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FinCEN considers updating bank requirements under CIP ruleTuesday, April 9, 2024 The Financial Crimes Enforcement Network is considering updating bank requirements under its Customer Identification Program rule to account for technological advancements since the rule was promulgated. The agency is encouraging interested parties to offer feedback by responding to a request for information recently published in the Federal Register.
Regulatory Roundup: FHFA advances FHLBank system implementationTuesday, April 9, 2024 There are often so many regulatory developments to count in a given week that many get lost in the shuffle behind more prominent issues. Here is a look at a handful of recent announcements from federal regulators that you may have missed.
CFPB warns remittance providers not to make false claims about servicesFriday, April 5, 2024 The Consumer Financial Protection Bureau is cautioning remittance transfer providers to refrain from deceptive marketing tactics regarding the cost or speed at which consumers can expect such transactions to be executed. The bureau released a new circular on remittance transfers to explain certain deceptive marketing practices companies should avoid.
CFPB report offers insights into consumer complaint trendsFriday, April 5, 2024 The Consumer Financial Protection Bureau (CFPB) released its Consumer Response Annual Report, analyzing complaints submitted by consumers to the CFPB between January and December 2023. These reflect consumers’ experiences across various categories, including mortgages, debt collection, debt or credit management and payday loans.
Atlantic Union completes acquisition of American NationalFriday, April 5, 2024 In a move that strengthened the bank’s presence in the state of Virginia, Atlantic Union Bankshares Corp. completed a merger with American National Bankshares Inc. on April 1. The acquisition brings Atlantic Union’s total assets to $24.3 billion, including $19.4 billion in total deposits and $17.9 billion in total loans held for investment.
Navy Federal launches MBFs, draws criticism over ‘community bank’ labelFriday, April 5, 2024 Navy Federal Credit Union (NFCU) recently unveiled its new Military Banking Facilities (MBF) as part of a Department of Defense initiative to provide financial services to military personnel overseas. NFCU is branding its MBFs as “community banks,” which has drawn criticism from community banking advocates who note the institution’s tax-exempt status and concerns about regulatory oversight.
Banking trades weigh in on overdraft rule, Biden’s LIHTC plansFriday, April 5, 2024 The financial industry has been vocal in its opposition to the Consumer Financial Protection Bureau’s recent proposed rules on “junk fees.” Multiple national and state-level trade associations recently issued comment letters urging the bureau to reconsider finalizing its overdraft rule. Read about those comments and more in this roundup.
Chopra, Johnson express differing views on CFPB rules, market competition at CBA LiveTuesday, April 2, 2024 Consumer Financial Protection Bureau Director Rohit Chopra explained to a room full of retail banking professionals how the bureau’s latest rules align with the agency’s statutory mandate to promote fairness, transparency and competition in the financial market during the Consumer Bankers Association’s2024 conference in Washington, D.C.
Hsu says AI could be a source of compliance strength during CBA LiveTuesday, April 2, 2024 Compliance and innovation are interconnected, Acting Comptroller of the Currency Michael Hsu told attendees at the Consumer Bankers Association’s 2024 conference in Washington, D.C. Dodd Frank Update was in attendance as Hsu said he believes artificial intelligence and machine learning can each be a source of strength for compliance risk management systems moving forward.
CFPB, FTC among agencies planning to increase tech capacityTuesday, April 2, 2024 The acceleration of technology has spurred federal and state agencies to consider ways of enhancing their capacity to enforce consumer protection laws in the ever-transforming digital landscape. The Consumer Financial Protection Bureau and the Federal Trade Commission were among the federal agencies to issue separate statements detailing agency-specific plans for staffing and approaches applicable to emerging technology.
FTC warns of scammers pretending to be agency staffTuesday, April 2, 2024 The Federal Trade Commission (FTC) recently issued a public warning about scammers pretending to be affiliated with the FTC in an attempt to steal money from consumers. The notice to consumers came shortly after the agency announced its proposed rule to combat artificial intelligence impersonation.
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