CFPB Publishes Complaint Bulletin Regarding Crypto-Assets

Adam Witmer
Regulatory Update

On November 10, 2022, the CFPB released a new complaint bulletin that highlights complaints the CFPB received related to crypto-assets. According to the CFPB, consumers most commonly reported being victimized by frauds, theft, account hacks, and scams. Other complaints include issues in executing transactions and transferring assets between exchanges, issues with accessing funds in their account and poor customer service.

CFPB Issues Guidance on Consumer Reporting Disputes

Adam Witmer
Regulatory Update

On November 10, 2022, the CFPB issued a circular to affirm that neither consumer reporting companies nor information furnishers can skirt dispute investigation requirements. The circular outlines how federal and state consumer protection enforcers, including regulators and attorneys general, can bring claims against companies that fail to investigate and resolve consumer report disputes.

FTC Proposes Rule on Junk Fees

Adam Witmer
Regulatory Update

On November 8, 2022, the FTC published an advanced notice of proposed rulemaking to address certain deceptive or unfair acts or practices relating to fees. The Commission is seeking public comment, data, and argument concerning the need for such a rulemaking to prevent persons, entities, and organizations from imposing such fees on consumers.

CFPB Issues Outline of Proposals for Financial Data Rights Rule

Adam Witmer
Regulatory Update

On October 27, 2022, the CFPB published an outline of proposals and alternatives under consideration for the required rulemaking on personal financial data rights. The CFPB outlined options to strengthen consumers’ access to, and control over, their financial data as a first step before issuing a proposed data rights rule that would implement section 1033 of the Dodd-Frank Act. Under the options the CFPB is considering, consumers would be able to more easily and safely walk away from companies offering bad products and poor service and move towards companies competing for their business with alternate or innovative products and services.

FinCEN Reports Increase in Ransomware Reporting

Adam Witmer
Regulatory Update, BSA

On November 1, 2022, FinCEN issued its most recent Financial Trend Analysis of ransomware-related Bank Secrecy Act (BSA) filings for 2021, indicating that ransomware continued to pose a significant threat to U.S. critical infrastructure sectors, businesses, and the public. FinCEN’s report focuses on ransomware trends in BSA filings from July-December 2021, and addresses the extent to which a substantial number of ransomware attacks appear to be connected to actors in Russia.

FATF Updates List of Deficient Countries

Adam Witmer
Regulatory Update, BSA

On October 31, 2022, FinCEN issued a press release to inform U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering, counter the financing of terrorism, and combat weapons of mass destruction proliferation financing (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with strategic AML/CFT/CPF deficiencies following its plenary meeting this month. U.S. financial institutions should consider the FATF’s stance toward these jurisdictions when reviewing their obligations and risk-based policies, procedures, and practices.

OCC Announces Office of Financial Technology

Adam Witmer
Regulatory Update

On October 27, 2022, the announced that it will establish an Office of Financial Technology early in the year 2023 to bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape. The OCC stated that the Office of Financial Technology will build on and incorporate the Office of Innovation, which the OCC established in 2016 to coordinate agency efforts to support responsible financial innovation.

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