On May 29, 2024, the OCC issued an alert warning against a scam using the name of OCC. According to the OCC, consumers have reported receiving various forms of fictitious correspondence via email, Google Chat, and the U.S. Postal Service related to up-front fee scams involving fictitious inheritance or beneficiary payouts.

Jun 3
Jun 3 CFPB Probes Junk Fees in Mortgage Closing Costs

Adam Witmer

Regulatory Update

On May 30, 2024, the CFPB announced a public inquiry into junk fees that are increasing mortgage closing costs. The Bureau aims to get a clear picture why closing costs are increasing, who is benefiting, and how costs for borrowers and lenders could be lowered.

Jun 3
Jun 3 CFPB on Banks’ Responsibility for Scams

Adam Witmer

Regulatory Update, Regulation E

On May 29, 2024, the CFPB published a blog post discussing a bank’s responsibility when a customer becomes a victim of a scam. The CFPB also issued an amicus brief to argue that the Electronic Fund Transfer Act (EFTA) applies when banks connect the capability to initiate wire transfers to a consumer-facing banking platform.

Jun 3
Jun 3 FHA Requires Cyber Incident Reporting Within 12 Hours

Adam Witmer

Regulatory Update

On May 23, 2024, HUD issued a letter to announce that FHA-approved mortgagees are required to notify HUD when a “Cyber Incident” occurs. Specifically, FHA-approved mortgagees are to report cyber incidents to HUD within 12 hours of detection.

May 28
May 28 FDIC's 2024 Risk Review

Adam Witmer

Regulatory Update

On May 22, 2024, the FDIC published its 2024 Risk Review which summarizes conditions in the U.S. economy, financial markets, and banking industry. According to the FDIC, economic conditions remained strong in 2023, and financial market conditions improved toward the end of the year. In addition, the banking industry demonstrated resilience after a period of stress in early 2023 as full-year net income remained high, overall asset quality metrics were favorable, and liquidity stabilized.

May 28
May 28 CFPB Issues Interpretive Rule Regarding Buy Now, Pay Later

Adam Witmer

Regulatory Update

On May 22, 2024, the CFPB issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers. Thus, Buy Now, Pay Later lenders must provide consumers some key legal protections and rights that apply to conventional credit cards.

May 27
May 27 FinCEN’s New Initiative to Fight Fentanyl Trafficking

Adam Witmer

Regulatory Update, BSA

On May 20, 2024, FinCEN announced a new initiative to combat the illicit trafficking of fentanyl into the United States as part of the Treasury Department’s Counter-Fentanyl Strike Force and in partnership with IRS Criminal Investigation (CI). The new FinCEN Exchange series, titled “Promoting Regional Outreach to Educate Communities on the Threat of Fentanyl” (or PROTECT), will be held through the remainder of 2024 in U.S. cities that are highly impacted by the opioid epidemic.

May 22
May 22 CFPB Takes Action Against Western Benefits for Illegal Practices

Adam Witmer

Regulatory Update

On May 20, 2024, the CFPB took action against Western Benefits Group for charging illegal advance fees for student loan debt relief services and misrepresenting to consumers that advance fees would go toward paying down their loans. In addition, the company is alleged to have misrepresented that it was affiliated with and endorsed by the Department of Education, and that it would help consumers consolidate student loans, lower consumers’ monthly student loan payments, or obtain loan cancellation.

May 21
May 21 FDIC’s Settlement with Bank of England for Violations of Consumer Protection Laws

Adam Witmer

Regulatory Update, RESPA, HMDA, FCRA

On May 17, 2024, the FDIC announced that a settlement was reached with Bank of England, England, Arkansas, for violations of Section 5 of the Federal Trade Commission Act, the Real Estate Settlement Procedures Act (RESPA), the Fair Credit Reporting Act (FCRA), and the Home Mortgage Disclosure Act (HMDA). Nine former employees of the Bank of England have also stipulated to individual enforcement actions.

May 21
May 21 CFPB Sues SoLo Funds for Deceptive and Illegal Practices

Adam Witmer

FCRA, Regulatory Update

On May 17, 2024, the CFPB sued the online lending platform SoLo Funds for deceptive and illegal practices.According to the lawsuit, SoLo deceived borrowers about the total cost of loans and used digital dark patterns to trick borrowers into paying fees, among others.

Jun 3
Jun 3 OCC Issues Alert on Fictitious Regulatory Notifications

Jun 3
Jun 3 CFPB Probes Junk Fees in Mortgage Closing Costs

Jun 3
Jun 3 CFPB on Banks’ Responsibility for Scams

Jun 3
Jun 3 FHA Requires Cyber Incident Reporting Within 12 Hours

May 28
May 28 FDIC's 2024 Risk Review

May 28
May 28 CFPB Issues Interpretive Rule Regarding Buy Now, Pay Later

May 27
May 27 FinCEN’s New Initiative to Fight Fentanyl Trafficking

May 22
May 22 CFPB Takes Action Against Western Benefits for Illegal Practices

May 21
May 21 FDIC’s Settlement with Bank of England for Violations of Consumer Protection Laws

May 21
May 21 CFPB Sues SoLo Funds for Deceptive and Illegal Practices

View all membership plans.