Regulatory & Compliance Updates: Jan. 31, 2024

MN Department of Commerce New Fraud Alert: Yesterday, at a meeting with the Network State Charter Subcommittee, Senior Director Michael Crow, spoke of a potential fraud ring to look out for. 

CFPB Proposes Two New Rules On Fees: On January 24, the Agency issued a proposed rule to prevent NSF fees by financial institutions when a consumer’s attempted withdrawal, debit, payment, or transfer transaction amount exceeds the available funds in their account and is instantaneously rejected. 

FinCEN Seeks Comment on BOI Reporting Data: The Financial Crimes Enforcement Network (FinCEN) seeks comment on information to be collected from certain authorized recipients (credit unions included) when requesting access to beneficial ownership information (BOI), consistent with the agency’s final access and safeguards rule. 

​FTC and DOJ Issue Joint Guidance On Internal Company Messaging Platforms: On January 26, the Federal Trade Commission (FTC) and Department of Justice (DOJ) issued joint guidance on the responsibility to preserve documents exists across all types of media, both ephemeral and non-ephemeral communications through messaging applications are documents. 

​Fraud is Hitting Credit Unions Hardest: A recently released report by Alloy revealed 79% of credit union and community bank decision-makers surveyed experienced more than $500,000 in direct fraud losses in 2023. 

CDFI Postpones Webinar on New Application: On January 29, the Community Development Financial Institutions Fund (CDFI) announced it was postponing its webinar from January 31 until February 8, 2024, from 1:30 pm – 2:30 pm ET. 

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