May 5
May 5 California DFPI Issues Consent Order Against Hatch Bank for AML/CFT Program Deficiencies

In April 2025, the California Department of Financial Protection and Innovation (DFPI) issued a Consent Order against Hatch Bank requiring its Board of Directors to strengthen its supervision and direction of bank management, and its monitoring of the bank's AML/CFT program. Hatch Bank is a state-chartered, FDIC-insured, Banking as a Service (BaaS) sponsor bank.

May 2

May 2 VIDEO: What is Redlining?

Adam Witmer

Fair Lending

In this Compliance Clip (video), Adam explains what redlining is. In particular, Adam discusses the different definitions provided by the regulators as well as the different forms of redlining. A transcript of this video is now available.

May 1
May 1 Appeals Panel Partially Lifts CFPB Layoff Order

Adam Witmer

Regulatory Update

On April 29, 2025, the Consumer Finance Monitor reported that the U.S. Circuit Court of Appeals for the District of Columbia has upheld a temporary injunction issued by Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia. On April 18, Judge Jackson issued an order after finding that the CFPB's firings affected more employees than a layoff plan she had tried to stop earlier in the case.

Apr 29
Apr 29 Removed NCUA Board Members Files Lawsuit Against Trump

Adam Witmer

Regulatory Update

On April 28, 2025, the ABA Banking Journal reported that Todd Harper and Tanya Otsuka filed a lawsuit in federal court challenging their terminations from the NCUA. Harper and Otsuka were fired by Trump from the NCUA Board despite both having several years left in their board terms.

Apr 28
Apr 28 FRB Rescinds Guidance Regarding Crypto-Asset-Related Activities

Adam Witmer

Regulatory Update

On April 24, 2025, the Federal Reserve Board announced the withdrawal of guidance for banks related to their crypto-asset and dollar token activities. The Board said this is to ensure the Board's expectations remain aligned with evolving risks and further support innovation in the banking system.

Apr 28
Apr 28 Judge Stops Mass Firings at CFPB

Adam Witmer

Regulatory Update

On April 18, 2024, The Hill reported that a federal judge temporarily barred the Trump administration from laying off roughly 90 percent of the CFPB while she considers whether it violated her previous order.

Apr 25

Apr 25 VIDEO: Filing a CTR on an Entity

Adam Witmer

BSA

In this Compliance Clip (video), Adam explains how to properly file a Currency Transaction Report (CTR) for an entity, clarifying the definition of "person" in regulatory terms. A transcript of this video is now available.

Apr 24
Apr 24 Judge Blocks FinCEN’s Southwest Border GTO

Adam Witmer

Regulatory Update

On April 24, 2025, the San Diego Union-Tribune reported that a San Diego Judge blocked the FinCEN order to require money services businesses to report transactions above $200 but not more than $10,000, but only in seven San Diego County ZIP codes. On March 11, 2025, FinCEN issued the notice requiring certain money services businesses along the southwest border of the United States to report and retain records of transactions in currency of more than $200 but not more than $10,000, and to verify the identity of persons presenting such transactions.

Apr 21
Apr 21 FinCEN Updates its FAQs on the Southwest Border GTO

Adam Witmer

Regulatory Update, BSA

On April 16, 2025, FinCEN updated its set of FAQs regarding its updated Geographic Targeting Order involving certain money services businesses in California and Texas on the southwest border. On March 24, 2025, FinCEN issued a set of Frequently Asked Questions in relation to the March 11 GTO requiring all money services businesses located in 30 ZIP Codes across California and Texas to file additional Currency Transaction Reports (CTRs) with FinCEN for transactions above $200 but not more than $10,000.

Apr 21
Apr 21 CFPB’s Credit Card Late Fee Rule Overturned

Adam Witmer

Regulatory Update

On April 5, 2025, the ABA Banking Journal reported that a federal court has vacated the CFPB’s rule on credit card late fees a day after the American Bankers Association and other plaintiffs reached an agreement with the bureau to end a lawsuit over the rule. Under the terms of the settlement with the plaintiffs, the CFPB acknowledged it exceeded its authority under the Credit Card Accountability Responsibility and Disclosure Act, and that the late fee rule violates the Administrative Procedure Act.