All in Regulatory Update

CFPB Proposes Changes to Remittance Transfer Rule

Adam Witmer
Regulation E, Regulatory Update

On September 20, 2024, the CFPB issued a proposed rule with a narrow amendment to disclosure requirements for certain international money transfers, or remittances. The proposed change aims to ensure that consumers sending a remittance transfer have information about the types of inquiries that may be most efficient to direct to the CFPB and the State agency that licenses or charters their remittance transfer provider.

FinCEN Proposes Renewal of Monetary Instruments Recordkeeping Rule

Adam Witmer
BSA, Regulatory Update

On September 17, 2024, FinCEN issued a notice and request for comments on the proposed renewal, without change, of existing information collection requirements found in BSA regulations that require financial institutions to maintain records related to the issuance or sale of bank checks and drafts, cashier's checks, money orders, and traveler's checks when the issuance or sale involves the use of currency in an amount between $3,000 and $10,000, inclusive.

CFPB Fines Navient $120 Million for Student Lending Failures

Adam Witmer
Regulatory Update

On September 12, 2024, the CFPB filed a proposed order against the student loan servicer Navient for its multiple failures and illegal actions in its student lending services. If entered by the court, the proposed order would permanently ban the company from servicing federal Direct Loans and would forbid the company from directly servicing or acquiring most loans under the Federal Family Education Loan Program.

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