All in Regulatory Update

FinCEN Publishes BOI Brochure

Adam Witmer
Regulatory Update

FinCEN recently published a brochure titled An Introduction to Beneficial Ownership Information Reporting as a quick reference to the BOI final rule. The brochure serves as a quick reference on the requirements for who, how, and when to report to FinCEN for beneficial ownership information.

FinCEN Proposes to Extend Filing Deadline for Certain BOI Reports

Adam Witmer
Regulatory Update, BSA

On September 28, 2023, FinCEN published through the Federal Register Notice of Proposed Rulemaking which seeks to amend the beneficial ownership information (BOI) reporting rule to extend the deadline to file initial BOI reports for entities created or registered on or after the rule's effective date of January 1, 2024, and before January 1, 2025. While this rule likely won't affect financial institutions directly, it will have a direct impact on business entity customers.

CFPB Proposes Rule Removing Medical Bills from Credit Reports

Adam Witmer
Regulatory Update, FCRA

On September 21, 2023, the CFPB announced it is beginning a rulemaking process to remove medical bills from Americans’ credit reports. The CFPB outlined proposals under consideration that would help families financially recover from medical crises, stop debt collectors from coercing people into paying bills they may not even owe, and ensure that creditors are not relying on data that is often plagued with inaccuracies and mistakes.

CFPB Issues Annual Reg Z Threshold Adjustments for 2024

Adam Witmer
Regulation Z, Regulatory Update

On September 18, 2023, the CFPB published a final rule to implement the annual adjustment requirements of Regulation Z. Specifically, the CFPB is required to calculate annually the dollar amounts for several provisions in Regulation Z, and the final rule revises, as applicable, the dollar amounts for provisions implementing TILA and amendments to TILA that impact Home Ownership and Equity Protection Act (HOEPA) and Qualified Mortgages The CFPB is adjusting these amounts, where appropriate, based on the annual percentage change reflected in the Consumer Price Index (CPI) in effect on June 1, 2023.

FinCEN Issues BOI Reporting Compliance Guide to for Small Businesses

Adam Witmer
Regulatory Update

On September 18, 2023, FinCEN published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule.  The Compliance Guide is intended to help businesses determine if they are required to report their beneficial ownership information to FinCEN as starting in 2024, many entities created in or registered to do business in the United States will be required to report information about their beneficial owners.

FinCEN Fines Bancrédito International Bank $15M for BSA Violations

Adam Witmer
Regulatory Update, BSA

On September 15, 2023, FinCEN assessed a $15 million civil money penalty against Bancrédito International Bank and Trust Corporation (Bancrédito) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. This is FinCEN’s first enforcement action against a Puerto Rican International Banking Entity (IBE), and includes the first violation for failure to implement and maintain an Anti-Money Laundering (AML) program also known as the “Gap Rule.”

Kentucky Judge Blocks Nationwide Enforcement of 1071 Final Rule

Adam Witmer
Regulation B, Regulatory Update

On September 15, 2023, the ABA Banking Journal published an article announcing a Ketucky federal judge’s nationwide injunction blocking enforcement of the CFPB’s Section 1071 final rule until the U.S. Supreme Court rules on the constitutionality of the bureau’s funding structure. The said injunction is separate from the ruling issued by a Texas judge in July, which only applied to ABA and Texas Bankers Association members.

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