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On July 22, 2019, the Federal Reserve Board, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency (banking agencies), and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) are issued a joint statement highlighting their risk-focused approach to Bank Secrecy Act/Anti-Money laundering (BSA/AML) compliance exams. It is important to note that this statement from the Agencies and FinCEN does not institute new requirements; rather, it is

On July 22, 2019 the Federal Trade Commission (FTC) announced that Equifax Inc. has agreed to pay at least $575 million, and potentially up to $700 million, as part of a global settlement with the FTC, the Consumer Financial Protection Bureau (CFPB), and 50 U.S. states and territories, which alleged that the credit reporting company’s failure to take reasonable steps to secure its network led to a data breach in 2017 that affected approximately 147

On May 6, 2019, the Consumer Financial Protection Bureau (CFPB) released an identity theft protection guide entitled “Protect Your Identity: What Older Customers Should Know” (Protection Guide) and on July 17, 2019 released “Reporting of Suspected Elder Financial Exploitation by Financial Institutions” (an update to the Advisory and Recommendations issued in 2016). Through the release of these tools for consumers the CFPB is hoping to educate elder consumers on preventative actions they can take to

At the end of the Obama administration redlining consent decrees were becoming coming. Redlining cases, once the purview of large banks, had drifted down to the community bank level. Since the beginning of 2016 redlining cases have dried up, other than one case left over from the prior administration that was settled favorably for the bank. On June 13, 2009 The Department of Justice (DOJ) and the U.S. Attorney’s Office for the Southern District of

On Monday, June 24, 2019, the Consumer Financial Protection Bureau (CFPB) and Federal Reserve Board (FRB) finalized amendments to Regulation CC, which implements the Expedited Funds Availability Act of 1987 (EFA Act). The amendments institute a Dodd-Frank Act statutory requirement to adjust for inflation the amount of funds depository institutions must make available to their customers. The amendments also extend coverage of the EFA Act to American Samoa, the Commonwealth of the Northern Mariana Islands,