 CFPB Sues Student Loan Servicer PHEAA for Illegal Debt Collection

Adam Witmer

Regulatory Update

On May 31, 2024, the CFPB sued student loan servicer Pennsylvania Higher Education Assistance Agency (PHEAA), which does business as American Education Services (AES), for illegally collecting on student loans that have been discharged in bankruptcy and sending false information about consumers to credit reporting companies. The CFPB seeks to stop PHEAA’s illegal conduct and fine the company for its illegal practices.

Jun 3
Jun 3 Treasury Issues Non-fungible Token Illicit Finance Risk Assessment

Adam Witmer

Regulatory Update, BSA

On May 29, 2024, the Treasury published a 2024 Non-fungible Token (NFT) Illicit Finance Risk Assessment. The risk assessment explores how vulnerabilities associated with NFTs and NFT platforms may be exploited by illicit actors for money laundering, terrorist financing, and proliferation financing.

Jun 3
Jun 3 OCC Issues Alert on Fictitious Regulatory Notifications

Adam Witmer

Regulatory Update

On May 29, 2024, the OCC issued an alert warning against a scam using the name of OCC. According to the OCC, consumers have reported receiving various forms of fictitious correspondence via email, Google Chat, and the U.S. Postal Service related to up-front fee scams involving fictitious inheritance or beneficiary payouts.

Jun 3
Jun 3 CFPB Probes Junk Fees in Mortgage Closing Costs

Adam Witmer

Regulatory Update

On May 30, 2024, the CFPB announced a public inquiry into junk fees that are increasing mortgage closing costs. The Bureau aims to get a clear picture why closing costs are increasing, who is benefiting, and how costs for borrowers and lenders could be lowered.

Jun 12
Jun 12 FinCEN’s New Updates to BOI FAQs

Jun 10
Jun 10 FinCEN’s Publishes Its 2023 Year in Review

Jun 10
Jun 10 Treasury Seeks Information on AI in Financial Institutions

Jun 9
Jun 9 JUNE CONTEST: Adverse Action Requirements

Jun 5
Jun 5 CFPB Issues Circular Regarding Deceptive Contract Fine Print

Jun 4
Jun 4 CFPB Creates Registry to Detect Corporate Repeat Offenders

Jun 3
Jun 3 CFPB Sues Student Loan Servicer PHEAA for Illegal Debt Collection

Jun 3
Jun 3 Treasury Issues Non-fungible Token Illicit Finance Risk Assessment

Jun 3
Jun 3 OCC Issues Alert on Fictitious Regulatory Notifications

Jun 3
Jun 3 CFPB Probes Junk Fees in Mortgage Closing Costs

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