NACHA has approved three new same-day ACH rules that will expand capabilities for financial institutions. First, NACHA approved expanded access to same-day ACH by allowing these transactions to be submitted ...
On September 12, 2018, the Bureau issued an Interim Final Rule (the “Rule”) updating two Fair Credit Reporting Act (“FCRA”) model disclosures. These amendments were made in response to the ...
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 31, 2018, the Consumer Financial Protection Bureau issued a Final Rule (the “Rule”) regarding the Home Mortgage Disclosure Act (“HMDA”) exemptions under Regulation C. The purpose of this ...
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, ...
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 ...