Jul 15
Jul 15 FinCEN Issues Supplemental Alert Regarding Financing of Israeli Extremist Violence in the West Bank

On July 11, 2024, FinCEN issued a supplemental alert to highlight additional red flags regarding financing of Israeli extremist settler violence against Palestinians in the West Bank. In February 2024, FinCEN issued an alert to financial institutions related to funding of terrorist attacks against Palestinians in the West Bank by Israeli extremists.

Jul 11
Jul 11 CFPB Proposes Rules to Prevent Home Foreclosures

Adam Witmer

Regulatory Update

On July 10, 2024, the CFPB proposed new rules to make it easier for homeowners to get help when they are struggling to pay their mortgage. Under the proposed rule, mortgage servicers would be required to assist homeowners who need help instead of foreclosing their properties.

Jul 10
Jul 10 CFPB Takes Action Against Fifth Third for Illegal Activities

Adam Witmer

Regulatory Update

On July 9, 2024, the CFPB today took action against repeat offender Fifth Third Bank for a range of illegal activities including illegally loading up auto loan bills with excessive charges and punishing borrowers with repossessions. The order would require the bank to pay a total of $20 million in penalties in addition to paying redress to approximately 35,000 harmed consumers.

Jul 9
Jul 9 FinCEN Updates the BOI FAQs

Adam Witmer

Regulatory Update, BSA

On July 8, 2024, FinCEN issued another set of updates to its Beneficial Ownership Information Frequently Asked Questions. The FAQs are prepared by the agency in response to inquiries received relating to the BOI Reporting Rule and BOI Access and Safeguards Rule.

Jul 9
Jul 9 FinCEN Issues Alert on Fraudulent Scams that Target BOI Reporting Entities

Adam Witmer

Regulatory Update, BSA

In early July, FinCEN published an alert on the Beneficial Ownership Information webpage to warn of fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act.

Jul 8
Jul 8 FATF Updates List of Deficient Countries

Adam Witmer

BSA, Regulatory Update

On July 3, 2024, FinCEN issued a press release to inform U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering, counter the financing of terrorism, and combat weapons of mass destruction proliferation financing (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with strategic AML/CFT/CPF deficiencies following its plenary meeting last month. U.S. financial institutions should consider the FATF’s stance toward these jurisdictions when reviewing their obligations and risk-based policies, procedures, and practices.

Jul 3
Jul 3 CFPB Releases Summer 2024 Edition of Supervisory Highlights

Adam Witmer

Regulatory Update

On July 2, 2024, the CFPB released the Summer 2024 Edition of its Supervisory Highlights that notes recent supervisory findings in auto and student loan servicing companies, debt collectors, and other financial services providers. The findings included in the report cover examinations in the areas of auto and student loan servicing and debt collection, including credit card debt collections, as well as credit card account management with a focus on medical credit cards that were completed from April 1, 2023 to December 31, 2023.

Jul 3
Jul 3 FRB Fines Silvergate for AML Monitoring Deficiencies

Adam Witmer

BSA, Regulatory Update

On July 1, 2024, the Federal Reserve Board fined Silvergate Capital Corporation and Silvergate Bank $43 million for deficiencies in Silvergate's monitoring of transactions in compliance with anti-money laundering laws. In May 2023, Silvergate announced that it was voluntarily winding down its operations, and has now paid back all deposits to its customers.

Jul 1
Jul 1 FinCEN Proposes Rule to Strengthen and Modernize AML/CFT Programs

Adam Witmer

Regulatory Update, BSA

On June 28, 2024, FinCEN announced a proposed rule to strengthen and modernize financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs. According to FinCEN, the proposed rule would amend the existing regulations to explicitly require that AML/CFT programs be effective, risk-based, and reasonably designed.

Jul 1
Jul 1 CFPB’s 2023 Fair Lending Report to Congress

Adam Witmer

Regulatory Update, Fair Lending

On June 26, 2024, the CFPB released its Fair Lending Annual Report to Congress, describing the Bureau’s fair lending activities in enforcement, guidance and rulemaking, interagency coordination, and outreach and activities for calendar year 2023. Specifically. The Fair Lending Annual Report to Congress fulfills the Bureau’s statutory responsibility to report annually to Congress on public enforcement actions taken under the ECOA as well as the utility of the HMDA’s mortgage loan data collection requirements.