All in Regulatory Update

FinCEN Seeks Comments on Modernization AML/CFT Regulatory Regime

Adam Witmer
Regulatory Update, BSA

On 12/14/21, FinCEN issued a request for information (RFI) seeking comments on ways to streamline, modernize, and update the anti-money laundering and countering the financing of terrorism (AML/CFT) regime of the United States. The agency is particularly interested in ways to modernize risk-based AML/CFT regulations and guidance so that they can continue to protect U.S. national security in a cost-effective and efficient manner.

OCC Issues Final Rule to Rescind its 2020 CRA Rule

Adam Witmer
Regulatory Update, CRA

On 12/14/21, the OCC issued a final rule on Community Reinvestment Act (CRA) to rescind the June 2020 rule. In their release, the OCC explained that this is to facilitate the ongoing interagency work to modernize the CRA regulatory framework and promote consistency for all insured depository institutions. The June 2020 rule will be replaced with a rule based on the rules adopted jointly by the Federal banking agencies in 1995, as amended. The OCC explained that these actions are intended to facilitate the ongoing interagency work to modernize the CRA regulatory framework and promote consistency for all insured depository institutions.

CFPB Supervision Activities Uncover Red Flags

Adam Witmer
Regulatory Update

On 12/9/2021, the CFPB published a blog post titled “Seven examples of unfair practices and other violations by mortgage servicers: CFPB supervision activities uncover red flags.” In their post, the CFPB explains that during the pandemic, families struggle to afford their mortgage payments. It was noted that over 7 million homeowners entered forbearance programs to defer their monthly payments.

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.

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.

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