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December 2023 Monthly Recap

Fraud emerges as concern for FedNow users

The Federal Reserve is considering incorporating additional measures to combat fraud while gathering input from users of the recently implemented instant payments system. Learn more here.

CFPB Shuts Down Commonwealth Financial Systems for Illegal Debt Collection Practices

The CFPB took action against Commonwealth Financial Systems, a medical debt collector, for illegally pursuing unverified medical debts. The company will cease operations and pay a $95,000 penalty to the CFPB’s victims relief fund. Learn more here.

The OCC Issues Bulletin Addressing Buy Now, Pay Later Lending

The OCC issued Bulletin 2023-37 to guide national banks and federal savings banks in managing risks related to “Buy Now, Pay Later” (BNPL) lending. This guidance aligns with previous reports by the Consumer Financial Protection Bureau on BNPL market trends and consumer impacts. Learn more here.

Catch Bates Expert Rob Ayers on the Next CrossTech Virtual Roundtable

Bates Expert Rob Ayers will speak at the December 6, 2024, CrossTech Virtual Roundtable (VRT) on “FedNow’s Instant Effect: Cross-Border Payment Dynamics.” The webinar will explore the changing landscape of cross-border payments. Learn more here.

Consumer Financial Protection Bureau – Consumer Complaints

In the United States, individuals possess specific entitlements concerning financial institutions, including the ability to register complaints with the Consumer Financial Protection Bureau. Learn more here.

Warren Expands Coalition of Banking Committee Support for Bill Cracking Down on Crypto’s Use in Money Laundering, Drug Trafficking, Sanctions Evasion

Senator Elizabeth Warren (D-Mass.) announced increased Senate support for the bipartisan Digital Asset Anti-Money Laundering Act, which aims to address crypto-related illicit finance risks by closing loopholes and enhancing compliance with anti-money laundering and countering the financing of terrorism (AMF/CFT) frameworks. Learn more here.

FBAR Filing Requirement for Certain Financial Professionals: Extended Filing Date Related to Notice 2022-1

FinCEN is extending the deadline for specific Report of Foreign Bank and Financial Accounts (FBAR) filings in response to the proposed rulemaking issued on March 10, 2016. This rule aims to revise the regulations governing FBARs and aligns with the Bank Secrecy Act (BSA) requirements. Learn more here.




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