BCFP Issues Update to HMDA Small Entity Compliance Guide
The BCFP has issued an updated version of the HMDA Small Entity Compliance Guide to reflect the partial exemptions to some of the HMDA Rule’s... Read More
Federal Regulatory Developments
FTC Settles with Online Student Loan Refinancer
An online student loan refinance company has agreed to a consent order with the FTC over claims that the company deceptively advertised the amount student... Read More
VA Issues VALERI Servicer Newsflash Regarding Reporting on Loans Impacted by Natural Disaster
In a recently published VALERI Servicer Newsflash, the VA indicated that Electronic Default Notification (EDN) events on current loans that are impacted by a natural... Read More
FTC Approves R-Value Final Rule
On October 29, 2018, the FTC issued its final rule regarding the labeling and advertising of home insulation. R-value represents an insulation product’s ability to... Read More
BCFP Enters Consent Order with Payday Lender for Deceptive and Abusive Debt Collection Practices
The Bureau of Consumer Financial Protection entered into a consent order with a payday lender over its debt collection practices related to collection of time-barred... Read More
OMB Publishes BCFP’s Fall 2018 Rulemaking Agenda
The OMB published the BCFP’s new rulemaking agenda which included proposed rules implementing the Economic Growth, Regulatory Relief, and Consumer Protection Act that was signed... Read More
FDIC Updates Cybersecurity Awareness Resources
The FDIC recently added two new vignettes to Cyber Challenge, the FDIC’s cybersecurity awareness resource for financial institutions, which consists of exercises that are intended... Read More
FinCEN Employee Arrested for Leaking SARs
On October 17, 2018, a FinCEN senior employee was arrested and charged with leaking and conspiring to leak Suspicious Activity Reports (SARs) to a digital... Read More
Bank Regulators Release Statement Encouraging Collaborative Arrangements to Share Bank Secrecy Act Compliance Resources
Five regulatory agencies released an Interagency Statement on Sharing Bank Secrecy Act Resources (Statement) addressing collaborative arrangements used to share resources and manage Bank Secrecy... Read More
BCFP Proposes to Limit Inflation Adjustment Violation Date
The BCFP is proposing a regulatory amendment to specify that the 2019 inflation adjustment for civil money penalties will only apply for civil money penalties... Read More
BCFP Releases HMDA 2019 Filing Instructions Guide
The BCFP recently released the 2019 Filing Instructions Guide (FIG), a technical resource designed to help financial institutions properly file HMDA data that is collected... Read More
National Bank Fined $100 Million for BSA/AML Deficiencies
The OCC announced a $100 million civil money penalty assessed against a national bank for deficiencies related to its BSA/AML program, after finding the bank... Read More
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