Compliance News

The Consumer Financial Protection Bureau issued a policy statement that explains the legal prohibition on abusive conduct in consumer financial markets and summarizes precedent.

The Financial Crimes Enforcement Network issued an analysis on patterns and trends identified in Bank Secrecy Act data relating to business email compromise in the real estate sector in 2020 and 2021.

Acting Comptroller of the Currency Michael Hsu said not all overdraft fees present equal compliance risks and spotlighted “authorize positive, settle negative” and re-presentment fees as particularly risky.

Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the Consumer Financial Protection Bureau’s final rule implementing data collection and reporting requirements for small-business loans.

The Independent Community Bankers of America (ICBA) and 42 affiliated state banking associations today called on the Consumer Financial Protection Bureau to approve a proposed template that would improve mortgage disclosures required under TILA-RESPA Integrated Disclosure (TRID) rules.

The Consumer Financial Protection Bureau said state disclosure laws covering lending to businesses in California, New York, Utah, and Virginia are not preempted by the federal Truth in Lending Act.

The Independent Community Bankers of America (ICBA) today called on the Consumer Financial Protection Bureau to delay the release of its final rule implementing Section 1071 small-business data collection and reporting requirements until the Supreme Court has ruled on the constitutionality of the agency’s funding structure.

The Financial Crimes Enforcement Network published its first set of guidance materials to help small businesses understand upcoming beneficial ownership information reporting requirements taking effect on Jan. 1, 2024.