On July 5, 2022, HUD announced that it is charging 21 Palms RV Resort, Inc. and Nathan Dykgraaf, owner and manager of 21 Palms RV Resort Park in Davenport, Florida, with discriminating against a former tenant, who is a transgender woman, because of her gender identity. HUD’s Charge of Discrimination resulted from a complaint that the tenant filed with HUD, which alleges that Mr. Dykgraaf gave the tenant a letter stating that he was aware she was transitioning and telling her to act as a man, talk as a man, and dress as a man to avoid trouble.

Jul 6
Jul 6 OFAC Reminds of the Blocked Property Annual Report Filing

Adam Witmer

Regulatory Update

On July 1, 2022,, the OFAC issued a reminder to holders of blocked property to provide the office with a comprehensive list of all blocked property held as of June 30 of the current year by September 30, pursuant to the Reporting, Procedures and Penalties Regulations. OFAC emphasizes that persons that do not hold blocked property as of June 30 do not need to file an Annual Report of Blocked Property.

Jul 6
Jul 6 Agencies Issue List of 2022 Distressed or Underserved Non-Metro Middle-Income Geographies

Adam Witmer

Regulatory Update, CRA

On July 1, 2022, the OCC announced that the Federal Agencies have released the 2022 list of distressed or underserved nonmetropolitan middle-income geographies. These are geographic areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration under the community development definition.

Jul 4
Jul 4 FDIC Updates Consumer Compliance Exam Manual

Adam Witmer

Regulatory Update

On June 29, 2022, the FDIC updated sections of the Consumer Compliance Examination Manual. The Consumer Compliance Examination Manual is a primary resource and reference tool for FDIC compliance examination staff when conducting Consumer Compliance and CRA examinations. It incorporates examination policies, procedures, and guidance and is available on the FDIC website as a resource for FDIC staff, bankers, and other members of the public.

Jul 1

Jul 1 VIDEO: Appraisal Discrimination Example

Adam Witmer

Fair Lending

In this Compliance Clip, Adam discusses a hot topic in fair lending: appraisal discrimination. This is a topic that comes from our recent Fair Lending Hot Topics program and is something that every financial institution should be aware of, as regulators have said they are seeing “a wave” of this issue across the country.

Jun 30
Jun 30 CFPB Aims to Reduce Junk Fees from Debt Collectors

Adam Witmer

Regulatory Update

On June 29, 2022, the CFPB issued an advisory opinion affirming that federal law often prohibits debt collectors from charging “pay-to-pay” fees. These charges, commonly described by debt collectors as “convenience fees,” are imposed on consumers who want to make a payment in a particular way, such as online or by phone.

Jun 29
Jun 29 CFPB Issues Interpretive Rule on State’s Ability to Implement Fair Credit Reporting Laws

Adam Witmer

On June 28, 2022, the CFPB issued an interpretive rule affirming states’ abilities to protect their residents through their own fair credit reporting laws. With limited preemption exceptions, states have the flexibility to preserve fair and competitive credit reporting markets by enacting state-level laws that are stricter than the federal Fair Credit Reporting Act (FCRA).

Jun 29
Jun 29 FinCEN and BIS Issue Alert on Potential Export Control Evasion

Adam Witmer

Regulatory Update, BSA

One June 28, 2022, FinCEN and the BIS issued a joint alert to financial institutions advising them to be vigilant against efforts by individuals or entities to evade BIS export controls implemented in connection with the Russian Federation’s further invasion of Ukraine.

Jun 29
Jun 29 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.

Jun 27
Jun 27 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.

Jul 6
Jul 6 HUD Charges A Company And Its Owner For Gender Discrimination

Jul 6
Jul 6 OFAC Reminds of the Blocked Property Annual Report Filing

Jul 6
Jul 6 Agencies Issue List of 2022 Distressed or Underserved Non-Metro Middle-Income Geographies

Jul 4
Jul 4 FDIC Updates Consumer Compliance Exam Manual

Jul 1 VIDEO: Appraisal Discrimination Example

Jun 30
Jun 30 CFPB Aims to Reduce Junk Fees from Debt Collectors

Jun 29
Jun 29 CFPB Issues Interpretive Rule on State’s Ability to Implement Fair Credit Reporting Laws

Jun 29
Jun 29 FinCEN and BIS Issue Alert on Potential Export Control Evasion

Jun 29
Jun 29 FTC Sues Walmart for Money Transfer Fraud

Jun 27
Jun 27 OCC's Semiannual Risk Report

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