Compliance & Legal Updates
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ABA Seeks Your Input to Assist with Opposing 1071

02/07/2024
The American Bankers Association is requesting banks to participate in a new survey to gather data about the cost of compliance with the CFPB’s Section 1071 final rule, with the anonymous responses to be used as part of the ABA’s lawsuit challenging 1071.

ABA and Others File Suit Against Federal Regulators Challenging CRA Rule

02/06/2024
The American Bankers Association, the U.S. Chamber of Commerce and five national and state associations today sued the Federal Reserve, FDIC and OCC for exceeding their statutory authority over their recent amendments to final rules implementing the Community Reinvestment Act.

Evolution of the Passport Card Fraud Scheme

01/30/2024
The U.S. passport card is a REAL ID compliant identity and travel document issued by the U.S. Department of State. It can be used for purposes of identity, proof of U.S. citizenship, domestic air travel, and land and sea border crossings from Canada, Mexico, the Caribbean, and Bermuda.

New Florida Law May Impact Your Florida Business Loans

01/25/2024
A recently enacted law in Florida arguably requires all state-chartered banks, except those headquartered in Florida, that do business in Florida, to issue certain commercial financing disclosures.

CFPB Proposes Rule to “Stop Junk Fees” on NSF Card Services

01/24/2024
“The Consumer Financial Protection Bureau (CFPB) proposed today to block banks and other financial institutions from one potential source of new junk fee revenue – fees on transactions declined right at the swipe, tap, or click.

Federal Reserve Announces Cessation Date for New Loans Under BTFP

01/24/2024
The Federal Reserve Board announced today that the Bank Term Funding Program (BTFP) will cease making new loans as scheduled on March 11. The program will continue to make loans until that time and is available as an additional source of liquidity for eligible institutions.

FinCEN Announces Significant Suspicious Activity Filings For Identity-Related Fraud

01/22/2024
On November 9, the Financial Crimes Enforcement Network (FinCEN) released results to their analysis of BSA filings for 2021. Identity-related fraud was a leading contributor to filings.

Federal Reserve Extends Comment Period on Interchange Fee Reductions (Regulation II)

01/22/2024
The Federal Reserve Board announced today that it will extend its comment period on the proposed interchange fee reduction proposal under Regulation II to May 12, 2024. The comments were originally due February 12, 2024.

Congressman Barr Responds to CFPB Proposal

01/17/2024
Today, Andy Barr (KY-06), Chairman of the Subcommittee on Financial Institutions and Monetary Policy, and Patrick McHenry (NC-10), Chairman of the House Financial Services Committee, issued the following statement in response to the Consumer Financial Protection Bureau’s (CFPB) proposed rule regarding overdraft fees.