Archive

FCRA REVISIONS UNDER WAY

On August 24, 2020 the Federal Trade Commission (FTC) issued a Notice of Proposed Rulemaking (NPRM) that would update several rules contained in the Fair Credit Reporting Act (FCRA) with provisions contained in the Dodd-Frank Act. It is important to consider that rules under the FCRA that impact auto dealers are issued by the FTC. FCRA rules that impact financial institutions are issued by the Consumer Financial Protection Bureau. The FTC issued five separate NPRMs […]

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TEXAS COURT LIFTS ONE OF TWO PAYDAY LOAN STAYS

On August 20. 2020 the United States District Court for the Western District of Texas entered an order lifting one the stays in the case of Community Financial Services Association of America, LTD., et al., v. Consumer Financial Protection Bureau, et al. The lawsuit filed by two trade groups challenging the CFPB’s 2017 final payday loan rule. The stay was originally entered in June 2018 on the heels of the trade groups’ motion for a […]

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FINCEN STATEMENT ON BSA ENFORCEMENT AND JOINT STATEMENT ON PEP DUE DILIGENCE

On August 18, the Financial Crimes Enforcement Network (FinCEN) issued Financial Crimes Enforcement Network (FinCEN) Statement on Enforcement of the Bank Secrecy Act, which “sets forth its approach to enforcing the rules and regulations within the BSA” and outlines factors FinCEN uses when determining enforcement response to actual or possible violations. The Statement notes, when a violation, or potential violation of the BSA or implementing regulations occurs, FinCEN has authority to take various actions including […]

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2021 HMDA FILING INSTRUCTION GUIDES RELEASED

On August 21, 2020, the Consumer Financial Protection Bureau released the: The Filing Instructions Guide for HMDA Data Collected in 2021; and The Supplemental Guide for Quarterly Filers for 2021. The required data fields for the 2021 data have not changed from the 2020 data collection and reporting requirements. HMDA requires the quarterly reporting of data only for financial institutions that reported for the preceding calendar year at least 60,000 covered loans and applications, combined, […]

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TD Bank Settlement $122 Million for Overdraft Practices

The Consumer Financial Protection Bureau (CFPB) announced a settlement with TD Bank, N.A. for $122 million – an estimated $97 million in restitution to be paid to approximately about 1.42 million consumers and a civil money penalty of $25 million, along with adjustments to the Bank’s processes. What was the reason for this hefty consent order with the CFPB? The CFPB’s consent order states that TD Bank violated the: Electronic Funds Transfer Act and Regulation […]

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