Stop by Daily for What's Hot Right Now in Compliance & Risk for Credit Unions & Banks

The CFPB has fined TD Bank $27.76 million for persistently providing inaccurate and fraudulent information to consumer reporting agencies, including erroneous credit card delinquencies and fraudulent account details, and for failing to properly address consumer disputes. [9/12/24]

As of the second quarter of 2024, federally insured credit unions saw a 3.5% increase in total assets to $2.3 trillion, a rise in delinquency rates, and a 10.1% decrease in net income, while loan performance and financial stability remain mixed amid ongoing economic challenges. [9/12/24]

The CFPB's new report reveals that large retailers are now charging fees for cash-back transactions with debit or prepaid cards, costing Americans tens of millions annually, particularly impacting those in underserved communities with limited banking access. [8/29/24]

The CFPB has fined NewDay USA $2.25 million for misleading active-duty servicemembers and veterans with deceptive cost comparisons on cash-out refinance loans, requiring the company to stop misrepresenting loan costs and pay the penalty to the victims relief fund. [8/29/24]

The U.S. Treasury's OFAC is updating several FAQs to improve public guidance on sanctions implementation and will continue this review process to provide current and helpful information. [8/22/24]

The NCUA Board approved an interagency notice of proposed rulemaking which would establish data standards for certain information collections submitted to the NCUA and other financial regulatory agencies. [8/15/24]

America's Credit Unions' has published a new compliance blog examining CFI definition, whistleblowers, and ad requirements. [8/8/24]

The U.S. Department of the Treasury’s OFAC is updating its Compliance Hotline by transitioning to a single online platform for submitting sanctions queries, retiring email and phone options by the end of 2024, and aiming for full implementation by January 1, 2025. [8/8/24]

The NCUA has prohibited two individuals from participating in the affairs of any federally insured depository institution; Jose Prado-Valero and Tracy H. Thibodeau. [8/1/24]

The Department of the Treasury, representing FinCEN, will issue a 30-day notice in the Federal Register for public comment on the collection of beneficial ownership information, following an earlier 60-day notice, to refine the process for authorized entities seeking access under the Corporate Transparency Act. [7/25/24]

The CFPB proposed a rule clarifying that many paycheck advance products, often marketed as “earned wage” products, fall under consumer loan regulations governed by the Truth in Lending Act. This rule aims to ensure lenders disclose costs and fees clearly to workers, following a report that found these products carry high APRs and are used frequently, with workers taking an average of 27 loans per year. [7/18/24]

The NCUA Board approved rules on incentive-based compensation for financial institutions based on asset size tiers, aimed at promoting long-term company health. They also endorsed new rules requiring succession plans for federally insured credit unions to ensure leadership continuity and operational stability. [7/18/24]

The CFPB has fined TD Bank $27.76 million for persistently providing inaccurate and fraudulent information to consumer reporting agencies, including erroneous credit card delinquencies and fraudulent account details, and for failing to properly address consumer disputes. [9/12/24]

As of the second quarter of 2024, federally insured credit unions saw a 3.5% increase in total assets to $2.3 trillion, a rise in delinquency rates, and a 10.1% decrease in net income, while loan performance and financial stability remain mixed amid ongoing economic challenges. [9/12/24]

The CFPB's new report reveals that large retailers are now charging fees for cash-back transactions with debit or prepaid cards, costing Americans tens of millions annually, particularly impacting those in underserved communities with limited banking access. [8/29/24]

The CFPB has fined NewDay USA $2.25 million for misleading active-duty servicemembers and veterans with deceptive cost comparisons on cash-out refinance loans, requiring the company to stop misrepresenting loan costs and pay the penalty to the victims relief fund. [8/29/24]

The U.S. Treasury's OFAC is updating several FAQs to improve public guidance on sanctions implementation and will continue this review process to provide current and helpful information. [8/22/24]

On August 22, 2024, major U.S. financial regulatory agencies proposed joint data standards for implementing the Financial Data Transparency Act of 2022, aiming to enhance the interoperability and accessibility of financial data, though these standards won't immediately impact community banks. [8/22/24]

The U.S. Department of the Treasury’s OFAC is updating its Compliance Hotline by transitioning to a single online platform for submitting sanctions queries, retiring email and phone options by the end of 2024, and aiming for full implementation by January 1, 2025. [8/8/24]

The OCC, Federal Reserve, and FDIC have issued a joint statement and Request for Information on the risks and management practices associated with banks using third parties to deliver deposit products and services, highlighting potential risks and providing guidance for effective risk management. [8/1/24]

The FDIC Board of Directors has issued a Request for Information (RFI) to gather public feedback on the details of uninsured deposits, aiming to improve risk monitoring, insurance pricing, and transparency following recent bank failures. [8/1/24]

The Department of the Treasury, representing FinCEN, will issue a 30-day notice in the Federal Register for public comment on the collection of beneficial ownership information, following an earlier 60-day notice, to refine the process for authorized entities seeking access under the Corporate Transparency Act. [7/25/24]

Federal bank regulatory agencies will host a virtual public outreach meeting on September 25, 2024, to gather stakeholder input on regulatory categories under review as required by the Economic Growth and Regulatory Paperwork Reduction Act of 1996, with registration for oral comments closing on August 9, 2024. [7/25/24]

The CFPB proposed a rule clarifying that many paycheck advance products, often marketed as “earned wage” products, fall under consumer loan regulations governed by the Truth in Lending Act. This rule aims to ensure lenders disclose costs and fees clearly to workers, following a report that found these products carry high APRs and are used frequently, with workers taking an average of 27 loans per year. [7/18/24]

A CFPB report reveals ongoing issues with debt collectors pursuing unpaid medical bills and rental debt, including attempts to collect bills already paid or eligible for assistance, aggressive collection practices, and improper fees, highlighting the need for stronger consumer protection measures. [9/12/24]

The U.S. Department of the Treasury’s FinCEN reported that in the six months after its 2023 alert, financial institutions filed 15,417 reports on mail theft-related check fraud, totaling over $688 million, highlighting the severity of the issue and the importance of collaboration between FinCEN and the U.S. Postal Inspection Service to combat this crime. [9/12/24]

The CFPB's annual report reveals ongoing aggressive and illegal debt collection practices, including improper pursuit of already paid or unassisted medical bills and inflated rental debts due to illegal price-fixing and dubious fees. [9/5/24]

The FFIEC is taking its Cybersecurity Assessment Tool off its website on August 31, 2025. [9/5/24]

The Treasury Department's OFAC is releasing a new FAQ (FAQ 1190) and updating two existing FAQs (FAQ 736 and FAQ 757) concerning the Cuban Assets Control Regulations. [8/29/24]

During Overdose Awareness Week, FinCEN urged financial institutions to monitor and report suspicious activities linked to the illicit fentanyl supply chain and trafficking of synthetic opioids, while continuing its efforts through the Counter-Fentanyl Strike Force and regional outreach events to enhance collaboration and combat the opioid crisis. [8/29/24]

The U.S. Department of the Treasury's FinCEN has issued two new rules targeting illicit finance in the residential real estate and investment adviser sectors, aimed at enhancing transparency, closing regulatory gaps, and strengthening anti-money laundering efforts as part of the Biden-Harris administration's strategy to combat corruption. [8/29/24]

The FFIEC's new "Development, Acquisition, and Maintenance" booklet guides examiners in evaluating IT practices by outlining expectations for development, governance, risk management, and third-party interactions, reflecting updates in technology and security needs, and replacing the previous 2004 booklet. [8/29/24]

The CFPB has fined Fay Servicing $2 million for breaching mortgage servicing laws and a 2017 order, mandating $3 million in consumer redress, $2 million in tech upgrades, and CEO compensation limits if compliance fails, due to illegal foreclosure actions and overcharging borrowers. [8/22/24]

On August 14 and 15, FinCEN's Deputy Director Jimmy Kirby participated in outreach events in Houston with Reps. Lizzie Fletcher and Sylvia Garcia to help small businesses understand and comply with the Corporate Transparency Act's beneficial ownership reporting requirements. [8/22/24]

OFAC's SDN list has been updated to include further individuals, entities, and vessels. [8/15/24]