CFPB Issues Office of Servicemember Affairs 2023 Annual Report

Adam Witmer
Regulatory Update

On September 24, 2024, the CFPB issued the Office of Servicemember Affairs’ annual report for 2023 which covers the top financial concerns facing servicemembers, veterans, and military families, based on the complaints they submitted to the CFPB. The reports also identify emerging risks in consumer finance and provide an update on the CFPB’s efforts toward continuing to protect the military community from harmful financial products and practices.

CFPB Proposes Changes to Remittance Transfer Rule

Adam Witmer
Regulation E, Regulatory Update

On September 20, 2024, the CFPB issued a proposed rule with a narrow amendment to disclosure requirements for certain international money transfers, or remittances. The proposed change aims to ensure that consumers sending a remittance transfer have information about the types of inquiries that may be most efficient to direct to the CFPB and the State agency that licenses or charters their remittance transfer provider.

FinCEN Proposes Renewal of Monetary Instruments Recordkeeping Rule

Adam Witmer
BSA, Regulatory Update

On September 17, 2024, FinCEN issued a notice and request for comments on the proposed renewal, without change, of existing information collection requirements found in BSA regulations that require financial institutions to maintain records related to the issuance or sale of bank checks and drafts, cashier's checks, money orders, and traveler's checks when the issuance or sale involves the use of currency in an amount between $3,000 and $10,000, inclusive.

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