On March 3, 2023, the IRS issued a consumer alert to warn taxpayers of new scams that urge people to use wage information on a tax return to claim false credits in hopes of getting a big refund. According to the agency, the scheme encourages people to use tax software to manually fill out Form W-2, Wage and Tax Statement, and include false income information to get substantial refunds based on the large amount of withholding.

Mar 7
Mar 7 Agencies Crack Down on Third-Party Intermediaries Used to Evade Russia-Related Sanctions

Adam Witmer

BSA, Regulatory Update

On March 2, 2023, the Department of Commerce, Department of the Treasury, and Department of Justice issued a Tri-Seal Compliance to constrain the use of third-party intermediaries or transshipment points to circumvent restrictions, disguise the involvement of Specially Designated Nationals and Blocked Persons (SDNs) or parties on the Entity List in transactions, and obscure the true identities of Russian end users. The Compliance Note highlights several of these tactics to assist the private sector in identifying warning signs and implementing appropriate compliance measures.

Mar 7
Mar 7 Treasury Sanctions Companies for Timeshare Fraud

Adam Witmer

BSA, Regulatory Update

On March 2, 2023, the OFAC sanctioned eight Mexican companies linked to timeshare fraud on behalf of the Cartel de Jalisco Nueva Generacion (CJNG). A timeshare is a shared ownership model of vacation real estate in which multiple purchasers own allotments of usage in the same property. Timeshare fraud happens when scam artists call sellers of timeshares, posing as a reseller or real estate agent, then claims to have a buyer for the timeshare or guarantees he can sell the timeshare for a good price.

Mar 6
Mar 6 CFPB Publishes Report on Buy Now, Pay Later Users Profile

Adam Witmer

Regulatory Update

On March 2, 2023, the CFPB published a new report analyzing the financial profiles of Buy Now, Pay Later borrowers. The report finds that consumers using Buy Now, Pay Later were more likely to be using credit cards, payday loans, and other high-interest financial services. The report also indicates that they are also more likely to exhibit measures of financial distress than non-borrowers.

Mar 2
Mar 2 CFPB Examines High Fees Affecting Public Benefits

Adam Witmer

Regulatory Update

On March 1, 2023, the CFPB released a new issue spotlight examining how the financial products used to deliver public benefits, like Social Security and unemployment compensation, affect individuals’ ability to fully access the assistance provided through those programs. The issue spotlight outlines how governments often choose to deliver public benefits through financial products, particularly prepaid cards, that may subject recipients to high fees and cut into the amount of funds the consumer receives.

Mar 1
Mar 1 CFPB Seeks Comment on Alternative Construction Loan Disclosures

Adam Witmer

Regulatory Update

On February 27, 2023, the CFPB issued a request for public comment regarding consumer disclosures of a loan that finances both a construction phase and the permanent purchase of a home. The proposal seeks to adjust the existing mortgage disclosures to facilitate the offering of construction and construction-to-permanent loans.

Feb 27
Feb 27 NCUA Approves Cyber Incident Reporting Final Rule

Adam Witmer

Regulatory Update

On February 16, 2023, the NCUA approved the final rule on cyber incident reporting requirements during its second open meeting of 2023. The final rule requires a federally insured credit union (FICU) to notify the NCUA as soon as possible, within 72 hours, after it reasonably believes that a reportable cyber incident has occurred.

Feb 27
Feb 27 CFPB: Why Credit Card Companies are Suppressing Actual Payment Data on Credit Reports

Adam Witmer

Regulatory Update

On February 16, 2023, the CFPB published a summary of its key findings after the Bureau requested information from the largest credit card companies in the U.S. regarding their practices around suppressing actual payment information from the nationwide consumer reporting system. These companies included JPMorgan Chase, Citibank, Bank of America, Capital One, Discover, and American Express.

Feb 20
Feb 20 CFPB Issues 2023 Reportable HMDA Data Reference Chart

Adam Witmer

Regulatory Update, HMDA

On February 9, 2023, the CFPB the CFPB issued Version 1 of the 2023 Reportable HMDA Data: A Regulatory and Reporting Overview Reference Chart. The 38-page chart is intended to be used as a reference tool for data points required to be collected, recorded, and reported under Regulation C.

Feb 20
Feb 20 OCC Revises Branch Closings Booklet

Adam Witmer

Regulatory Update

On February 7, 2023, the OCC published the revised “Branch Closings” booklet of the Comptroller’s Licensing Manual. The revised booklet replaces the June 2017 version where the OCC made corrections where necessary, and contains updated guidance.

Mar 8
Mar 8 IRS Warns Taxpayers from Filing Fake Returns

Mar 7
Mar 7 Agencies Crack Down on Third-Party Intermediaries Used to Evade Russia-Related Sanctions

Mar 7
Mar 7 Treasury Sanctions Companies for Timeshare Fraud

Mar 6
Mar 6 CFPB Publishes Report on Buy Now, Pay Later Users Profile

Mar 2
Mar 2 CFPB Examines High Fees Affecting Public Benefits

Mar 1
Mar 1 CFPB Seeks Comment on Alternative Construction Loan Disclosures

Feb 27
Feb 27 NCUA Approves Cyber Incident Reporting Final Rule

Feb 27
Feb 27 CFPB: Why Credit Card Companies are Suppressing Actual Payment Data on Credit Reports

Feb 20
Feb 20 CFPB Issues 2023 Reportable HMDA Data Reference Chart

Feb 20
Feb 20 OCC Revises Branch Closings Booklet

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