Regulatory Compliance
-
Remittance Transfer Rule Violations
In October 2018, the Consumer Financial Protection Bureau (CFPB) issued the Remittance Rule Assessment Report (Report). The Report looked into the effectiveness of the Remittance Transfer Rule (Rule), which was published as a final rule back in February of 2012. Among other items of interest in the report it was reported that noncompliance with the […]
-
Agencies Issue Joint Statement on BSA/AML Innovation
On December 3, 2018, the financial institution agencies (agencies) issued a joint statement to encourage financial institutions to utilize, when appropriate, innovative approaches to comply with the Bank Secrecy Act/anti-money laundering (BSA/AML) requirements.
-
Regulation CC and DD Proposed Amendments
On November 20, 2018, the Bureau of Consumer Financial Protection (Bureau) and the Federal Reserve Board (Board) jointly proposed amending Regulation CC in order to adjust for inflation the amount financial institutions must make available to customers/members.
-
Website and Social Media Compliance Scrutiny
More and more examiners are closely reviewing websites and social media posts for compliance with federal consumer protection regulations.
-
Agencies Issue Proposal to Reduce Call Report Burden
The regulatory agencies have released a proposal to reduce the burden of preparation. Please check out our blog for info on the proposal.
-
BCFP to Define “Abusive”
The Bureau of Consumer Financial Protection (BCFP) announced at a recent conference that they are planning on issuing a rule defining what is considered “abusive”.
-
Certain Property and Casualty Finance Contract Customers Now Exempt from CIP
On September 28, 2018, the federal banking agencies, including the Financial Crimes Enforcement Network and the National Credit Union Administration, issued a joint order exempting loans extended by financial institutions to facilitate purchases of property and casualty insurance policies from the Customer Identification Program (CIP) requirements of the Bank Secrecy Act.
-
FinCEN Makes Permanent Beneficial Ownership Limited Exception
On September 7, 2018, the Financial Crimes Enforcement Network (FinCEN) made permanent the limited exception to the Beneficial Ownership Rule for certain products and services that were established prior to May 11, 2018.
-
BCFP Issues Rule Clarifying HMDA Amendments
On August 31, 2018, the Bureau of Consumer Financial Protection (BCFP) issued an interpretive and procedural rule implementing section 104(a) of the Economic Growth, Regulatory Relief and Consumer Protection Act (Act) which amended the Home Mortgage Disclosure Act (HMDA).
-
CFPB Updates Regulation Z Annual Thresholds
On August 27, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending Regulation Z dollar amount thresholds for credit cards, Home Ownership and Equity Protection Act (HOEPA) loans, and qualified mortgages.