CFPB Crackdown on Deceptive Advertisements to Servicemembers in Full Swing
The CFPB settles with its fifth, sixth, and seventh companies for deceptive advertisements directed at servicemembers and veterans. Deception included implying an affiliation with the government and misrepresenting fees associated with the loans. [9/4/20]
FinCEN: Unlawfully Disclosed SARs
FinCEN has issued a statement that it is aware that various media outlets intend to publish a series of articles based on unlawfully disclosed Suspicious Activity Reports from several years ago. FinCEN seeks to remind all parties that unauthorized disclosure of SARs is a crime. [9/2/20]
NCUA: We Prefer Carrots Over Sticks (But Reserve Stick Option)
When it comes to promoting compliance, the NCUA prefers to provide more carrots in the form of incentivizing and rewarding corrective action and self-identification of compliance deficiencies. But the agency will use, when necessary, formal actions (a.k.a. sticks) to correct violations. [8/28/20]
PEP Talk
What you need to know about the agencies' recent statement on BSA regarding politically exposed persons. [8/26/20]
Risk Watch Plus Webinar 8: Complaint Management
Complaints: Why you shouldn't shun them, but invite them! In this era of exploding complaint volume, this certificated webinar (see instructions in video for how to get your free certificate of completion) takes a look at the risks, evolution, and need for a management strategy to effectively deal with complaints. Before that, we cover what's hot in compliance, as seen by the editors of Risk InboX.
Credit Unions
- Appraisal Rules Eased to Aid Disaster Recovery in L.A. County
Federal regulators have temporarily eased appraisal requirements for real estate transactions in wildfire- and wind-damaged areas of Los Angeles County to help speed recovery and loan processing, with the policy in effect until January 8, 2028. [4/17/25]
- Nacha Proposes Changes to Improve International ACH Transactions
Nacha has issued a Request for Comment and Request for Information on proposed changes to International ACH Transactions (IATs), aiming to improve their usefulness, streamline processing, and ensure better information flow, with proposals including same-day processing and mandatory IAT contact listings for financial institutions. [4/3/25]
- CFPB Shifts Focus Away from Payday Loan Penalties to Protect Consumers
The Consumer Financial Protection Bureau announced it will not prioritize enforcement of penalties related to the Payment Withdrawal and Payment Disclosure provisions of the Payday, Vehicle Title, and High-Cost Installment Loans Regulation, focusing instead on consumer protection for servicemen, veterans, and small businesses. [4/3/25]
- CFPB Seeks to Vacate Penalty Against Townstone Financial
The Acting Director of the CFPB, Russ Vought, is seeking to vacate the settlement and refund the six-figure penalty imposed on Townstone Financial after a seven-year harassment saga, arguing that the agency misused its power, targeting the small firm based on arbitrary redlining statistics and protected political speech. [3/27/25]
- NCUA 2024 Annual Report: Strengthening Credit Unions and Streamlining Regulations
The NCUA's 2024 Annual Report highlights the agency's strong financial position, achievements in meeting strategic goals, and Chairman Hauptman's focus on enhancing credit union innovation, streamlining regulations, and ensuring competitiveness. [3/20/25]
- NCUA Report: Growth in Deposits, Rising Delinquency Rates for Credit Unions in 2024
The latest NCUA Quarterly U.S. Map Review shows that while federally insured credit unions saw growth in shares and deposits in 2024, with a slight increase in assets and a rise in delinquency rates, loan levels remained unchanged, and most credit unions reported positive net income. [3/20/25]
- NCUA Changes Overdraft Fee Data Policy to Support Credit Unions
The NCUA will no longer publish individual credit union overdraft and non-sufficient fund fee income, instead collecting the data during examinations, to avoid unintended consequences and better support low-income and underserved communities. [3/6/25]
- Nacha Welcomes ACI Worldwide as New Preferred Partner
Nacha has named ACI Worldwide as its newest Preferred Partner for ACH Experience, Fraud Monitoring, and Risk Prevention, with ACI providing AI-powered account-to-account solutions to enhance the ACH Network and improve fraud management. [2/27/25]
- NCUA to Use External Vendor for Post-Examination Survey in 2025
The NCUA will begin using an external vendor to administer its voluntary post-examination survey for federal credit unions starting in March 2025 to gather feedback and improve examination processes. [2/13/25]
- NCUA Funds Earn Clean Audit Opinions for 2024
The NCUA's four funds received unmodified, or "clean", audit opinions for 2024, with the Share Insurance Fund holding assets of $22.3 billion to protect deposits for over 142 million members at 4,400 credit unions. [2/13/25]
- AI and Upcoming Nacha Rule Changes Set to Impact Payments in 2025
As we move into 2025, AI continues to transform payments and financial services, while businesses also need to prepare for upcoming Nacha rule updates on fraud monitoring and ACH credit entry processes, which will take effect in 2026. [2/6/25]
- Kyle S. Hauptman Appointed NCUA Chairman with Focus on Efficiency and Financial Inclusion
President Trump has appointed Kyle S. Hauptman as the new Chairman of the NCUA Board, where his priorities will include re-evaluating the NCUA budgeting process, improving efficiency, promoting AI use, fostering financial inclusion, and reassessing regulations affecting small and low-income credit unions. [1/30/25]
Banking Industry
- Appraisal Rules Eased to Aid Disaster Recovery in L.A. County
Federal regulators have temporarily eased appraisal requirements for real estate transactions in wildfire- and wind-damaged areas of Los Angeles County to help speed recovery and loan processing, with the policy in effect until January 8, 2028. [4/17/25]
- Nacha Proposes Changes to Improve International ACH Transactions
Nacha has issued a Request for Comment and Request for Information on proposed changes to International ACH Transactions (IATs), aiming to improve their usefulness, streamline processing, and ensure better information flow, with proposals including same-day processing and mandatory IAT contact listings for financial institutions. [4/3/25]
- CFPB Shifts Focus Away from Payday Loan Penalties to Protect Consumers
The Consumer Financial Protection Bureau announced it will not prioritize enforcement of penalties related to the Payment Withdrawal and Payment Disclosure provisions of the Payday, Vehicle Title, and High-Cost Installment Loans Regulation, focusing instead on consumer protection for servicemen, veterans, and small businesses. [4/3/25]
- OCC Withdraws from Climate-Risk Financial Guidelines
The OCC withdrew from the interagency principles for climate-related financial risk management, citing concerns that the guidelines were overly burdensome and duplicative. [4/3/25]
- CFPB Seeks to Vacate Penalty Against Townstone Financial
The Acting Director of the CFPB, Russ Vought, is seeking to vacate the settlement and refund the six-figure penalty imposed on Townstone Financial after a seven-year harassment saga, arguing that the agency misused its power, targeting the small firm based on arbitrary redlining statistics and protected political speech. [3/27/25]
- OCC Launches Digitalization Resources for Community Banks
The OCC has launched a new Digitalization page to support community banks in using technology to improve operations, increase revenue, and stay competitive, while providing relevant rules and guidance for their digitalization efforts. [3/20/25]
- 2024 SNC Report: Moderate Credit Risk with Concerns for 2025
The 2024 Shared National Credit report indicates moderate credit risk in large syndicated loans, with weakened credit quality trends due to high interest rates and industry pressures, while highlighting concerns for 2025 based on borrowers' ability to manage costs and broader economic factors. [3/13/25]
- House Committee Passes Resolution to Overturn CFPB Overdraft Fee Rule
The House Financial Services Committee voted 30-19 to pass a resolution overturning a Consumer Financial Protection Bureau rule regulating overdraft fees, with the ICBA arguing the rule exceeds the CFPB’s authority and disrupts essential short-term liquidity for consumers. [3/6/25]
- Nacha Welcomes ACI Worldwide as New Preferred Partner
Nacha has named ACI Worldwide as its newest Preferred Partner for ACH Experience, Fraud Monitoring, and Risk Prevention, with ACI providing AI-powered account-to-account solutions to enhance the ACH Network and improve fraud management. [2/27/25]
- Update to Interest Rate Risk Analysis in Bank Performance Report
The Federal Financial Institutions Examination Council is updating the Interest Rate Risk Analysis page of the Uniform Bank Performance Report on or after February 22, 2025, as part of a multiyear review. [2/20/25]
- OCC Withdraws from Greening the Financial System Network
The OCC, under Acting Comptroller Rodney E. Hood, withdrew from the Network of Central Banks and Supervisors for Greening the Financial System, citing that it does not align with the agency's core regulatory mandate. [2/13/25]
- FDIC Releases Documents on Crypto-Supervision and Future Plans
The FDIC released 175 documents related to its supervision of banks involved in crypto activities, acknowledging past resistance to such ventures and outlining efforts to reevaluate its approach moving forward. [2/13/25]
Agencies
- OCC Outlines Priorities for Modern, Inclusive Banking
Acting Comptroller Rodney E. Hood outlined the OCC’s priorities, including reducing regulatory burden, promoting financial inclusion, supporting bank-fintech partnerships, and advancing responsible use of digital assets, while reinforcing the agency’s commitment to a modern, secure banking system. [4/17/25]
- CFPB Pauses Enforcement of Nonbank Registry Rule
The CFPB announced it will not prioritize enforcement of registration deadlines under its nonbank registry rule and is considering rescinding or narrowing the regulation to focus on more pressing consumer protection issues. [4/17/25]
- FinCEN Renews Real Estate Orders to Uncover Illicit Buyers
FinCEN has renewed its Geographic Targeting Orders requiring title insurance companies to identify individuals behind shell companies in certain high-risk real estate purchases to help combat illicit financial activity, effective April 15 to October 9, 2025. [4/17/25]
- 2024 HMDA Loan Data Now Available on FFIEC Platform
The 2024 Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data, containing loan-level information from nearly 4,900 filers, is now available on the FFIEC's HMDA Platform for easier public access. [4/3/25]
- FinCEN Issues Advisory on Identifying ISIS Financing Activity
FinCEN issued an Advisory to help financial institutions identify and report suspicious activity related to ISIS financing, outlining how the group and its affiliates fund themselves and transfer money globally. [4/3/25]
- FinCEN Issues Alert on Bulk Cash Smuggling by Mexico-based TCOs
FinCEN issued an alert urging financial institutions to monitor and report bulk cash smuggling and repatriation activities by Mexico-based Transnational Criminal Organizations (TCOs), which use these operations to launder illicit proceeds between the U.S. and Mexico's financial systems. [4/3/25]
- OCC’s Commitment to Financial Inclusion and Homeownership
The Acting Comptroller of the Currency highlights the OCC’s 2025 priorities, emphasizing financial inclusion, regulatory developments, and the importance of affordable homeownership to promote generational wealth, while acknowledging NAHREP's role in advancing these goals. [3/27/25]
- FinCEN Exempts U.S. Companies from BOI Reporting Under New Rule
The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule exempting U.S. companies and persons from reporting beneficial ownership information (BOI) under the Corporate Transparency Act, while requiring foreign entities meeting the new "reporting company" definition to submit BOI to FinCEN by specified deadlines. [3/27/25]
- OFAC Extends Recordkeeping Requirements and Updates SDN List
OFAC published a Final Rule extending recordkeeping requirements from five to ten years, aligning with the extended statute of limitations for certain sanctions violations, and updated its SDN List. [3/20/25]
- FTC Reports Surge in Scam Losses to $12.5 Billion in 2024
In 2024, fraud reports remained steady, but the financial losses surged to $12.5 billion, with a significant increase in online scams, investment fraud, and social media-related scams, while younger people lost money more often and older adults faced higher individual losses. [3/13/25]
- FinCEN Targets Border MSBs to Combat Cartel Money Laundering
FinCEN issued a Geographic Targeting Order (GTO) requiring money services businesses in 30 ZIP codes near the U.S.-Mexico border to report cash transactions above $200 to combat money laundering and illicit activities by Mexico-based cartels and criminal organizations. [3/13/25]
- OFAC Launches File Finder Application
OFAC has launched a new File Finder application on its website, allowing users to search and navigate all static content, including documents like executive orders, advisories, and general licensees, by title, type, and content. [2/27/25]