July, 2017
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FinCEN Assesses Huge Penalty against an MSB for BSA Violations
On July 27th, the Financial Crimes Enforcement Network (FinCEN) assessed a civil money penalty against BTC-E, a money service business, for Bank Secrecy Act (BSA) violations.
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HMDA HELOC Proposal
On July 14, the Consumer Financial Protection Bureau (CFPB) issued a proposal to change the home equity line of credit (HELOC) reporting threshold for Home Mortgage Disclosure Act (HMDA) purposes.
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CFPB Bans Arbitration Clauses
On July 10th, the Consumer Financial Protection Bureau (CFPB) issued a 775 page rule banning companies, including financial institutions, from using mandatory arbitration clauses.
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CFPB Updates “Know Before You Owe” Disclosure Rule
On July 7th, the Consumer Financial Protection Bureau (CFPB) issued a final rule impacting the “Know Before You Owe” mortgage disclosure rule.