First Quarter Compliance Forum - Southwest

FIRST QUARTER TOPICS 

• New CRA regulations
  • More in-depth review
• 1071 status – court orders, Presidential veto, wait until Supreme Ct rules one way or another
• ECOA and Reg. B – Immigration status for eligibility for credit
• Durbin Amendment/Reg. II proposal
• Fees – FTC’s junk fees proposal, CFPB’s excessive information fee prohibition
• Climate risk financial management interagency guidance for large banks – coming to a small bank near you (eventually)?
• BSA BOI database up and running, and FinCEN’s second rulemaking on access
• FDIC final rule on signage and misrepresentation of FDIC coverage
• FinCEN analysis of SAR activities
• Lessons Learned from Enforcement Actions
  • Bank of America reporting data collection incorrectly
  • Toyota to Pay $60 Million for Illegal Lending and Credit Reporting Misconduct
  • Atlantic Union Bank to Pay $6.2 Million for Illegal Overdraft Fee Harvesting
  • U.S. Bank to Pay $21 Million for Illegal Conduct During COVID-19 Pandemic
  • CFPB Issues Report Showing Many Americans Are Surprised by Overdraft Fees
  • CFPB Addresses Inaccurate Background Check Reports and Sloppy Credit File Sharing Practices – two advisory releases