FTC Sues Walmart for Money Transfer Fraud

Paula Parras
Regulatory Update, BSA

On June 28, 2022, the FTC sued Walmart for allowing its money transfer services to be used by fraudsters, who swindled consumers out of hundreds of millions of dollars. In its lawsuit, the FTC alleges that the company turned a blind eye while scammers took advantage of its failure to properly secure the money transfer services offered at Walmart stores. The FTC is asking the court to order Walmart to return money to consumers and to impose civil penalties for Walmart’s violations.

OCC's Semiannual Risk Report

Adam Witmer
Regulatory Update

On June 23, 2022, the OCC issued the Semiannual Risk Perspective for Spring 2022 that details the key issues facing the federal banking system. The report, which covers risks facing national banks, federal savings associations, and federal branches and agencies, presents information in five main areas - the operating environment, bank performance, a special section on climate-related topics in emerging risks, trends in key risks, and supervisory actions.

CFPB Issues FCRA and Regulation V Human Trafficking Final Rule

Adam Witmer
Regulatory Update, FCRA

On June 23, 2022, the CFPB issued a final rule to help survivors avoid some of the financial consequences of human trafficking. Through the final rule, the CFPB has established a method for survivors of trafficking to submit documentation to credit reporting companies that identifies any adverse item of information that resulted from human trafficking. The rule prohibits credit reporting companies from providing a report containing the adverse items of information.

COMING IN JULY: Flood FAQ Webinar

Adam Witmer

A few of our members have been asking, so we wanted to share with you that we will be releasing a program in late July on the new Interagency Flood FAQs. We will cover this topic (at least in part) in our upcoming Summer 2022 Quarterly Compliance Update. If you would like more information on this program, or to get on a wait list for this program, contact us at members@compliancecohort.com.

VIDEO: Analyzing HMDA Data for Fair Lending

VIDEO: Analyzing HMDA Data for Fair Lending

Adam Witmer
Fair Lending, HMDA

In this Compliance Clip (video), Adam discusses how the regulators are analyzing HMDA data for fair lending and explains why financial institutions should be analyzing their own data as well - even if they aren’t a HMDA reporter. This is a topic that was covered in our upcoming Fair Lending Hot Topics program.

CFPB to Review Credit Card Company Penalty Policies

Adam Witmer
Regulatory Update

On June 22, 2022, the CFPB announced that it is taking the first step toward addressing credit card company penalty policies costing consumers $12 billion each year, starting by looking at excessive late fees. The CFPB has published an Advance Notice of Proposed Rulemaking published where it asks for information on the Federal Reserve Board of Governors’ 2010 immunity provision for excessive late fees that allows credit card companies to escape enforcement scrutiny.

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