In the News
CISA official: AI tools ‘need to have a human in the loop’
Lisa Einstein, the cyber agency’s chief AI officer, made the case at two D.C. events for “strong human processes” when using the technology. An abbreviated rundown of the Cybersecurity and...
FinCEN Assesses Record $1.3 Billion Penalty against TD Bank
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) assessed a record $1.3 billion penalty against TD Bank, N.A. and TD Bank USA, N.A. (collectively, TD Bank, or the Bank)...
Oct. 11: CFPB Recent Updates
Published OCT 10, 2024 CFPB Takes Action Against Arbitration Platform Ejudicate for Deceiving Student Borrowers the Consumer Financial Protection Bureau (CFPB) banned private dispute resolution platform Ejudicate from arbitrating disputes about consumer financial...
Account Verification Is the Only Way to Build Trust in Pay-by-Bank World
The promise of open banking is to foster a range of new products and services as banks link with FinTechs to use customer-permissioned data to tailor what they offer. Within open banking —...
Compliance Tip of the Day: Why Data Access is Key to Compliance Effectiveness Podcast
Welcome to “Compliance Tip of the Day,” the podcast where we bring you daily insights and practical advice on navigating the ever-evolving landscape of compliance and regulatory requirements. Whether you’re...
Oct. 4 CFPB Recent Updates
Published OCT 03, 2024 CFPB Releases Nonbank Registration Orders Rule Coverage Chart Today, the CFPB released a chart that summarizes how an entity may determine if it is required to register...
Federal Reserve Bank of New York Report: The Nonbank Footprint of Banks
Abstract U.S. bank holding companies (BHCs) have developed a very significant nonbank footprint over the years, adding thousands of specialty lenders, brokers and dealers, asset management, and insurance subsidiaries to...
Sept. 26 CFPB Recent Updates
Published SEP 24, 2024 CFPB Seeks Comment on Applications to Become a Recognized Open Banking Standard-Setter the CFPB released a webpage that makes available for public comment applications to become a...
CISA Warns of Hurricane-Related Scams
As Hurricane Helene approaches, CISA urges users to remain on alert for potential malicious cyber activity. Fraudulent emails and social media messages—often containing malicious links or attachments—are common after major...
Sept. 2024 NCUA Board Meeting
Board Approves Final Rules on Fair Hiring in Banking and Simplification of Share Insurance for Trust Accounts Board Briefed on Share Insurance Fund and 2024 Mid-Session Budget The National Credit...
FinCEN Requests Comments on Renewal of the OMB Control Number for Purchases of Bank Checks and Drafts, Cashier’s Checks, Money Orders, and Traveler’s Checks
On September 17, 2024, the Financial Crimes Enforcement Network (FinCEN) published in the Federal Register a 60-day notice to renew the Office of Management and Budget (OMB) control number assigned...
Sept. 20 CFPB Recent Updates
Published SEP 18, 2024 CFPB Issues Buy Now, Pay Later FAQs The CFPB released Frequently Asked Question (FAQ) guidance on Buy Now, Pay Later (BNPL) products. The FAQs provide guidance on...