Nov 26
Nov 26 FinCEN Partners with National Task Force to Combat Fraud and Scams Affecting Americans

On November 25, 2025, FinCEN joined a multi-sector national task force dedicated to the prevention of fraud and scams. The National Task Force on Fraud and Scam Prevention, organized by the Aspen Institute’s Financial Security Program, unites important groups such as financial services, technology companies, consumer advocates, information sharing centers, and federal agencies to fight fraud and scams.

Nov 25
Nov 25 CFPB Finalizes Rule to Oversee Digital Payment Apps

Adam Witmer

Regulatory Update

On November 21, 2024, the CFPB finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps. The rule will help the CFPB to ensure that these companies follow federal law just like large banks, credit unions, and other financial institutions already supervised by the CFPB.

Nov 25
Nov 25 Federal Reserve Issues Supervision and Regulation Report

Adam Witmer

Regulatory Update

On November 15, 2024, the Federal Reserve Board issued its November 2024 Supervision and Regulation Report. The report summarizes banking conditions and the Federal Reserve’s supervisory and regulatory activities, in conjunction with semiannual testimony before Congress by the Vice Chair for Supervision.

Nov 18
Nov 18 FinCEN Updates BOI FAQs

Adam Witmer

BSA, Regulatory Update

On November 15, 2024, FinCEN updated its Beneficial Ownership Information Frequently Asked Questions anew. The FAQs are issued in response to inquiries received relating to the BOI Reporting Rule and BOI Access and Safeguards Rule.

Nov 18
Nov 18 CFPB Fines Global Tel Link for UDAAP Violations

Adam Witmer

Regulatory Update, UDAAP

On November 14, 2024, the CFPB took action against Global Tel Link (GTL) for illegally taking millions of dollars from over 500,000 accounts and blocking money transfers to incarcerated consumers, who depend on the funds for essentials like food, medicine, and clothing. The CFPB ordered GTL and its subsidiaries to stop their illegal practices, pay at least $2 million in redress to victims, and pay a $1 million penalty to the CFPB’s victims relief fund.

Nov 18
Nov 18 FRFS Expands FedDetect to Commercial Checks

Adam Witmer

Regulatory Update

On November 13, 2024, the Federal Reserve Financial Services (FRFS) announced the expansion of FedDetect Duplicate Notification for Check Services to include commercial checks, alongside its existing Treasury check notification service. Financial institutions can now see deposit information and images of potential duplicate items for commercial checks, supplementing their existing check fraud mitigation tools.

Nov 15

Nov 15 VIDEO: Updating the Board on 1071

Adam Witmer

In this Compliance Clip (video), Adam discusses how a financial institution should update their board on the new small business lending data collection and reporting requirement rule (i.e., 1071). While the regulation doesn’t require a board update per se, there are some best practices each financial institution should consider.

Nov 14
Nov 14 CFPB Study Finds Disparities in Small Business Lending

Adam Witmer

Regulatory Update

On November 13, 2024, the CFPB released a study revealing significant disparities in how lenders treat Black and white small business owners seeking loans. The study was a result of a matched-pair testing conducted by the CFPB and the DOJ to test for and detect differential treatment of fictitious well-qualified Black and white small business owners seeking credit at large bank lenders in two counties.

Nov 14
Nov 14 FinCEN Requests Comments on Infomation Collection for Residential Real State Final Rule

Adam Witmer

Regulatory Update

On November 13, 2024, FinCEN issued a notice and request for comments on the proposed information collection associated with the requirement to report information about certain residential real estate transfers, as required by the Anti-Money Laundering Regulations for Residential Real Estate Transfers final rule published on August 29, 2024. Comments will be accepted until January 13, 2025.

Nov 14
Nov 14 FinCEN Issues Alert on Deepfake Media Targeting Financial Institutions

Adam Witmer

Regulatory Update, BSA

On November 13, 2024, FinCEN issued an alert to help financial institutions identify fraud schemes associated with the use of deepfake media created with generative artificial intelligence (GenAI) tools. The alert explains typologies associated with these schemes, provides red flag indicators to assist with identifying and reporting related suspicious activity, and reminds financial institutions of their reporting requirements under the Bank Secrecy Act.