CFPB Releases Summer 2024 Edition of Supervisory Highlights

Adam Witmer
Regulatory Update

On July 2, 2024, the CFPB released the Summer 2024 Edition of its Supervisory Highlights that notes recent supervisory findings in auto and student loan servicing companies, debt collectors, and other financial services providers. The findings included in the report cover examinations in the areas of  auto and student loan servicing and debt collection, including credit card debt collections, as well as credit card account management with a focus on medical credit cards that were completed from April 1, 2023 to December 31, 2023.

CFPB’s 2023 Fair Lending Report to Congress

Adam Witmer
Regulatory Update, Fair Lending

On June 26, 2024, the CFPB released its Fair Lending Annual Report to Congress, describing the Bureau’s fair lending activities in enforcement, guidance and rulemaking, interagency coordination, and outreach and activities for calendar year 2023. Specifically. The Fair Lending Annual Report to Congress fulfills the Bureau’s statutory responsibility to report annually to Congress on public enforcement actions taken under the ECOA as well as the utility of the HMDA’s mortgage loan data collection requirements.

FinCEN Issues Final Rule to Sever Al-Huda Bank from the US Financial System

Adam Witmer
Regulatory Update, BSA

On June 26, 2024, FinCEN issued a final rule under the USA PATRIOT Act Section 311 that severs Al-Huda Bank from the United States financial system by prohibiting domestic financial institutions and agencies from opening or maintaining a correspondent account for or on behalf of Al-Huda Bank, an Iraqi bank that serves as a conduit for terrorist financing. Al-Huda Bank is a foreign financial institution based in Iraq found to be of primary money laundering concern.

FinCEN Issues Supplemental Advisory on Fentanyl

Adam Witmer
Regulatory Update

On June 20, 2024, FinCEN issued an advisory to alert U.S. financial institutions to new trends in the illicit fentanyl supply chain and urge vigilance in identifying and reporting suspicious activity associated with Mexico-based transnational criminal organizations and their illicit procurement of fentanyl precursor chemicals and manufacturing equipment from People’s Republic of China-based suppliers. The advisory is supplementary to the 2019 Advisory on Illicit Financial Schemes and Methods Related to the Trafficking of Fentanyl and Other Synthetic Opioids.

FDIC Updates its Consumer Compliance Exam Manual

Adam Witmer
Regulatory Update

On June 18, 2024, 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.

Load More