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January 2024 Monthly Recap

Holding debt collectors responsible for false statements

Federal laws, enforced by the Consumer Financial Protection Bureau (CFPB), require fair treatment. The Fair Debt Collection Practices Act prohibits debt collectors from making false statements. In the Carrasquillo v. CICA Collection Agency case, the CFPB opposes a debt collector’s ignorance claim, emphasizing the need for accuracy and consumer empowerment. Read more here.

Watch: Prepaid Card Programs – Third-Party Vendor Reporting Standards

Prepaid card issuers are obligated to ensure that their third-party vendors adhere to specific reporting standards, emphasizing transparency and regulatory compliance. This measure aims to mitigate risks, prevent fraud, and maintain a trustworthy ecosystem within the prepaid card industry. Watch our video here.

Meet Bates at the 2024 NMLS Conference and Training for State Licensing Support

Meet Bates Compliance Director Matt Summers at the NMLS 2024 Annual Conference & Training in San Antonio, TX, from February 13 to February 16, 2024. This event, both virtual and in-person, brings together regulators, industry professionals, and NMLS education providers to discuss regulatory compliance issues, offering attendees the chance to network, participate in breakout sessions, and explore Bates Group’s comprehensive services. Learn more here.

Superintendent Adrienne A. Harris announces a $30 million settlement with Industrial and Commercial Bank of China Ltd. for multiple compliance failures

The New York State Department of Financial Services announced a $30 million settlement with Industrial and Commercial Bank of China Ltd. (ICBC) over multiple Bank Secrecy Act/Anti-Money Laundering compliance issues, including backdating documents and unlawful disclosure of supervisory information. ICBC must pay the penalty and implement a plan to enhance compliance measures. Read the full story here.

OCC Announces Enforcement Actions for January 2024

The OCC issued enforcement actions against national banks, imposing Cease and Desist Orders and Formal Agreements for compliance issues. Individuals from banks like Santander and Wells Fargo face Orders of Prohibition due to criminal convictions, emphasizing the OCC’s commitment to accountability. Read more here.

Industry Letter: Guidance on Assessment of the Character and Fitness of Directors, Senior Officers, and Managers

The New York State Department of Financial Services instructs Covered Institutions to establish and maintain a framework for evaluating the character and fitness of directors, senior officers, and managers. The guidance emphasizes ongoing vetting, risk-based approaches, and reporting during corporate transactions, with the Department reviewing policies during safety and soundness examinations. Read here.

U.S., UK, and Australia Target Additional Hamas Financial Networks and Facilitators of Virtual Currency Transfers

The U.S. Treasury’s OFAC imposed new sanctions on Hamas, targeting financial networks and cryptocurrency transfers, aiming to disrupt their financial support for terrorist activities. Sanctioned individuals and entities are accused of materially supporting or providing aid to Hamas under Executive Order (E.O.) 13224. Learn more here.

Expert Insights: The Compliance Risks of Artificial Intelligence

AI and machine learning help financial institutions with tasks like fraud prevention, but concerns include data quality and regulatory compliance. Ensuring data integrity and meeting legal requirements are crucial. Institutions value AI’s efficiency gains but stress the need for human oversight to ensure compliance efforts’ integrity and fairness. Learn more here.

Hawai‘i Digital Currency Innovation Lab to conclude after four years of research

Hawai‘i’s Digital Currency Innovation Lab (DCIL) concludes on June 30, 2024. Digital currency companies in the state won’t need a Hawai‘i money transmitter license, allowing unregulated operations. They must comply with federal regulations, and consumers are urged to exercise caution in dealings with digital currency firms and unregulated markets. Read more here.




March 12 - 13, 2024
New York City, New York

Find more information on the conference here.

May 29 - 31, 2024
Austin, TX

Find out more information about the event here.

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