Articles

FFIEC Issues Guidance on Authentication & Access to Financial Institution Services & Systems

November 16, 2021 - 9 min read

On August 11, 2021, the Federal Financial Institutions Examination Council (FFIEC) on behalf of its members1 issued guidance titled, Authentication and Access to Financial Institution Services and Systems (the Guidance) to provide financial institutions with examples of effective risk management principles and practices for access and authentication. These principles and practices address business and consumer…

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FDIC Issues Community Bank Guide on Conducting Due Diligence on Fintech Companies

November 12, 2021 - 2 min read

On August 27, 2021, the Federal Deposit Insurance Corporation (FDIC) published FIL-59-2021, Conducting Due Diligence on Financial Technology Companies: A Guide for Community Banks. Some banks may be exploring financial technology (fintech) companies in an effort to provide access to new or innovative technologies, as fintech can provide community banks with many benefits, such as…

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CFPB Withdraws Proposal to Delay Effective Date for FDCPA Regulation

November 10, 2021 - 1 min read

On September 1, 2021 (86 FR 48918), the Consumer Financial Protection Bureau (CFPB) announced that it was withdrawing a proposal to delay the effective date of Regulation F (12 CFR 1006), which implements the Fair Debt Collection Practices Act (FDCPA). In October and December 2020, the CFPB issued two rules to revise Regulation F, with…

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SAR Guidance on Child Exploitation

November 8, 2021 - 3 min read

On September 16, 2021, the Financial Crimes Enforcement Network (FinCEN) issued FIN-2021- NTC3 to call attention to an increase in online child sexual exploitation (OCSE). The Notice provides financial institutions with specific Suspicious Activity Report (SAR) filing instructions, and highlights some financial trends related to OCSE. Crimes related to OCSE, including the funding, production, and…

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CFPB Issues Technical Specs for Credit Card Agreements & Data Submission

November 4, 2021 - 2 min read

On August 20, 2021 the Consumer Financial Protection Bureau (CFPB) issued new technical specifications for complying with credit card agreement and data submission requirements under TILA and the CARD Act (Regulation Z). Credit card issuers will use the CFPB’s “Collect” website to submit the following data to the CFPB, starting with listed submission dates and…

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CFPB Issues Consumer Complaint Patterns by Demographics of Census Tracts Report

November 2, 2021 - 3 min read

On September 23, 2021, the CFPB issued its first in-depth report analyzing complaint submission patterns by U.S. Census tract. The report, “Consumer complaints throughout the credit life cycle, by demographic characteristics,” finds that the complaints from wealthier communities and communities with higher percentages of white, non-Hispanic residents were more frequently about loan origination and performing…

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CFPB Adds Escrow to Mortgage Servicing FAQs

August 27, 2021 - 2 min read

On June 2, 2021, the Consumer Financial Protection Bureau (CFPB) updated its Mortgage Servicing FAQs to include several questions and answers regarding the escrow account rules under the Real Estate Settlement Procedures Act, as implemented by Regulation X (12 CFR 1024). The escrow account Q&As include the following categories. General includes Q&As regarding: Definitions of…

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FinCEN Issues AML Act “Priorities”

August 25, 2021 - 1 min read

On June 30, 2021, FinCEN issued its list of priorities for anti-money laundering and countering the financing of terrorism (AML/CFT) (the Priorities) as required by the Anti-Money Laundering Act. The Priorities are intended to identify and describe the most significant AML/CFT threats facing the United States. The Priorities – listed, according to FinCEN, “[i]n no…

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Juneteenth Independence Day Act

August 23, 2021 - 2 min read

On August 5, 2021, the CFPB issued an Interpretive Rule to provide guidance to only address certain Regulation Z timing requirements related to rescission of closed-end mortgages and the TILA-RESPA Integrated Disclosures (TRID) in light of recent legislation that designated Juneteenth as a Federal legal public holiday. In particular, the Interpretative Rule clarifies whether Saturday,…

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CFPB Resumes Military Lending Act Exams

August 19, 2021 - 2 min read

On June 23, 2021 (86 FR 32723), the Consumer Financial Protection Bureau (CFPB) issued an interpretative rule in which the CFPB asserts statutory authority to conduct examinations, at those institutions that it supervises, regarding the risks to active-duty servicemembers and their covered dependents that are presented by conduct that violates the Military Lending Act (MLA)….

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2020 HMDA Data on Mortgage Lending Available

August 16, 2021 - 2 min read

On March 31, 2021, the Consumer Financial Protection Bureau (CFPB) announced that Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2020 were published on the Federal Financial Institutions Examination Council’s HMDA Platform for approximately 4,400 HMDA filers. The published data contain loan-level information filed by financial institutions, modified to protect privacy….

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FDIC Proposed Rule Regarding False Advertising, Misrepresentations about Insured Status & Misuse of FDIC Name or Logo

August 13, 2021 - 3 min read

On May 10, 2021, the Federal Deposit Insurance Corporation (FDIC) proposed a rule to implement section 18(a)(4) of the Federal Deposit Insurance Act, which prohibits any person from making false or misleading representations about deposit insurance or from using the FDIC’s name or logo in a manner that would imply an uninsured financial product is…

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