On July 7, 2025, the Credit and Collection News reported that the CFPB has terminated its consent order against Fay Servicing over alleged illegal foreclosure practices. This cancellation releases Fay Servicing from any alleged noncompliance regarding a 2024 settlement agreement.

Jul 7
Jul 7 FDIC Consumer Compliance Supervisory Highlights Spring 2025

Adam Witmer

Regulatory Update

On July 3, 2025, the FDIC issued its Summer 2025 edition of the Consumer Compliance Supervisory Highlights. The purpose of this publication is to enhance transparency regarding the FDIC’s consumer compliance supervisory activities and to provide a high-level overview of consumer compliance issues identified in 2024 through the FDIC’s supervision of state non-member banks and thrifts.

Jul 7
Jul 7 CFPB Cancels $95 million Settlement with Navy Federal Credit Union

Adam Witmer

Regulatory Update

On July 1, 2025, the Reuters reported that the CFPB canceled a $95 million settlement with Navy Federal Credit Union, accused of illegally charging surprise overdraft fees. Navy Federal Credit Union is the largest credit union in the United States and serves active duty military members, veterans, Department of Defense civilian employees, and their families.

Jul 4

Jul 4 VIDEO: When is an FCRA Adverse Action Notice Required?

Adam Witmer

FCRA

In this Compliance Clip (video), discusses when and Adverse Action Notice is required under the Fair Credit Reporting Act. Adam provides instances when financial institutions need to furnish Adverse Action Notice to a consumer when an adverse action is taken.

Jul 1
Jul 1 OCC Releases Semiannual Risk Perspective

Adam Witmer

Regulatory Update

On June 30, 2025, the OCC released their Spring 2025 edition of the publication Semiannual Risk Perspective. The publication addresses key issues facing banks, focusing on those that pose threats to the safety and soundness of banks and their compliance with applicable laws and regulations.

Jun 30
Jun 30 FinCEN Allows Banks Alternative TIN Collection Method

Adam Witmer

Regulatory Update, BSA

On June 27, 2025, FinCEN issued an order permitting banks to collect Tax Identification Number (TIN) information from a third party rather than from the bank’s customer. FinCEN said that this action is aimed at providing banks with greater flexibility in fulfilling compliance obligation without presenting a heightened risk of money laundering, terrorist financing, or other illicit finance activity.

Jun 30
Jun 30 FinCEN Issues Orders Against Mexico-based Financial Institutions For Money Laundering

Adam Witmer

BSA, Regulatory Update

On June 25, 2025, FinCEN issued unprecedented orders identifying three Mexico-based financial institutions as being of primary money laundering concern in connection with illicit opioid trafficking, and prohibit, respectively, certain transmittals of funds involving the institutions. The named instituiosn include CIBanco S.A., Institution de Banca Multiple, Intercam Banco S.A., Institución de Banca Multiple, and Vector Casa de Bolsa, S.A. de C.V.

Jun 26
Jun 26 2025 List of Distressed or Underserved Geographies

Adam Witmer

CRA, Regulatory Update

On June 25, 2025, the agencies released the 2025 list of distressed or underserved nonmetropolitan middle-income geographies. These are geographic areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration under the community development definition.

Jun 24
Jun 24 FATF Updates List of Deficient Countries (6/23/25)

Adam Witmer

BSA, Regulatory Update

On June 23, 2025, 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 last 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.

Jun 24
Jun 24 FRB Removes Reputational Risk From Examination of Banks

Adam Witmer

Regulatory Update

On June 23, 2025, the Federal Reserve Board announced that reputational risk will no longer be a component of examination programs in its supervision of banks. While this change is meant to streamline the process, the Fed still expects banks to manage risks effectively and will not affect how banks handle their own reputational risk.

Jul 8
Jul 8 CFPB Terminates Consent Order Against Fay Servicing

Jul 7
Jul 7 FDIC Consumer Compliance Supervisory Highlights Spring 2025

Jul 7
Jul 7 CFPB Cancels $95 million Settlement with Navy Federal Credit Union

Jul 4 VIDEO: When is an FCRA Adverse Action Notice Required?

Jul 1
Jul 1 OCC Releases Semiannual Risk Perspective

Jun 30
Jun 30 FinCEN Allows Banks Alternative TIN Collection Method

Jun 30
Jun 30 FinCEN Issues Orders Against Mexico-based Financial Institutions For Money Laundering

Jun 26
Jun 26 2025 List of Distressed or Underserved Geographies

Jun 24
Jun 24 FATF Updates List of Deficient Countries (6/23/25)

Jun 24
Jun 24 FRB Removes Reputational Risk From Examination of Banks

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