Compliance & Regulatory Updates: Nov. 13, 2024

FinCEN Issues Alert on Deepfake Media Fraud Schemes: Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an alert to help financial institutions identify fraud schemes associated with the use of deepfake media created with generative artificial intelligence tools. 

CFPB Releases Report on Consumer Privacy Protections: On November 12, the Consumer Financial Protection Bureau (CFPB) issued a report examining federal and state-level privacy protections for consumers’ financial data. 

CFPB Orders Navy Federal Credit Union to Pay $95M for Illegal Overdraft Fees: On November 7, the Consumer Financial Protection Bureau (CFPB) ordered Navy Federal Credit Union (Navy) to repay $80M to members for illegal surprise overdraft fees collected by Navy from 2017-2022. The Bureau also issued a $15M fine for those illegal acts.  

​The CFPB In 2025: With former President Donald Trump returning to the White House, significant changes are anticipated beyond the very likely resignation of the Consumer Financial Protection Bureau’s (CFPB) Director, Rohit Chopra.

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