Other – Page 4 – Regulatory Report

What's up

[ January 31, 2025 ] Utah bank faces penalty for ‘deceptive acts, unfair practices,’ including failure to disclosure fees FDIC
[ January 31, 2025 ] Credit union worker prohibited after conviction in state court for embezzlement, forgery NCUA
[ January 31, 2025 ] Banking agencies set date for virtual public outreach to review regulations under EGRPRA FDIC
[ January 30, 2025 ] CFPB publishes annual list of consumer reporting companies, large and small CFPB
[ January 30, 2025 ] Military borrowers for cars pay more, longer, report asserts CFPB

Rising use of fraud related to counterfeit passport cards impels notice to banks to be on alert

April 15, 2024 0

Fraud schemes related to the use of counterfeit U.S. passport cards has prompted a notice to financial institutions from the Treasury’s financial crimes enforcement unit, the agency said in a notice issued Monday. According to […]

UPDATED: FinCEN eyes allowing customer ID change to permit banks to collect partial SSNs prior to account opening

March 28, 2024 0

This article was updated April 1, 2024. Should banks be allowed to collect just a piece of an individual’s social security number prior to account opening to satisfy a key obligation under Bank Secrecy Act […]

CECL raises its head again with changes to performance, call reports for first quarter

March 22, 2024 0

Modifications to terminology related to the current expected credit losses (CECL) accounting methodology are reflected in changes to the Uniform Bank Performance Report (UBPR) filed by banks and credit unions for the first quarter, the […]

FinCEN affirms that, yes, CIP and CDD rules apply to distributions to IRA beneficiaries by broker-dealer

March 15, 2024 0

A broker-dealer must comply with certain requirements of customer identification program (CIP) and customer due diligence (CDD) regulations when distributing to a beneficiary of an individual retirement account (IRA) funds inherited as part of a […]

Exam council updates three census products to assist with CRA compliance

March 7, 2024 0

Three census products – on family income, state/county track crosswalk and a new “county to MSA” within the crosswalk – were released Thursday by the umbrella group for federal financial institution regulators. The Federal Financial […]

Statement outlines exam principles for evaluating value discrimination, bias in residential lending

February 12, 2024 0

Exam principles intended to assess valuation discrimination and bias in residential lending are outlined in a statement released Monday by federal financial institution regulators. The Federal Financial Institutions Examination Council (FFIEC) said the principles are […]

Alert offers red flags for banks to prevent financing of violence by Israeli settlers against Palestinians

February 1, 2024 0

Financing of Israeli extremist settler violence against Palestinians in the West Bank is the subject of an alert issued to U.S. banks and other financial institutions Thursday by the Treasury’s financial crimes enforcement agency. The […]

There are even more answers to FAQs about beneficial ownership – now ready for review

January 12, 2024 0

There are yet more “frequently asked questions” (FAQs) about beneficial ownership information (BOI) posted by the Treasury’s financial crimes enforcement unit, the agency said Friday. According to the Financial Crimes Enforcement Network (FinCEN), the additional […]

Changes coming to uniform report’s balance sheet dollar page, agency reminds

January 11, 2024 0

Changes to the Uniform Bank Performance Report’s (UBPR) balance sheet dollar page will be made on or shortly after Jan. 15, the umbrella group for federal financial institution regulators said Thursday. According to the Federal […]

Appraisal bias is target of Feb. 13 hearing, hosted by OCC

January 10, 2024 0

A public hearing of the Federal Financial Institutions Examination Council (FFIEC) Appraisal Subcommittee (ASC) will be held from 10 a.m.-1 p.m. eastern Feb. 13, hosted by the Office of the Comptroller of the Currency (OCC), […]

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Utah bank faces penalty for ‘deceptive acts, unfair practices,’ including failure to disclosure fees

January 31, 2025 0

A Utah bank was ordered to pay a $650,000 civil money penalty (CMP) in December for engaging in “deceptive acts and unfair practices,” the federal bank deposit insurer said Friday. According to the Federal Deposit Insurance Corp. (FDIC), WEX Bank [...]
Credit union worker prohibited after conviction in state court for embezzlement, forgery

January 31, 2025 0

A former Michigan credit union worker – convicted last fall of embezzlement and forgery – has been served with a notice of prohibition by the federal regulator, the agency said Friday. It was the only such order issued by the [...]
Banking agencies set date for virtual public outreach to review regulations under EGRPRA

January 31, 2025 0

A virtual public outreach meeting for March 6, 2025 is set by federal banking agencies as part of their regular review of regulations – which is required by law – the agencies announced Friday. In joint releases, the agencies noted [...]
CFPB publishes annual list of consumer reporting companies, large and small

January 30, 2025 0

An updated list identifying dozens of specialty consumer reporting companies as well as the three nationwide firms – Equifax, TransUnion, and Experian – was released Thursday by the Consumer Financial Protection Bureau (CFPB), along with information about steps consumers can [...]
Military borrowers for cars pay more, longer, report asserts

January 30, 2025 0

Military borrowers typically have larger loans, make smaller down payments, and ultimately shoulder higher monthly costs in the car-lending market, the federal consumer financial protection agency said Wednesday. In a report, the Consumer Financial Protection Bureau (CFPB) said that, while [...]
Order rescinding directives on ‘extremist settler violence’ in Middle East lessens bank SAR reporting requirements

January 30, 2025 0

Twin alerts on “Israeli Extremist Settler Violence Against Palestinians in the West Bank,” published last year, were rescinded Wednesday by the Treasury’s top financial crimes law enforcement unit, which effectively lessens reporting requirements on banks. The Financial Crimes Enforcement Network [...]
Credit union regulator leader names former industry insider to chief of staff role

January 29, 2025 0

A long-time credit union industry insider is now the chief of staff for its federal regulator, the chairman of the agency’s board announced Wednesday. Sarah Bang was named to the position, which also carries the title senior policy advisor, by [...]
Consumer account access, ‘debanking’ are key topics of February bureau council meetings

January 28, 2025 0

A combined meeting Feb. 12 of the agency’s credit union and community bank advisory panels and a meeting Feb. 10 of its consumer advisory panel will both address consumer account access and “debanking concerns,” the Consumer Financial Protection Bureau (CFPB) [...]