On 12/8/21, the Federal Trade Commission issued a data spotlight that shows consumers reported losing $148 million in scams where gift cards were used as the form of payment , in the first nine months of 2021. That amount is more than was reported in all of 2020.

Dec 9
Dec 9 CFPB Releases Supervisory Highlights for Early 2021

Adam Witmer

Regulatory Update

On 12/8/21, the Consumer Financial Protection Bureau (CFPB) issued their regular Supervisory Highlights report, which shines a light on legal violations identified by the CFPB’s examinations in the first half of 2021. The report also highlights prior CFPB supervisory findings that led to public enforcement actions in the first half of 2021.

Dec 8
Dec 8 FinCEN Issues Proposed Rule for Beneficial Ownership Reporting

Adam Witmer

Regulatory Update, BSA

On 12/7/21, the Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) to implement the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA). FinCEN explains that the proposed rule is designed to protect the U.S. financial system from illicit use and prevent malign actors from abusing legal entities, like shell companies, to conceal proceeds of corrupt and criminal acts.

Dec 7
Dec 7 FinCEN Starts Process for Reporting Requirements to Curb Illicit Finance

Adam Witmer

Regulatory Update, BSA

On 12/06/21, the Financial Crimes Enforcement Network (FinCEN) issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a potential rule to address the vulnerability of the U.S. real estate market to money laundering and other illicit activity. According to the release, this ANPRM is important as the systemic money laundering vulnerabilities presented by the U.S. real estate sector threatens U.S. national security and the integrity of the U.S. financial system.

Dec 7
Dec 7 OCC Reports on Effects of COVID-19 Pandemic on Federal Banking System

Adam Witmer

Regulatory Update

On 12/6/21, the Office of the Comptroller of the Currency (OCC) reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Fall 2021.

Dec 6
Dec 6 OCC Solicits Academic Papers on Climate Risk

Adam Witmer

Regulatory Update

On 12/3/21, the Office of the Comptroller of the Currency (OCC) announced that it is soliciting academic-focused papers and policy-focused research on climate risk in banking and finance for presentation to the agency on June 6-7, 2022. Information gathered will help OCC in developing climate-related financial risk management guidance for regulated institutions.

Dec 6
Dec 6 CFPB Research on Banks’ Dependence on Overdraft Fees

Adam Witmer

Regulatory Update

On 12/1/2021, the CFBP released research finding that banks continue to rely heavily on overdraft and non-sufficient funds (NSF) revenue. According to the research, overdraft ad NSF revenue reached an estimated $15.47 billion in 2019.

Dec 2
Dec 2 Fourth BSA Exam Manual Update Released

Adam Witmer

BSA, Regulatory Update

On 12/1/21, the Federal Financial Institutions Examination Council (FFIEC) released their fourth update of their BSA/AML Examination Manual. This release, which is the fourth update in the last two years, added one new section and updated three existing sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.

Dec 1
Dec 1 CFPB Announces 2022 Thresholds Under Reg Z & Reg M

Adam Witmer

Regulatory Update, Regulation Z

On 11/30/2021, the CFPB issued a number of thresholds for 2022 under Regulation Z, as well as a threshold under Regulation M. First, the CFPB announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2021 will increase from the 2021 amount of $27,200 to $28,500 for 2022.

Nov 29
Nov 29 Fed Revises LIBOR FAQs

Adam Witmer

Regulatory Update

On 11/19/21, the Federal Reserve Board updated their FAQs regarding the transition away from the London Interbank Offered Rate (LIBOR). Originally issued on July 29, 2021, Federal Reserve Letter SR 21-12 was revised to provide additional frequently asked questions in response to questions from institutions regarding the transition away from using LIBOR as a reference rate. The updated FAQs, together with the FAQs issued in July 2021, were included with the letter.

Dec 9
Dec 9 FTC Data Show Increase in Gift Cards As Scam Payment Method

Dec 9
Dec 9 CFPB Releases Supervisory Highlights for Early 2021

Dec 8
Dec 8 FinCEN Issues Proposed Rule for Beneficial Ownership Reporting

Dec 7
Dec 7 FinCEN Starts Process for Reporting Requirements to Curb Illicit Finance

Dec 7
Dec 7 OCC Reports on Effects of COVID-19 Pandemic on Federal Banking System

Dec 6
Dec 6 OCC Solicits Academic Papers on Climate Risk

Dec 6
Dec 6 CFPB Research on Banks’ Dependence on Overdraft Fees

Dec 2
Dec 2 Fourth BSA Exam Manual Update Released

Dec 1
Dec 1 CFPB Announces 2022 Thresholds Under Reg Z & Reg M

Nov 29
Nov 29 Fed Revises LIBOR FAQs

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