On March 14, 2025, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Geographic Targeting Order (GTO) in the Federal Register that will impose new obligations on many money services...more
3/20/2025
/ Anti-Money Laundering ,
Compliance ,
Federal Register ,
Financial Services Industry ,
FinCEN ,
Geographic Targeting Order ,
Money Services Business ,
Regulatory Requirements ,
Reporting Requirements ,
Risk Management ,
Suspicious Activity Reports (SARs)
The Fifth Circuit Court of Appeals has stayed the preliminary injunction issued on December 3, 2024, in the Texas Top Cop Shop case by a U.S. District Court. As a result, the original beneficial ownership reporting...more
12/27/2024
/ Appeals ,
Beneficial Owner ,
Business Entities ,
Compliance ,
Corporate Transparency Act ,
Filing Deadlines ,
Filing Requirements ,
FinCEN ,
Preliminary Injunctions ,
Reporting Requirements ,
Stays ,
Time Extensions
The Federal Deposit Insurance Corporation (FDIC) recently published a consent order issued against Cross River Bank that alleged the bank’s fair lending program’s noncompliance and weaknesses in its oversight of fintech...more
6/21/2023
/ Banking Regulators ,
Banks ,
Compliance ,
Consent ,
Due Diligence ,
Enforcement ,
Fair Lending ,
FDIC ,
FinTech ,
Notice of Non-Compliance ,
OCC ,
Partnerships ,
Risk Assessment
Lenders will soon be required to collect detailed demographic and financial data on commercial credit applicants and report this data to regulators.
The NYDFS issued a proposed rule that will require New York banks to...more
11/11/2022
/ Commercial Loans ,
Community Reinvestment Act ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Applicants ,
Dodd-Frank ,
ECOA ,
FDIC ,
HMDA ,
Notice of Proposed Rulemaking (NOPR) ,
NYDFS ,
Proposed Rules ,
Small Business Loans
NYDFS is closely evaluating fair lending compliance at the institutions it regulates, and bringing enforcement actions based on statistical analyses of lenders’ loan portfolios.
NYDFS has entered into a series of consent...more
10/19/2022
/ Compliance ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Fair Lending ,
Financial Regulatory Agencies ,
Interest Rates ,
Lenders ,
NYDFS ,
Penalties ,
Protected Class ,
State Banks
As previously discussed, financial services regulators are increasingly focused on how businesses use artificial intelligence (AI) and machine learning (ML) in underwriting and pricing consumer finance products. Although...more
Regulators at the state and federal level are increasing their scrutiny of businesses’ use of artificial intelligence (AI). For example, recently, representatives from the Office of the Comptroller of the Currency and the New...more