On April 15, 2024, FinCEN, in close coordination with the Department of State’s Diplomatic Security Service (DSS), issued a Notice to financial institutions on fraud schemes related to the use of counterfeit U.S. passport cards. The Notice provides an overview of typologies associated with U.S. passport card fraud, highlights select red flags to assist financial institutions in identifying and reporting suspicious activity, and reminds financial institutions of their reporting requirements under the BSA.

Apr 9
Apr 9 CFPB Finds Credit Report Accuracy Requirements Violations

Adam Witmer

Regulatory Update

On April 8, 2024, the CFPB published an edition of Supervisory Highlights to share key findings from recent examinations about continuing accuracy problems in the credit reporting system. The CFPB found that consumer reporting companies failed to ensure the accuracy of credit reports and that furnishers failed to correct false or fraudulent information sent to consumer reporting companies.

Apr 8
Apr 8 CFPB Finds Borrowers are Increasingly Paying “Discount Points” to Lower Mortgage Interest Rates

Adam Witmer

Regulatory Update, HMDA

On April 5, 2024, the CFPB issued a report finding that more borrowers paid “discount points” upfront as overall interest rates rose. According to the CFPB, the percentage of homebuyers paying discount points roughly doubled from 2021 to 2023.

Apr 8
Apr 8 First Issue of Consumer Compliance Outlook for 2024 Released

Adam Witmer

Regulatory Update

On April 4, 2024, the Federal Reserve System published its First Issue of Consumer Compliance Outlook for 2024. Consumer Compliance Outlook is the agency’s publication focusing on consumer compliance topics.

Apr 8
Apr 8 CFPB Issues Circular to Stop False Claims of 'Free' International Money Transfers

Adam Witmer

Regulatory Update, Regulation E

On March 27, 2024, the CFPB issued a circular warning remittance transfer providers that false advertising about the cost or speed of sending a remittance transfer can violate federal law. The circular highlights several marketing practices relating to sending international money transfers that may violate the Consumer Financial Protection Act’s (CFPA) prohibition on deceptive acts or practices.

Apr 2
Apr 2 CFPB 2023 Report on Complaints Received

Adam Witmer

Regulatory Update

On March 29, 2024, the CFPB issued its latest Consumer Response Annual Report that analyzes complaints submitted by consumers to the CFPB between January and December 2023. The CFPB reported that it sent more than 1.3 million complaints to more than 3,400 companies for review and response in 2023.

Apr 2
Apr 2 FinCEN Seeks Comments on CIP Rule’s TIN Collection

Adam Witmer

BSA, Regulatory Update

On March 29, 2024, FinCEN issued a notice and request for information and comment regarding the Customer Identification Program (CIP) Rule requirement for banks to collect a taxpayer identification number (TIN), among other information, from a customer who is a U.S. person, prior to opening an account. Specifically, FinCEN seeks information to understand the potential risks and benefits, as well as safeguards that could be established, if banks were permitted to collect partial SSN information directly from the customer for U.S. individuals and subsequently use reputable third-party sources to obtain the full SSN prior to account opening.

Apr 1
Apr 1 FDIC Consumer Compliance Supervisory Highlights March 2024 Edition

Adam Witmer

Regulatory Update

On March 28, 2024, the FDIC issued the March 2024 edition of the Consumer Compliance Supervisory Highlights. The purpose of this publication is to enhance transparency regarding the FDIC’s consumer compliance supervisory activities and to provide a high-level overview of consumer compliance issues identified in 2023 through the FDIC’s supervision of state non-member banks and thrifts.

Apr 1
Apr 1 FDIC Updates its Consumer Compliance Exam Manual

Adam Witmer

Regulatory Update

On March 28, 2024, the FDIC updated sections of the Consumer Compliance Examination Manual. The Consumer Compliance Examination Manual is a primary resource and reference tool for FDIC compliance examination staff when conducting Consumer Compliance and CRA examinations. It incorporates examination policies, procedures, and guidance and is available on the FDIC website as a resource for FDIC staff, bankers, and other members of the public.

Mar 28
Mar 28 CFPB Announces Availability of 2023 Mortgage Lending HMDA Data

Adam Witmer

Regulatory Update

On March 27, 2024, the CFPB announced that the HMDA Modified Loan Application Register (LAR) data for 2023 are now available on the FFIEC’s HMDA Platform for approximately 5,089 HMDA filers. The published data contain loan-level information filed by financial institutions and modified to protect consumer privacy.

Apr 16
Apr 16 FinCEN Issues Notice on Use of Counterfeit U.S. Passport Cards in ID Theft and Fraud

Apr 9
Apr 9 CFPB Finds Credit Report Accuracy Requirements Violations

Apr 8
Apr 8 CFPB Finds Borrowers are Increasingly Paying “Discount Points” to Lower Mortgage Interest Rates

Apr 8
Apr 8 First Issue of Consumer Compliance Outlook for 2024 Released

Apr 8
Apr 8 CFPB Issues Circular to Stop False Claims of 'Free' International Money Transfers

Apr 2
Apr 2 CFPB 2023 Report on Complaints Received

Apr 2
Apr 2 FinCEN Seeks Comments on CIP Rule’s TIN Collection

Apr 1
Apr 1 FDIC Consumer Compliance Supervisory Highlights March 2024 Edition

Apr 1
Apr 1 FDIC Updates its Consumer Compliance Exam Manual

Mar 28
Mar 28 CFPB Announces Availability of 2023 Mortgage Lending HMDA Data

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