On January 10, 2024, the ABA Banking Journal reported that the senate failed to override President Biden’s veto of a joint resolution to overturn the CFPB’s 0171 final rule. The Resolution cleared both houses of Congress by bipartisan votes but Biden vetoed the resolution in December.

Jan 10
Jan 10 FinCEN Analysis of Identity-Related Suspicious Activity

Adam Witmer

BSA, Regulatory Update

On January 9, 2024, FinCEN issued a Financial Trend Analysis on information linked to identity-related suspicious activity in Bank Secrecy Act reports filed from January to December 2021. FinCEN’s analysis found that approximately 1.6 million reports (42% of the reports filed that year) related to identity or $212 billion in suspicious activity.

Jan 10
Jan 10 OCC to Host Public Appraisal Subcommittee Hearing on Appraisal Bias

Adam Witmer

Regulatory Update, Fair Lending

On January 9, 2024, the OCC announced that it will host a public hearing of the Appraisal Subcommittee (ASC) on appraisal bias on February 13, 2024, from 10:00 a.m. to 1:00 p.m., at its headquarters at 400 7th Street SW, Washington, D.C.

Jan 8
Jan 8 CFPB Reports Student Loan Payment Resumption Challenges

Adam Witmer

Regulatory Update

On January 5, 2024, the CFPB published an issue spotlight on the CFPB’s oversight of student loan servicing practices in the early months of the resumption of federal student loan repayments after over three years of a payment pause due to the COVID-19 emergency. The report shows that borrowers are encountering long hold times when trying to reach their student loan servicer, experiencing significant delays in application processing times for income-driven repayment plans, and receiving inaccurate billing statements and disclosures.

Jan 5
Jan 5 CFPB Files Amicus Brief Regarding Debt Collection

Adam Witmer

Regulatory Update

On January 2, 2024, the CFPB announced through a blog post that it has filed an amicus brief in the U.S. Court of Appeals for the First Circuit to help ensure consumers can hold debt collectors responsible when they make false representations. The CFPB reiterates that it is a violation against Fair Debt Collection Practices Act to tell consumers that they owe a debt or an amount of money that they don’t actually owe, particularly in medical debt collection.

Jan 3
Jan 3 FinCEN Begins Accepting BOI Reports

Adam Witmer

Regulatory Update, BSA

On January 1, 2024, FinCEN began accepting beneficial ownership information reports. The BOI reporting rule requires many companies doing business in the United States to report information about the individuals who ultimately own or control them.

Dec 30
Dec 30 Biden Vetoes Senate Resolution to Withdraw the CFPB’s 1071 Rule

Adam Witmer

Regulatory Update

On December 20, 2023, the ABA banking Journal reported that President Biden vetoed a Senate joint resolution to overturn the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act, also known as the small business lending data collection rule. In a published statement, Biden said that the resolution would harm all those that stand to benefit from expanded transparency and accountability, thus vetoing the resolution.

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

Adam Witmer

Regulatory Update, BSA

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.

Jan 11
Jan 11 Senate Fails to Override Veto on 1071 Rule

Jan 10
Jan 10 FinCEN Analysis of Identity-Related Suspicious Activity

Jan 10
Jan 10 OCC to Host Public Appraisal Subcommittee Hearing on Appraisal Bias

Jan 8
Jan 8 CFPB Reports Student Loan Payment Resumption Challenges

Jan 5
Jan 5 CFPB Files Amicus Brief Regarding Debt Collection

Jan 3
Jan 3 FinCEN Begins Accepting BOI Reports

Dec 30
Dec 30 Biden Vetoes Senate Resolution to Withdraw the CFPB’s 1071 Rule

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

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