On March 30, 2023, the Federal Reserve Board announced that it has fined Wells Fargo & Company $67.8 million for the firm's unsafe or unsound practices relating to historical inadequate oversight of sanctions compliance risks at its subsidiary bank, Wells Fargo Bank, N.A. Wells Fargo & Co.'s deficient oversight enabled the bank to violate U.S. sanctions regulations by providing a trade finance platform to a foreign bank that used the platform to process prohibited transactions.

On 3/30/23, the CFPB released the long anticipated rule that implements section 1071 of the Dodd-Frank Act. This rule will require certain lenders to report information about the small business credit applications they receive, including geographic and demographic data, lending decisions, and the price of credit. As this rule was just released, we will be analyzing this rule and providing further guidance in the near future. That said, the CFPB provided several key elements in their release which you can view by clicking the link to to this article and going to our site. If you would like to get on our wait list to receive updates about resources we create (both free of paid) relating to the 1071 final rule, go to https://www.compliancecohort.com/1071-wait-list.

On March 24, 2023, FinCEN published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial ownership information (BOI) reporting requirements taking effect on January 1, 2024. The new regulations require many corporations, limited liability companies, and other entities created in or registered to do business in the United States to report information about their beneficial owners to FinCEN.

On March 20, 2023, the  CFPB issued a rule to make non-substantive corrections and updates to Bureau and other Federal agency contact information found at certain locations in Regulations B, E, F, J, V, X, Z, and DD, including Federal agency contact information that must be provided with Equal Credit Opportunity Act adverse action notices and the Fair Credit Reporting Act Summary of Consumer Rights. This final rule also revises the chapter heading, makes various non-substantive changes to Regulations B and V, and provides a Bureau website address where the public may access certain APR tables referenced in Regulation Z.