On 12/14/21, FinCEN issued a request for information (RFI) seeking comments on ways to streamline, modernize, and update the anti-money laundering and countering the financing of terrorism (AML/CFT) regime of the United States. The agency is particularly interested in ways to modernize risk-based AML/CFT regulations and guidance so that they can continue to protect U.S. national security in a cost-effective and efficient manner.

Dec 15
Dec 15 OCC Issues Final Rule to Rescind its 2020 CRA Rule

Adam Witmer

Regulatory Update, CRA

On 12/14/21, the OCC issued a final rule on Community Reinvestment Act (CRA) to rescind the June 2020 rule. In their release, the OCC explained that this is to facilitate the ongoing interagency work to modernize the CRA regulatory framework and promote consistency for all insured depository institutions. The June 2020 rule will be replaced with a rule based on the rules adopted jointly by the Federal banking agencies in 1995, as amended. The OCC explained that these actions are intended to facilitate the ongoing interagency work to modernize the CRA regulatory framework and promote consistency for all insured depository institutions.

Dec 14
Dec 14 FDIC’s Consumer News on Overdraft and Account Fees

Adam Witmer

Dec 14
Dec 14 CFPB Updates Reg E FAQs

Adam Witmer

Regulatory Update, Regulation E

On 12/13/21, the CFPB updated its list of frequently asked questions on Electronic Fund Transfers provisions of Regulation E. Previously, the Reg E FAQs included only 8 questions and answers in a single category. Now, the FAQs include four categories and a total of 24 FAQs.

Dec 13
Dec 13 Acting OCC Comptroller Remarks on Reforming Overdraft Programs

Adam Witmer

Regulatory Update

On December 8, 2021, Acting Comptroller of the Currency, Michael J. Hsu, spoke at the Consumer Federation of America’s 34th Annual Financial Services Conference. With the conference’s theme, “Reforming Overdraft Programs to Empower and Promote Financial Health”, Hsu talked about bank overdraft practices and how it contributes to income and wealth inequality.

Dec 13
Dec 13 CFPB Supervision Activities Uncover Red Flags

Adam Witmer

Regulatory Update

On 12/9/2021, the CFPB published a blog post titled “Seven examples of unfair practices and other violations by mortgage servicers: CFPB supervision activities uncover red flags.” In their post, the CFPB explains that during the pandemic, families struggle to afford their mortgage payments. It was noted that over 7 million homeowners entered forbearance programs to defer their monthly payments.

Dec 10

Dec 10 VIDEO: The Multiple Transactions Box on a CTR

Adam Witmer

BSA

In this Compliance Clip (video), Adam answers a question on when to check the “multiple transactions” box on a CTR. The answer has three different parts and watch out for the the little nugget of compliance love, as he likes to call it, at the end. This is a BSA/AML topic.

Dec 9
Dec 9 FTC Data Show Increase in Gift Cards As Scam Payment Method

Adam Witmer

Regulatory Update

On 12/8/21, the Federal Trade Commission issued a data spotlight that shows consumers reported losing $148 million in scams where gift cards were used as the form of payment , in the first nine months of 2021. That amount is more than was reported in all of 2020.

Dec 9
Dec 9 CFPB Releases Supervisory Highlights for Early 2021

Adam Witmer

Regulatory Update

On 12/8/21, the Consumer Financial Protection Bureau (CFPB) issued their regular Supervisory Highlights report, which shines a light on legal violations identified by the CFPB’s examinations in the first half of 2021. The report also highlights prior CFPB supervisory findings that led to public enforcement actions in the first half of 2021.

Dec 8
Dec 8 FinCEN Issues Proposed Rule for Beneficial Ownership Reporting

Adam Witmer

Regulatory Update, BSA

On 12/7/21, the Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) to implement the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA). FinCEN explains that the proposed rule is designed to protect the U.S. financial system from illicit use and prevent malign actors from abusing legal entities, like shell companies, to conceal proceeds of corrupt and criminal acts.

Dec 15
Dec 15 FinCEN Seeks Comments on Modernization AML/CFT Regulatory Regime

Dec 15
Dec 15 OCC Issues Final Rule to Rescind its 2020 CRA Rule

Dec 14
Dec 14 FDIC’s Consumer News on Overdraft and Account Fees

Dec 14
Dec 14 CFPB Updates Reg E FAQs

Dec 13
Dec 13 Acting OCC Comptroller Remarks on Reforming Overdraft Programs

Dec 13
Dec 13 CFPB Supervision Activities Uncover Red Flags

Dec 10 VIDEO: The Multiple Transactions Box on a CTR

Dec 9
Dec 9 FTC Data Show Increase in Gift Cards As Scam Payment Method

Dec 9
Dec 9 CFPB Releases Supervisory Highlights for Early 2021

Dec 8
Dec 8 FinCEN Issues Proposed Rule for Beneficial Ownership Reporting

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