UDAAP Foundations Now on Sale!

Adam Witmer

Our UDAAP Foundations class is now on sale with a big discount. This comprehensive UDAAP class runs nearly 3 hours and provides you with everything you need to know regarding one of the highest-risk areas of regulatory compliance - Unfair, Deceptive, and Abusive Acts and Practices. While the program covers the core elements of UDAAP, the best thing about this program may be in Part II of the program where we review over 50 known UDAAP violations! For more information on this program - and to take advantage of the limited time discount on this new program - go to www.compliancecohort.com/udaap-foundations.

CFPB 2020 Report on Complaints Received

Adam Witmer
Regulatory Update

On 3/24/2021, the CFPB announced their 2020 Consumer Response Annual Report to Congress. In their release, the CFPB explains that complaints increased in 2020 due to the impact of the COVID-19 pandemic on the consumer financial marketplace. The CFPB reported handling approximately 542,300 complaints in 2020, which is nearly a 54% increase over the approximately 352,400 complaints handled in 2019.

CFPB Submits Debt Collection Report to Congress

Adam Witmer
Regulatory Update

On 3/22/21, the Consumer Financial Protection Bureau (CFPB) announced the release of its annual report to Congress on the administration of the Fair Debt Collection Practices Act. According to the CFPB’s release, the report highlights efforts by the CFPB and the Federal Trade Commission (FTC) to protect consumers, particularly those who have suffered profound financial impacts due to the COVID-19 pandemic. The CFPB explained that they, along with the FTC and state and federal partners, accomplished much toward stopping unlawful debt collection practices and continuing their vigorous law enforcement, consumer education and public outreach, and policy initiatives.

FATF to Update Guidance on Virtual Assets

Adam Witmer
BSA, Regulatory Update

On March 19, 2021, the Financial Action Task Force (FATF) announced plans to update its existing guidance on the risk-based approach to virtual assets (VAs) and virtual asset service providers (VASPs). The FATF originally published this Guidance in June 2019 when the FATF finalized changes to its Standards to clearly place anti-money laundering and countering the financing of terrorism (AML/CFT) obligations on VAs and VASPs. In July 2020, the FATF committed to update this Guidance as set out in its 12-month review report and report to G20 on so-called stablecoins.

FinCEN Advisory on Updated Deficient Countries

Adam Witmer
BSA, Regulatory Update

On 3/11/21, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to inform financial institutions of updates to the FATF list of jurisdictions with strategic anti-money landing and combating the financing of terrorism and counter-proliferation financing deficiencies.

Remaining on the list are Albania, Barbados, Botswana, Burma (Myanmar), Cambodia, Ghana, Jamaica, Mauritius, Nicaragua, Pakistan, Panama, Syria, Uganda, Yemen, and Zimbabwe. The Bahamas were removed from the list while Burkina Faso, Cayman Islands, Morocco, and Senegal were all added to the list.

CFPB Rescinds Abusiveness Policy Statement from 2020

Adam Witmer
UDAAP, Regulatory Update

On 3/11/21, the CFPB announced that it is rescinding a policy statement that was just over a year old. Specifically, the CFPB has rescinded its January 24, 2020 policy statement titled “Statement of Policy Regarding Prohibition on Abusive Acts or Practices.” In their release, the CFPB explains that they intend to exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority under the Dodd-Frank Act and these changes help to better protect consumers and the marketplace from abusive acts or practices.

FAIR LENDING BOOTCAMP - Discount Ends Today!

Adam Witmer

Today is the last day to get our new Fair Lending Bootcamp at $100 off with our “early bird” discount, so be sure to take advantage of this opportunity before it is gone. This program is a full day virtual seminar and takes a deep dive into fair lending rules, including Regulation B and the Fair Housing Act. If you or someone in your organization is looking for a comprehensive review of the fair lending expectations for financial institutions, the Fair Lending Bootcamp will walk you through four parts, including and introduction to fair lending, Regulation B, the Fair Housing Act, and fair lending risk indicators and hot topics. This program includes 6 hours of video instruction and comes with a downloadable reference manual. You can view the full curriculum of the Fair Lending Bootcamp at:

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