On December 4, 2024, the CFPB took action to permanently ban Student Loan Pro and Judith Noh, its owner, from offering or providing consumer financial products. The CFPB alleges that the company and its owner violated federal law by charging borrowers upfront fees to file paperwork on their behalf to access free debt-relief programs available to consumers with federal student loans.

Dec 4
Dec 4 Federal Agencies Seek Further Comment on Efforts to Reduce Regulatory Burden

Adam Witmer

Regulatory Update

On December 3, 2024, the federal bank regulatory agencies announced their third notice requesting comment to reduce regulatory burden. The agencies are required to review their regulations at least once every 10 years to identify outdated or otherwise unnecessary regulatory requirements for their supervised institutions.

Dec 5
Dec 5 OCC Updates its UDAAP Booklet of the Comptroller’s Handbook

Adam Witmer

Regulatory Update, UDAAP

On December 3, 2024, the OCC issued version 1.1 of the “Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practices” booklet of the Comptroller’s Handbook. The “UDAP/UDAAP” booklet applies to the OCC’s supervision of community banks.

Nov 26
Nov 26 FinCEN Partners with National Task Force to Combat Fraud and Scams Affecting Americans

Adam Witmer

BSA, Regulatory Update

On November 25, 2025, FinCEN joined a multi-sector national task force dedicated to the prevention of fraud and scams. The National Task Force on Fraud and Scam Prevention, organized by the Aspen Institute’s Financial Security Program, unites important groups such as financial services, technology companies, consumer advocates, information sharing centers, and federal agencies to fight fraud and scams.

Nov 25
Nov 25 CFPB Finalizes Rule to Oversee Digital Payment Apps

Adam Witmer

Regulatory Update

On November 21, 2024, the CFPB finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps. The rule will help the CFPB to ensure that these companies follow federal law just like large banks, credit unions, and other financial institutions already supervised by the CFPB.

Nov 25
Nov 25 Federal Reserve Issues Supervision and Regulation Report

Adam Witmer

Regulatory Update

On November 15, 2024, the Federal Reserve Board issued its November 2024 Supervision and Regulation Report. The report summarizes banking conditions and the Federal Reserve’s supervisory and regulatory activities, in conjunction with semiannual testimony before Congress by the Vice Chair for Supervision.

Nov 18
Nov 18 FinCEN Updates BOI FAQs

Adam Witmer

BSA, Regulatory Update

On November 15, 2024, FinCEN updated its Beneficial Ownership Information Frequently Asked Questions anew. The FAQs are issued in response to inquiries received relating to the BOI Reporting Rule and BOI Access and Safeguards Rule.

Nov 18
Nov 18 CFPB Fines Global Tel Link for UDAAP Violations

Adam Witmer

Regulatory Update, UDAAP

On November 14, 2024, the CFPB took action against Global Tel Link (GTL) for illegally taking millions of dollars from over 500,000 accounts and blocking money transfers to incarcerated consumers, who depend on the funds for essentials like food, medicine, and clothing. The CFPB ordered GTL and its subsidiaries to stop their illegal practices, pay at least $2 million in redress to victims, and pay a $1 million penalty to the CFPB’s victims relief fund.

Nov 18
Nov 18 FRFS Expands FedDetect to Commercial Checks

Adam Witmer

Regulatory Update

On November 13, 2024, the Federal Reserve Financial Services (FRFS) announced the expansion of FedDetect Duplicate Notification for Check Services to include commercial checks, alongside its existing Treasury check notification service. Financial institutions can now see deposit information and images of potential duplicate items for commercial checks, supplementing their existing check fraud mitigation tools.

Nov 14
Nov 14 CFPB Study Finds Disparities in Small Business Lending

Adam Witmer

Regulatory Update

On November 13, 2024, the CFPB released a study revealing significant disparities in how lenders treat Black and white small business owners seeking loans. The study was a result of a matched-pair testing conducted by the CFPB and the DOJ to test for and detect differential treatment of fictitious well-qualified Black and white small business owners seeking credit at large bank lenders in two counties.

Dec 5
Dec 5 CFPB Bans Student Loan Pro for Fee Harvesting Scheme

Dec 4
Dec 4 Federal Agencies Seek Further Comment on Efforts to Reduce Regulatory Burden

Dec 5
Dec 5 OCC Updates its UDAAP Booklet of the Comptroller’s Handbook

Nov 26
Nov 26 FinCEN Partners with National Task Force to Combat Fraud and Scams Affecting Americans

Nov 25
Nov 25 CFPB Finalizes Rule to Oversee Digital Payment Apps

Nov 25
Nov 25 Federal Reserve Issues Supervision and Regulation Report

Nov 18
Nov 18 FinCEN Updates BOI FAQs

Nov 18
Nov 18 CFPB Fines Global Tel Link for UDAAP Violations

Nov 18
Nov 18 FRFS Expands FedDetect to Commercial Checks

Nov 14
Nov 14 CFPB Study Finds Disparities in Small Business Lending

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