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Top Story Compliance Related

01/23/2025

CFPB compendium of guidance issued

Last week, the CFPB released a Compendium of Recent CFPB Guidance, including CFPB Circulars, Bulletins, Advisory Opinions, and Interpretive Rules issued from November 2021 through December 2024. The Compendium comprises 42 documents issued by the Bureau during that period for a total of 363 pages in a PDF format.

01/22/2025

FinCEN CMP inflation adjustments

The Financial Crimes Enforcement Network (FinCEN) recently published [90 FR 5629, 1/17/2025] a final rule to reflect inflation adjustments to its civil money penalties (those within the jurisdiction of FinCEN). The increased maximum penalties listed became effective on January 17, 2025. The current maximum penalties can be found in FinCEN's regulations at 31 C.F.R. § 1010.821.

01/22/2025

TransUnion sub agrees not to seek contract with CFPB for 3 years

The CFPB has posted a Bureau Blog entry, "Holding Government Contractors Accountable for Wrongdoing," to announce that Argus Information and Advisory Services, a subsidiary of TransUnion, has agreed in writing that it will not seek any government contract with the Consumer Financial Protection Bureau for three years.

In March 2024, the Department of Justice took action against Argus to resolve claims that the company violated the False Claims Act and the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), in connection with its access to and use of credit card data obtained pursuant to contracts with various federal regulators. The Department of Justice alleged that Argus ingested information in violation of its federal government contracts and improperly monetized it in its commercial business. Argus paid $37 million to resolve these allegations.

The CFPB was one of many federal financial regulators with a contractual arrangement with Argus. The CFPB notified the TransUnion affiliate that it was considering additional actions, and Argus has now committed to the CFPB that it will not seek any contracts for three years.

01/22/2025

Statement from Acting FDIC Chairman Travis Hill

The FDIC has issued a statement from Travis Hill, who became Acting Chairman of the FDIC on January 20, 2025. Mr. Hill included a list of matters he expects the FDIC to focus on in the coming weeks and months.

  • Conduct a wholesale review of regulations, guidance, and manuals to ensure our rules and approach promote a vibrant, growing economy.
  • Adopt a more open-minded approach to innovation and technology adoption, including (1) a more transparent approach to fintech partnerships and to digital assets and tokenization, and (2) engagement to address growing technology costs for community banks.
  • Improve the bank merger approval process and replace the 2024 Statement of Policy to ensure that merger transactions that satisfy the Bank Merger Act are approved in a timely way.
  • Withdraw problematic proposals from the past three years, such as proposals on brokered deposits and corporate governance.
  • Improve the supervisory process to focus more on core financial risks and less on process, and reevaluate the supervisory appeals process.
  • Enhance our readiness and preparedness for resolving large financial institutions, incorporating lessons from the far-too-costly failures of 2023, including the need to be much more proactive and nimble and to improve the bidding process.
  • Pursue adjustments to our capital and liquidity rules to appropriately balance driving economic growth with ensuring safety and soundness and resilience to shocks.
  • Encourage more de novo activity so there is a healthy pipeline of new entrants in the banking sector.
  • Work to ensure law-abiding customers have, and do not lose, access to bank accounts and banking services.
  • Modernize implementation of the Bank Secrecy Act.
  • Study deposit behavior to develop a more sophisticated understanding of the relative stability of different types of deposits and depositors.
  • Reevaluate our disclosure practices, and expand transparency in areas that do not impact safety and soundness or financial stability.
  • Ensure the FDIC remains within our statutory mandates, and stops coloring outside the lines.
  • Pursue internal efficiencies to ensure we are serving as responsible stewards of the Deposit Insurance Fund.
  • Reestablish a strong workforce culture, where misconduct is not tolerated and those who engage in misconduct are held accountable.

01/21/2025

Bureau acts against Draper & Kramer Mortgage Corporation

On Friday, the CFPB reported it has taken action against Draper & Kramer Mortgage Corporation for discriminatory mortgage lending activities that discouraged homebuyers from applying to Draper for homes in majority-Black and Hispanic neighborhoods in the greater Chicago and Boston areas.

Draper & Kramer Mortgage Corporation is a non-depository mortgage lender based in Downers Grove, Illinois. Draper received applications and originated mortgage loans across the United States, including in Illinois, Indiana, Massachusetts, New Hampshire, and Wisconsin.

The CFPB alleges that Draper located all its offices in majority-white neighborhoods, concentrated its marketing in majority-white neighborhoods, and avoided marketing to majority-Black and Hispanic areas. These actions resulted in disproportionately low numbers of mortgage loan applications and mortgage loan originations from majority-Black and Hispanic neighborhoods in Chicago and Boston compared to other lenders. If entered by the court, the proposed consent order announced on Friday would ban Draper from engaging in residential mortgage lending activities for five years, and require Draper to pay a $1.5 million civil money penalty into the CFPB’s victims relief fund.

01/21/2025

CFPB orders Honda financing arm to pay $12.8M for credit reporting failures

The CFPB on Friday announced it has ordered the American Honda Finance Corporation to pay $12.8 million for reporting inaccurate information that affected the credit reports of 300,000 people. During the COVID-19 pandemic, Honda Finance deferred certain vehicle loan payments. However, the CFPB found that the company told credit reporting companies that borrowers were delinquent when they should have been reported as current. The CFPB’s investigation also found multiple other credit furnishing accuracy and dispute investigation failures.

The CFPB is ordering the company to pay $10.3 million in redress to harmed customers and to pay a $2.5 million civil money penalty.

01/21/2025

CFPB Supervisory Highlights: Advanced Technologies

The CFPB has issued released Issue 38 (Winter 2025) of its Supervisory Highlights series, an "Advanced Technologies Special Edition" that focuses on select examinations of institutions that use credit scoring models, including models built with advanced technology commonly marketed as AI/ML technology, when making credit decisions.

01/17/2025

Bureau fines Equifax $15M and demands compliance with law

The CFPB this morning announced it has taken action against Equifax, the nationwide consumer reporting agency, for its failure to conduct proper investigations of consumer disputes. The CFPB found Equifax ignored consumer documents and evidence submitted with disputes, allowed previously deleted inaccuracies to be reinserted into credit reports, provided confusing and conflicting letters to consumers about the results of its investigations, and used flawed software code which led to inaccurate consumer credit scores.

The Bureau's order requires Equifax to comply with federal law, and Equifax must pay a $15 million civil money penalty, which will be deposited into the CFPB’s victims relief fund.

01/17/2025

OCC's January list of enforcement actions

The Office of the Comptroller of the Currency has issued its January 2025 announcement of enforcement actions. Included were:

  • The previously announced Cease and Desist Order against Bank of America, N.A., for violations and unsafe or unsound practices related to the bank's BSA/AML and sanctions compliance programs
  • The previously announced Order of Prohibition and Order for Civil Money Penalty against Claudia Russ Anderson and Orders to Cease and Desist and Orders for Civil Money Penalty against David Julian and Paul McLinko, all former executives at Wells Fargo Bank, N.A.
  • An Order of Prohibition against Brian Hernandez, a former financial services representative at a Queens, New York, branch of TD Bank, N.A., Wilmington, Delaware, for accessing the accounts of two elderly bank customers and making unauthorized ATM withdrawals totaling at least $187,000
  • An Order of Prohibition against De'Anna Herrell, a former teller at and Atlanta, Georgia, branch of Wells Fargo Bank, N.A., Sioux Falls, South Dakota, for cashing a series of checks that she knew or had reason to know were fraudulent, resulting in a loss of at least $117,000 to the bank
  • An Order of Prohibition against Cassandra Meadows, a former lead customer service representative at a Plainfield, Indiana, branch of Fifth Third Bank, N.A., Cincinnati, Ohio, for misappropriating at least $15,000 from the bank’s vault and the accounts of three bank customers, including an elderly customer’s account
  • An Order of Prohibition against Nakyra Singletary, a former customer service and support representative at PNC Bank, N.A., Wilmington, Delaware, for providing confidential bank customer information to a third-party not employed by the bank, resulting in the misuse of customer information, fraud against bank customers, and a loss of at least $47,000 to the bank
  • An Order of Prohibition and Cease and Desist Order against David Wu, a former loan officer at Sterling Bank and Trust, FSB, Southfield, Michigan, and current mortgage broker. While employed as a loan officer at Sterling, Wu did not disclose that he originated loans for clients of his closely held mortgage brokerage company. As a mortgage broker, Wu also used fraudulent means, including making false statements, concealing or otherwise not disclosing his role and fees, impersonating both applicants and their purported employers, and providing fraudulent or falsified documents, to cause Citizens Bank, N.A., Providence, Rhode Island, to originate mortgage loans for his clients and himself.

The OCC also updated its enforcement actions search tool to allow users to search for enforcement actions issued since 2012 by subject matter and to easily view subject matters covered in those actions. This update provides additional transparency into and search capability for the contents of the public enforcement action database.

01/17/2025

FTC finalizes changes to COPPA rule

The Federal Trade Commission has announced it has finalized changes to the Children’s Online Privacy Protection Rule to set new requirements around the collection, use and disclosure of children’s personal information and give parents new tools and protections to help them control what data is provided to third parties about their children.

The final rule requires parents to opt in to third-party advertising and includes other changes to address the emerging ways that consumers’ data is collected and used by companies, and particularly how children’s data is being shared and monetized.

The COPPA Rule, which first went into effect in 2000, requires certain websites and other online services to obtain verifiable parental consent before collecting, using or disclosing personal information from children under 13. It also provides other important rights for parents, including the right to require operators to delete personal information collected from their children, and imposes independent obligations on covered operators, for example with respect to data minimization and data retention.

The FTC's final rule makes several changes to the COPPA rule, including:

  • Requiring opt-in consent for targeted advertising and other disclosures to third parties
  • Limits on data retention
  • Increasing Safe Harbor programs' transparency
  • Amendments to several definitions, including expanding the definition of personal information to include biometric identifiers as well as government-issued identifiers

The final rule will become effective 60 days of its publication in the Federal Register. Compliance will be mandatory one year after publication.

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