On September 6, 2018, the Bureau of Consumer Financial Protection (CFPB) released its 17th edition of its Supervisory Highlights. This report outlines observations regarding auto loan servicing, credit card account ...
On September 7, 2018, the Financial Crimes Enforcement Network (FinCEN) granted exceptive relief from the beneficial owner rule’s requirements to identify and verify the beneficial ownership of the legal entity ...
On August 10, 2018, the Bureau of Consumer Financial Protection (“CFPB”) issued a final rule amending Regulation P, which requires financial institutions to send annual privacy notices to their customers. ...
In May, the Financial Crimes Enforcement Network (FinCEN) issued an administrative ruling providing a 90-day exemption from the requirements of the Beneficial Ownership Rule for certain products and services that ...
On June 21, 2018, the United States District Court for the Southern District of New York (“the Court”) issued an opinion in the matter of the Consumer Financial Protection Bureau, ...
HR-4743 has passed in both the House and the Senate, and went to the desk of President Trump on June 13, 2018, for signature. One of the most talked about ...
On June 12, 2018, the House of Representatives introduced a bill proposing to update the dollar amount thresholds for Currency Transaction Reports (“CTR”) and Suspicious Activity Reports (“SAR”); the threshold ...
Congress passed the Economic Growth, Regulatory Relief, and Consumer Protection Act, which seeks to overhaul portions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and provides ...
The Federal Financial Institutions Examination Council (FFIEC) released the customer due diligence and beneficial owner sections of the FFIEC Bank Secrecy and Anti-Money Laundering Examination Manual. The mandatory compliance date ...
Earlier this month, the CFPB updated both the Small Entity Compliance Guide and Guide to Forms (the “Guides”). There are currently two versions of each guide; both versions of the ...