May 9
May 9 NOW AVAILABLE: BSA Annual Update (Spring 2025)!

Our BSA Annual Update (Spring 2025) is now available at an early bird price and can be purchased and viewed today. We offer this program twice a year (in April and October) so that you can choose which cohort you join annually. The BSA Annual Update (Spring 2025) covers all of the BSA Activity that occurred during the prior year, April 2024 through March 2025, helping to ensure you haven’t missed anything that could affect your BSA/AML program. This class is a great way to show regulators that your BSA team is receiving training that helps them “remain informed of changes to regulatory requirements,” as expected in the FFIEC BSA Exam manual. Plus, if you are looking for CRCM, CERP, or CAFP continuing education credits, our BSA Annual Update (Spring 2025) has been pre-approved by the ABA for 3.5 CRCM, CAFP, CERP credits (see the link below for more information). Enroll in the BSA Annual Update (Spring 2025) program at: https://www.compliancecohort.com/bsa-annual-update.

May 8
May 8 OCC Requests Information on Community Bank Digitalization

Adam Witmer

Regulatory Update

On May 5, 2025, the OCC issued a request for information (RFI) on the key challenges and barriers faced by community banks in the adoption and implementation of digital banking solutions. The OCC said that the RFI will help the OCC better understand the specific obstacles that community banks encounter in their efforts to modernize operations, enhance customer experience, and remain competitive in an increasingly digital financial services environment.

May 7
May 7 CFPB 2024 Report on Complaints Received

Adam Witmer

Regulatory Update

On May 1, 2025, the CFPB issued its latest Consumer Response Annual Report that analyzes complaints submitted by consumers to the CFPB between January and December 2024. The CFPB reported that it sent more than 2.8 million complaints to more than 3,600 companies for review and response in 2024.

May 7
May 7 FinCEN Proposes Rule to Combat Cyber Scams and Heists

Adam Witmer

BSA, Regulatory Update

On May 1, 2025, FinCEN issued a finding and notice of proposed rulemaking (NPRM) pursuant to Section 311 of the USA PATRIOT Act that identifies Cambodia-based Huione Group as a financial institution of primary money laundering concern and proposes to sever its access to the U.S. financial system.

May 6
May 6 CFPB Requests Court to Vacate Medical Debt Rule

Adam Witmer

Regulatory Update

On May 1, 2025, the ABA Banking Journal reported that the CFPB requested a court to vacate the Regulation V rule prohibiting creditors from considering medical information in credit eligibility determinations. The final rule's original implementation date was March 17, 2025, but was stayed until June 15, 2025, after the rule was challenged in federal court by groups representing credit unions and the credit reporting industry.

May 6
May 6 CFPB Says Enforcement of Section 1071 Not a Priority

Adam Witmer

Regulatory Update, Regulation B

On April 30, 2025, the CFPB announced that it will not prioritize enforcement or supervision actions with regard to Section 1071 Rule to entities that are currently outside the stay imposed under Texas Bankers Association v. CFPB lawsuit. According to the CFPB, it will instead keep its enforcement and supervision resources focused on pressing threats to consumers, particularly servicemen and veterans.

May 5
May 5 CFPB Dismisses Appeal Regarding UDAAP Exam Manual

Adam Witmer

Regulatory Update, UDAAP

On April 30, 2025, the ABA Banking Journal reported that the American Bankers Association, Texas Bankers Association, and other plaintiffs have reached an agreement with the CFPB to end a lawsuit over changes to the CFPB’s UDAAP exam manual.

May 5
May 5 California DFPI Issues Consent Order Against Hatch Bank for AML/CFT Program Deficiencies

Adam Witmer

Regulatory Update, BSA

In April 2025, the California Department of Financial Protection and Innovation (DFPI) issued a Consent Order against Hatch Bank requiring its Board of Directors to strengthen its supervision and direction of bank management, and its monitoring of the bank's AML/CFT program. Hatch Bank is a state-chartered, FDIC-insured, Banking as a Service (BaaS) sponsor bank.

May 4
May 4 MAY CONTEST: Spring 2025 Quarterly Compliance Update

Adam Witmer

In case you missed it, we are giving away one free enrollment to our upcoming Spring 2025 Quarterly Compliance Update. This program is designed to provide compliance professionals with the “need to know” information about what compliance activity took place during the months of January, February, and March of 2025. Plus, Part II of the program will provide an update on the latest Section 1071 Rule developments and what could happen next. To enter for a chance to win one enrollment to our Spring 2025 Quarterly Compliance Update, just complete a quick entry form at: https://www.compliancecohort.com/entry All entries must be received by Monday 5/12/2025 at 2:59 PM ET and the full contest rules can be found at www.compliancecohort.com/contest.

May 2

May 2 VIDEO: What is Redlining?

Adam Witmer

Fair Lending

In this Compliance Clip (video), Adam explains what redlining is. In particular, Adam discusses the different definitions provided by the regulators as well as the different forms of redlining. A transcript of this video is now available.