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 Bank of America fined $12 million for falsified HMDA dataFriday, December 1, 2023 Bank of America learned a $12 million lesson about the importance of reporting accurate mortgage data after the Consumer Financial Protection Bureau ordered the nation’s second-largest bank to pay for four years of misreported Home Mortgage Disclosure Act data. |
 FHFA finalizes GSE capital framework rule, increases 2024 loan limitsFriday, December 1, 2023 The Federal Housing Finance Agency’s newly published final rule amends various provisions of the Enterprise Regulatory Capital Framework utilized by Fannie Mae and Freddie Mac with one notable exception. The final rule does not include the bi-merge credit score calculation requirement, which was included in the original proposal. |
 CFPB, 11 states sue for $30 million over deceptive, abusive debt collection practicesFriday, December 1, 2023 The Consumer Financial Protection Bureau (CFPB) recently cited deceptive and abusive debt collection practices in an enforcement action against a company which misled borrowers about repayment terms of “income share” loans used to finance its job training program. The CFPB partnered with 11 states in a lawsuit worth more than $30 million in redress and penalties against the now-defunct company. |
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Binance forced to withdraw from U.S. market over BSA violationsFriday, December 1, 2023 Binance
Holdings Ltd., the world’s largest cryptocurrency exchange, is being ordered to
pay a record $3.4 billion fine and withdraw its U.S. operations for deliberate
breaches of the Bank Secrecy Act uncovered by the U.S. Treasury’s Financial
Crimes Enforcement Network. Binance was found to have violated anti-money
laundering rules and multiple sanctions programs.
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Banking agencies extend long-term debt rule comment periodFriday, December 1, 2023 Federal bank regulatory agencies announced the comment period for their proposed rule on long-term debt has been extended until Jan. 16, 2024. The proposal is intended to improve the resolvability of large banks and enhance financial stability and was created with input from the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.
FDIC to undergo external review of workplace cultureFriday, December 1, 2023 Following reports of alleged harassment and a toxic work environment, the Federal Deposit Insurance Corp. Board of Directors unanimously approved the formation of a special committee to oversee an external review of the agency’s workplace culture.
Fed approves NB Bancorp merger applicationFriday, December 1, 2023 The Federal Reserve recently announced its approval of NB Bancorp, Inc.’s application to become a bank holding company by absorbing NB Financial, Inc., and thereby also acquiring Needham Bank of Needham, Mass. In a conversion plan released in June, NB Bancorp explained the business purpose for converting into a bank holding company.
 How new special assessment fits in FDIC Restoration PlanWednesday, November 22, 2023 The recent establishment of a special assessment for certain federally insured depository institutions by the Federal Deposit Insurance Corp. marks the second move in as many years deemed necessary to stay on track for meeting the FDIC’s goal to restore the Deposit Insurance Fund’s reserve ratio to its statutorily required, pre-pandemic level by Sept. 30, 2028.
 Senate Banking Committee hosts hearing on regulatory, supervisory changesWednesday, November 22, 2023 Federal regulators answered questions from lawmakers regarding new regulatory proposals to put tighter capital restrictions on the nation’s largest and most complex banks, among other proposed changes, during the Senate Banking Committee’s recent hearing with officials representing the Federal Reserve, Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency and the National Credit Union Administration.
California DFPI joins states in action targeting crypto fraud schemeWednesday, November 22, 2023 The California Department of Financial Protection and Innovation issued a cease and desist order against a purported cryptocurrency investment platform for violating the state’s securities laws. The enforcement action was part of a coordinated effort with other states’ regulators.
 Exploring the potential of open banking in lendingTuesday, November 21, 2023 Open banking is a topic getting more attention as consumers grow increasingly aware of the importance of monitoring their personal financial data, especially with the recent introduction of the Consumer Financial Protection Bureau’s rulemaking implementing Sec. 1033 of the Dodd-Frank Act. Speaking to Dodd Frank Update during the 2023 Mortgage Bankers Association’s Annual Conference in Philadelphia, Kirill Klokov and Darshana Shetty of Truv offered insight as to how open banking systems can be beneficial in verifying lender data.

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