On January 30, 2025, the CFPB ordered the international remittance company Wise to pay nearly $2.5 million for a series of illegal actions, including advertising inaccurate fees and failing to properly disclose exchange rates and other costs. Wise is a publicly traded global electronic money services provider that allows customers to send, receive, and store remittances through a mobile app, prepaid accounts, and debit cards.

Feb 3
Feb 3 CFPB Provides Update on the Appraisal Subcommittee’s Progress

Adam Witmer

Fair Lending, Regulatory Update

On January 17, 2025, the CFPB published a blog post authored by Appraisal Subcommittee (ASC) Chairman Zixta Martinez to provide an informal report on the progress made by the Subcommittee. In particular, Martinez provided updates in relation to the priorities set by the ASC back in April 2022.

Jan 30
Jan 30 FinCEN Rescinds Previous Alerts on West Bank Violence

Adam Witmer

BSA, Regulatory Update

On January 29, 2025, FinCEN rescinded two of its previous Alerts on Israeli Extremist violence in the West Bank. The Alerts. As a result, FinCEN will no longer request that financial institutions file suspicious activity reports with the key term “FIN-2024-WBEXTREMISM.”

Jan 30
Jan 30 CFPB Finds Servicemembers Face Higher Costs in Auto Lending Market

Adam Witmer

Regulatory Update

On January 29, 2025, the CFPB published a report showing that United States servicemembers pay higher costs and face greater financial risks than civilian borrowers when taking out credit to buy a car. The report examined over 20 million auto loans from 2018 to 2022, revealing that servicemembers tend to have larger loans, smaller down payments, and higher monthly costs.

Jan 28
Jan 28 FinCEN Provides Update Regarding BOI Reporting

Adam Witmer

BSA, Regulatory Update

On January 24, 2025, FinCEN updated its Alert published Beneficial Ownership Reporting webpage to inform that reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s stay of the nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop, Inc. v. McHenry—formerly, Texas Top Cop Shop v. Garland).

Jan 27
Jan 27 CFPB’s Report Finds an Increase in Vehicles Eligible for Repossession Compared to Pre-Pandemic Levels

Adam Witmer

Regulatory Update

On January 23, 2025, the CFPB published a report showing that the rate of auto repossessions at the end of 2022 surpassed pre-pandemic levels. The CFPB also found that lenders were increasingly more likely to use third parties, called forwarders, to manage the repossession process.

Jan 27
Jan 27 CFPB Fines American Honda Finance for COVID-19 and Other Credit Reporting Failures

Adam Witmer

Regulatory Update

On January 17, 2025, the CFPB ordered the American Honda Finance Corporation to pay $12.8 million for reporting inaccurate information that affected the credit reports of 300,000 people who drive Honda and Acura vehicles. Honda Finance is a nonbank automotive finance company for American Honda Motor Co., Inc., whose business is the purchase and servicing of loans and leases arranged by Honda and Acura dealerships.

Jan 23
Jan 23 CFPB Releases Winter 2025 Edition of Supervisory Highlights

Adam Witmer

Regulatory Update, Fair Lending

On January 17, 2025, the CFPB issued a special edition of its Supervisory Highlights concerning advanced technologies. In particular, the Winter 2025 Supervisory Highlights Edition looks at select examinations of institutions that use credit scoring models, including models built with advanced technology commonly marketed as AI/ML technology, when making credit decisions.

Jan 22
Jan 22 CFPB Takes Action Against Draper & Kramer Mortgage for Redlining Violations

Adam Witmer

Regulatory Update, Regulation B

On January 17, 2025, the CFPB took action against Draper & Kramer Mortgage Corporation for discriminatory mortgage lending activities that discouraged homebuyers from applying to Draper for homes in majority-Black and Hispanic neighborhoods in the greater Chicago and Boston areas. CFPB Director Rohit Chopra said that the Bureau’s proposed order bans Draper from mortgage lending for five years and ensures that the company pays for its unlawful discrimination.

Jan 21
Jan 21 NCUA Publishes Research Note on Overdraft and NSF Fees in Credit Unions

Adam Witmer

Regulatory Update

On January 16, 2025, the NCUA released a Research Note that provides an analysis of statistics for overdraft and non-sufficient funds fees, and observations on the relationship between overdraft and non-sufficient funds fees and other revenues. NCUA Chairman Harper said that the Research Note provides important information for consumers, researchers, credit unions, and regulators about the use of overdraft and NSF fees at credit unions.

Feb 4
Feb 4 CFPB Fines Wise $2.5 Million for Illegal Remittance Practices

Feb 3
Feb 3 CFPB Provides Update on the Appraisal Subcommittee’s Progress

Jan 30
Jan 30 FinCEN Rescinds Previous Alerts on West Bank Violence

Jan 30
Jan 30 CFPB Finds Servicemembers Face Higher Costs in Auto Lending Market

Jan 28
Jan 28 FinCEN Provides Update Regarding BOI Reporting

Jan 27
Jan 27 CFPB’s Report Finds an Increase in Vehicles Eligible for Repossession Compared to Pre-Pandemic Levels

Jan 27
Jan 27 CFPB Fines American Honda Finance for COVID-19 and Other Credit Reporting Failures

Jan 23
Jan 23 CFPB Releases Winter 2025 Edition of Supervisory Highlights

Jan 22
Jan 22 CFPB Takes Action Against Draper & Kramer Mortgage for Redlining Violations

Jan 21
Jan 21 NCUA Publishes Research Note on Overdraft and NSF Fees in Credit Unions

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