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CFPB Fines Repeat Offender Enova $15 Million for Violating Order, Deceiving Customers, and Withdrawing Funds Without Consent
November 15, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered online lender Enova International Inc. to pay a $15 million penalty for widespread illegal conduct including withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions. Enova paid a $3.2 million penalty to the CFPB in 2019,…
Acting Comptroller of the Currency Testifies on Bank Supervision
November 14, 2023 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today testified on bank supervision before the Committee on Banking, Housing, and Urban Affairs of the U.S. Senate. In his testimony, Mr. Hsu discussed the condition of the federal banking system and recent regulatory developments. He also highlighted the Office of the Comptroller of the Currency’s work…
Testimony by Vice Chair for Supervision Barr on supervision and regulation
November 14, 2023 / Source: FRB
Chairman Brown, Ranking Member Scott, and other members of the Committee, thank you for the opportunity to testify on the Federal Reserve’s supervisory and regulatory activities. Accompanying my testimony is the Federal Reserve’s semiannual Supervision and Regulation Report. Today, I will discuss current conditions in the banking sector, supervision, and some of our recent regulatory proposals….
United States and United Kingdom Take Coordinated Action Against Hamas Leaders and Financiers
November 14, 2023 / Source: Treasury
WASHINGTON — Today, U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed its third round of sanctions targeting Hamas-affiliated individuals and entities since the October 7 Hamas terrorist attacks on Israel. This action designates key Hamas officials and the mechanisms by which Iran provides support to Hamas and Palestinian Islamic Jihad (PIJ). Today’s…
Agencies Announce Dollar Thresholds for Smaller Loan Exemption from Appraisal Requirements for Higher-priced Mortgage Loans
November 13, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2024 threshold for whether higher-priced mortgage loans are subject to special appraisal requirements will increase from $31,000 to $32,400. The threshold amount will be effective January 1, 2024, and is based…
Agencies Announce Dollar Thresholds for Applicability of Truth in Lending and Consumer Leasing Rules for Consumer Credit and Lease Transactions
November 13, 2023 / Source: CFPB
WASHINGTON, D.C. – The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are subject to certain Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) requirements. By law, the agencies are required to adjust the thresholds annually…
New U.S. Department of the Treasury Analysis Highlights How Policies to Address Climate Change Promote Economic Growth
November 13, 2023 / Source: Treasury
WASHINGTON – Today the U.S. Department of the Treasury published analysis on how the Inflation Reduction Act, Bipartisan Infrastructure Law, and other federal policies to address climate change can promote economic growth. The analysis by Assistant Secretary for Economic Policy (P.D.O.) Eric Van Nostrand and Deputy Assistant Secretary for Climate & Energy Economics Arik Levinson describes…
U.S. Department of the Treasury Announces Members of the Commission on Social Impact Partnerships
November 9, 2023 / Source: Treasury
WASHINGTON – The U.S. Department of the Treasury today announced the members of the Commission on Social Impact Partnerships ahead of the next Notice of Funding Availability (NOFA) under the Social Impact Partnership to Pay for Results Act (SIPPRA). The Commission is an advisory body that makes recommendations to the Treasury Secretary on the SIPPRA…
CFPB Orders Citi to Pay $25.9 Million for Intentional, Illegal Discrimination Against Armenian Americans
November 8, 2023 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) ordered Citi to pay $25.9 million in fines and consumer redress for intentionally and illegally discriminating against credit card applicants the bank identified as Armenian American. From 2015 through 2021, Citi singled out for discrimination applicants for certain credit card products, based on their surnames, whom…
FinCEN Finalizes Rule on Use of FinCEN Identifiers in Beneficial Ownership Information Reporting
November 7, 2023 / Source: FinCEN
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is issuing a final rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about an individual beneficial owner. A FinCEN identifier is a unique number that FinCEN will issue upon request after receiving required information. Although there is no requirement…
CFPB Proposes New Federal Oversight of Big Tech Companies and Other Providers of Digital Wallets and Payment Apps
November 7, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is proposing to supervise larger nonbank companies that offer services like digital wallets and payment apps. Driven largely by Big Tech and other large technology firms, digital payment apps and wallets continue to grow in popularity, but many of the companies are not subject to CFPB supervisory…
READOUT: FinCEN Hosts Public-Private Dialogue on Cyber-Related Terrorism Financing
November 6, 2023 / Source: FinCEN
WASHINGTON—On November 2, the Financial Crimes Enforcement Network (FinCEN) hosted a FinCEN Exchange focused on the threat posed by the illicit use of convertible virtual currency in light of Hamas’ brutal terrorist attacks in Israel and the critical role the financial industry plays in detecting terrorism financing. The Exchange included presentations by FinCEN and Federal…
FinCEN and the Bureau of Industry and Security (BIS) Issue Joint Notice and New Key Term for Reporting Evasion of U.S. Export Controls Globally
November 6, 2023 / Source: FinCEN
WASHINGTON, D.C. – Today, the Department of Commerce’s Bureau of Industry and Security (BIS) and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a joint notice highlighting a new Suspicious Activity Report (SAR) key term (“FIN-2023-GLOBALEXPORT”) for financial institutions to reference when reporting potential efforts by individuals or entities seeking to evade U.S….
Inter-Agency Working Group Releases New Report on Treasury Market Resilience Efforts
November 6, 2023 / Source: Treasury
WASHINGTON– The Inter-Agency Working Group on Treasury Market Surveillance (IAWG)—which is composed of staff from the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the U.S. Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission—today issued a staff progress report…
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
November 5, 2023 / Source: FinCEN
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), issued a public statement at the conclusion of its plenary…
FSOC Approves Analytic Framework for Financial Stability Risks and Guidance on Nonbank Financial Company Determinations
November 5, 2023 / Source: Treasury
WASHINGTON – The Financial Stability Oversight Council (Council) today unanimously voted to issue final versions of a new analytic framework for financial stability risks and updated guidance on the Council’s nonbank financial company determinations process. The Council’s new Analytic Framework for Financial Stability Risk Identification, Assessment, and Response (Analytic Framework) offers a detailed public explanation…
Treasury Designates Virtual Currency Money Launderer for Russian Elites and Cybercriminals
November 5, 2023 / Source: Treasury
Treasury imposes consequences on money launderer responsible for moving funds on behalf of Russian elites and ransomware actors WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Ekaterina Zhdanova, a Russian national, for her role in laundering and moving funds using virtual currency on behalf of Russian elites. This action…
CFPB Issues New Report on State Community Reinvestment Laws
November 2, 2023 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published a new analysis on state Community Reinvestment Act laws, highlighting how states ensure financial institutions’ lending, services, and investment activities meet the credit needs of their communities. The report examined the laws of seven states (Connecticut, Illinois, Massachusetts, New York, Rhode Island, Washington, West Virginia)…
Treasury Hardens Sanctions With 130 New Russian Evasion and Military-Industrial Targets
November 2, 2023 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) continues to disrupt the networks and channels through which Russia attempts to sustain its beleaguered military. Today’s sanctions focus on individuals and entities abetting Russia’s unconscionable war against Ukraine by providing Russia with much-needed technology and equipment from third countries. Additionally,…
Treasury’s Federal Insurance Office Advances First Insurer Data Call to Assess Climate-Related Financial Risk to Consumers
November 1, 2023 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Federal Insurance Office (FIO) took a critical next step to proceed with its first-ever data collection from insurers to assess climate-related financial risk to consumers across the United States. FIO’s data collection will obtain previously unavailable insurance data at a ZIP Code level on a consistent,…
Telephone Consumer Protection Act: Revised Interagency Examination Procedures and Rescissions
November 1, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) today published the revised interagency examination procedures for the Telephone Consumer Protection Act (TCPA). The OCC, Federal Deposit Insurance Corporation, and the National Credit Union Administration have revised the interagency examination procedures to reflect amendments to the TCPA that became effective on October 25, 2021.1…
Commercial Lending: Venture Loans to Companies in an Early, Expansion, or Late Stage of Corporate Development
November 1, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to inform banks1 about policy guidance that applies to commercial loans to early-, expansion-, and late-stage companies. This bulletin refers to these loans as “venture loans.” There is heightened uncertainty and higher probability of failure associated with new business ventures. The OCC…
Servicemembers continue to face major financial challenges
November 1, 2023 / Source: CFPB
Financial readiness is critical to military readiness. That is why the CFPB is working hard to ensure that servicemembers get the protections they are entitled to under the law. Despite our progress, there is still work to be done. Below, we discuss three major protections that the CFPB is working to secure for all servicemembers….