CFPB Measures Impact of Overdraft Programs to Consumers

Adam Witmer
Regulatory Update

On June 16, 2022, the CFPB released an article focusing on the agency’s efforts to collect key metrics from some supervised institutions regarding the consumer impact of their overdraft and non-sufficient fund (NSF) practices. In early December of 2021, we wrote an article about the CFPB’s research on banks’ dependence on overdraft fees. Since then, the Bureau has been actively conducting close supervision to financial institutions with high shares of frequent overdrafters or with higher average fee burden for overdrafts.

Video: TRID Total of Payments Disclosure

Video: TRID Total of Payments Disclosure

Adam Witmer
Regulation Z, TRID

In this Compliance Clip (video), Adam goes into a little bit of a deep dive to explain the Total of Payments disclosure on the Closing Disclosure. This a TRID and lending topic, which is especially helpful for lenders or somebody who's responsible for the loan department. A transcript of this video is now available.

FinCEN’s Advisory on Elder Financial Exploitation

Adam Witmer
Regulatory Update, BSA

On June 15, 2022, FinCEN issued an advisory to alert financial institutions to the rising trend of elder financial exploitation (EFE). EFE involves the illegal or improper use of an older adult’s funds, property, or assets, and is often perpetrated either through theft or scams. The advisory highlights new EFE typologies and red flags since FinCEN issued its first advisory on the issue in 2011.

CFPB Seeks to Improve Customer Service at Big Banks

Adam Witmer
Regulatory Update

On June 14, 2022, the CFPB Director Rohit Chopra announced, at a public town hall, Request for Information on how bank customers can assert their rights to better customer service with big banks. The Request for Information seeks data about, and consumer experiences with, the obstacles that may prevent people from receiving high standards of customer service and high-quality human interactions with their banks or credit unions.

CFPB Issues 2021 Servicemember Affairs Annual Report

Adam Witmer
Regulatory Update

On June 13, 2022, the CFPB released its annual report on the top financial concerns facing servicemembers, veterans, and military families, based on the complaints they submitted to the CFPB. Concerns reported by the servicemembers include billing inaccuracies and that debt collectors used aggressive tactics to recover allegedly unpaid medical bills. Servicemembers also reported failures by credit reporting companies in helping to resolve inaccuracies and other credit reporting issues.

FinCEN Seeks Comment on No-Action Letter Process

Adam Witmer
Regulatory Update, BSA

On June 3, 2022, FinCEN issued an Advance Notice of Proposed Rulemaking to solicit public comment on questions relating to the implementation of a no-action letter process at FinCEN. A no-action letter is generally understood to be a form of enforcement discretion where an agency states by letter that it will not take an enforcement action against the submitting party for the specific conduct presented to the agency.

Proposed Amendment on Telemarketing Sales Rule

Adam Witmer
Regulatory Update

On June 3, 2022, the FTC issued a notice of proposed rulemaking to amend the Telemarketing Sales Rule. The proposed amendments would require telemarketers and sellers to maintain additional records of their telemarketing transactions, prohibit material misrepresentations and false or misleading statements in business to business (“B2B”) telemarketing transactions, and add a new definition for the term “previous donor.”

Crypto Scam Losses Top $1 Billion

Adam Witmer
Regulatory Update

On June 3, 2022, the FTC published an article which talked about crypto scam losses. According to the latest FTC Consumer Protection Data Spotlight, more than 46,000 people have reported losing over $1 billion in crypto to scams since the start of 2021. That’s about one out of every four dollars reportedly lost to fraud during that period. According to the report, the median individual reported loss is $2,600.

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