On December 21, 2023, FinCEN issued a final rule that establishes the framework for access to and protection of beneficial ownership information (BOI). The final rule prescribes the circumstances under which BOI reported in compliance with FinCEN’s September 30, 2022 final BOI Reporting Rule may be disclosed to Federal agencies; state, local, tribal, and foreign governments; and financial institutions, and how it must be protected.

Dec 27
Dec 27 CFPB and DOJ Sue Colony Ridge for Bait-and-Switch Land Sales and Predatory Financing

Adam Witmer

Regulatory Update, Fair Lending

On December 20, 2023, the CFPB and the DOJ sued Colony Ridge, a Texas-based developer and lender, for operating an illegal land sales scheme and targeting tens of thousands of Hispanic borrowers with false statements and predatory loans. The lawsuit alleges that Colony Ridge sells unsuspecting families flood-prone land without water, sewer, or electrical infrastructure, and that the company sets borrowers up to fail with loans they cannot afford.

Dec 26
Dec 26 FDIC Issues Final Rule to Modernize Official Signs and Advertising Statement

Adam Witmer

Regulatory Update

On December 20, 2023, the FDIC adopted a final rule to amend part 328 of its regulations to modernize the rules governing use of the official FDIC signs and advertising statements, and to clarify the FDIC’s regulations regarding false advertising, misrepresentations of deposit insurance coverage, and misuse of the FDIC’s name or logo.

Dec 20
Dec 20 Agencies Release CRA Asset-Size Thresholds for 2024

Adam Witmer

CRA, Regulatory Update

On December 20, 2023, the Federal Reserve Board and the FDIC issued the 2023 updated asset-size thresholds used to define "small bank" and "intermediate small bank" under their Community Reinvestment Act (CRA) regulations.

Dec 20
Dec 20 CFPB Fines U.S. Bank for Illegal Conduct During COVID-19 Pandemic

Adam Witmer

Regulatory Update, Regulation E

On December 19, 2023, the CFPB ordered the U.S. Bank to pay nearly $21 million for keeping out-of-work consumers from accessing unemployment benefits at the height of the COVID-19 pandemic. The CFPB found that the U.S. Bank failed to provide people a reliable and quick way to regain access after freezing thousands of accounts during the pandemic.

Dec 19
Dec 19 2024 HMDA Exemption Threshold

Adam Witmer

HMDA, Regulatory Update

On December 18, 2023, the CFPB adjusted the HMDA exemption threshold from $54 million to $56 million. The adjustment is based on the 4.1 percent increase in the average of the CPI-W for the 12-month period ending in November 2023 (up from 4.7 in 2021 and 8.6 in 2022). Therefore, banks, savings associations, and credit unions with assets of $56 million or less as of Dec. 31, 2023, are exempt from collecting data in 2024.

Dec 18
Dec 18 CFPB Shuts Down Commonwealth Financial Systems for Illegal Debt Collection

Adam Witmer

Regulatory Update, FCRA

On December 15, 2023, the CFPB took action against a medical debt collector, Commonwealth Financial Systems, for illegally trying to collect unverified medical debts after consumers disputed the validity of the debts. With its headquarter in Dickson City, Commonwealth Financial Systems is a nonbank corporation engaged in third-party debt collection where it specializes in the collection of past-due medical debts and furnishes information about consumer collection accounts to consumer reporting companies.

Dec 13
Dec 13 FinCEN Updates BOI Reporting FAQs

Adam Witmer

Regulatory Update, BSA

On December 12, 2023, FinCEN updated its Frequently Asked Questions on Beneficial Ownership Information Reporting. The FAQs aim to provide answers to inquiries received relating to the Beneficial Ownership Information Reporting Rule.

Dec 12
Dec 12 OCC’s 2023 Annual Report

Paula Parras

Regulatory Update

On December 11, 2023, the OCC issued its annual report to Congress which provides an overview of the condition of the federal banking system. The annual report can be beneficial to compliance professionals as it discusses the OCC's strategic priorities and details agency regulatory and policy initiatives.

Dec 11
Dec 11 CFPB Takes Action Against Atlantic Union Bank for Illegal Overdraft Practices

Adam Witmer

Regulatory Update

On December 7, 2023, the CFPB took action against Atlantic Union Bank for illegally enrolling thousands of customers in checking account overdraft programs. According to the CFPB, Atlantic Union failed to provide proper disclosures to consumers who enrolled in the said overdraft service.

Dec 27
Dec 27 FinCEN Issues Final Rule On Access to BOI

Dec 27
Dec 27 CFPB and DOJ Sue Colony Ridge for Bait-and-Switch Land Sales and Predatory Financing

Dec 26
Dec 26 FDIC Issues Final Rule to Modernize Official Signs and Advertising Statement

Dec 20
Dec 20 Agencies Release CRA Asset-Size Thresholds for 2024

Dec 20
Dec 20 CFPB Fines U.S. Bank for Illegal Conduct During COVID-19 Pandemic

Dec 19
Dec 19 2024 HMDA Exemption Threshold

Dec 18
Dec 18 CFPB Shuts Down Commonwealth Financial Systems for Illegal Debt Collection

Dec 13
Dec 13 FinCEN Updates BOI Reporting FAQs

Dec 12
Dec 12 OCC’s 2023 Annual Report

Dec 11
Dec 11 CFPB Takes Action Against Atlantic Union Bank for Illegal Overdraft Practices

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