FinCEN Partners with National Task Force to Combat Fraud and Scams Affecting Americans

Adam Witmer
BSA, Regulatory Update

On November 25, 2025, FinCEN joined a multi-sector national task force dedicated to the prevention of fraud and scams.  The National Task Force on Fraud and Scam Prevention, organized by the Aspen Institute’s Financial Security Program, unites important groups such as financial services, technology companies, consumer advocates, information sharing centers, and federal agencies to fight fraud and scams.

CFPB Fines Global Tel Link for UDAAP Violations

Adam Witmer
Regulatory Update, UDAAP

On November 14, 2024, the CFPB took action against Global Tel Link (GTL) for illegally taking millions of dollars from over 500,000 accounts and blocking money transfers to incarcerated consumers, who depend on the funds for essentials like food, medicine, and clothing. The CFPB ordered GTL and its subsidiaries to stop their illegal practices, pay at least $2 million in redress to victims, and pay a $1 million penalty to the CFPB’s victims relief fund.

FRFS Expands FedDetect to Commercial Checks

Adam Witmer
Regulatory Update

On November 13, 2024, the Federal Reserve Financial Services (FRFS) announced the expansion of FedDetect Duplicate Notification for Check Services to include commercial checks, alongside its existing Treasury check notification service. Financial institutions can now see deposit information and images of potential duplicate items for commercial checks, supplementing their existing check fraud mitigation tools.

VIDEO: Updating the Board on 1071

VIDEO: Updating the Board on 1071

Adam Witmer

In this Compliance Clip (video), Adam discusses how a financial institution should update their board on the new small business lending data collection and reporting requirement rule (i.e., 1071). While the regulation doesn’t require a board update per se, there are some best practices each financial institution should consider.

CFPB Study Finds Disparities in Small Business Lending

Adam Witmer
Regulatory Update

On November 13, 2024, the CFPB released a study revealing significant disparities in how lenders treat Black and white small business owners seeking loans. The study was a result of a matched-pair testing conducted by the CFPB and the DOJ to test for and detect differential treatment of fictitious well-qualified Black and white small business owners seeking credit at large bank lenders in two counties.

Load More