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Dec 24, 2024 | 
jdsupra.com | Kaley Schafer
The Fifth Circuit has granted the government’s request to stay temporarily the order and injunction issued by the United States District Court for the Eastern District of Texas, which had issued a nationwide stay prohibiting enforcement of the Corporate Transparency Act (“CTA”). As we have blogged, on December 3, 2024, in the case of Texas Top Cop Shop, Inc., et al. v.
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Nov 8, 2024 | 
jdsupra.com | Kaley Schafer
On October 23rd, the Financial Crimes Enforcement Network (“FinCEN”) issued a supplementary alert regarding countering financing of the U.S.-designated foreign terrorist organization Hizballah (the “Alert”). In May 2024, FinCEN published an initial alert that focused on the countering of financing Iran-backed terrorist organizations, including Hizaballah.
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Oct 18, 2024 | 
jdsupra.com | Peter Hardy |Kaley Schafer
The Bank Policy Institute (“BPI”) has issued its comment on the Federal Functional Regulators’ (the OCC, the Board of Governors of the Federal Reserve System, the FDIC, and the National Credit Union Administration) notice of proposed rulemaking (“NPRM”) to modernize financial institutions’ anti-money laundering and countering terrorist financing (“AML/CFT”) programs (“Comment”).
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Sep 27, 2024 | 
jdsupra.com | Richard Andreano Jr. |Loran Kilson |Kaley Schafer
The CFPB recently announced that the Filing Instruction Guide (FIG) for the submission of Home Mortgage Disclosure Act (HMDA) data collected in 2025 is now available. The FIG, issued by the Federal Financial Institutions Examination Council, may be accessed here. HMDA data for 2025 must be submitted on or before March 2, 2026. The data usually is required to be filed by March 1. However, March 1, 2026 is a Sunday, so the data must be filed by Monday, March 2, 2026.
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Sep 16, 2024 | 
creditandcollectionnews.com | Alan Kaplinsky |Richard J. Andreano |Loran Kilson |Kaley Schafer
On August 26, 2024, Chief Judge Randy Crane in the E.D. Texas granted summary judgment to the CFPB, denied summary judgment to the trade groups and upheld the CFPB’s 1071 Rule (small business loan data collection rule). On August 2, 2024, the Farm Credit Intervenors (three organizations who long ago intervened as plaintiffs in order to take advantage of a preliminary injunction against the CFPB granted to the original plaintiffs based on the Fifth Circuit’s opinion in CFSA v.
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Sep 13, 2024 | 
jdsupra.com | Terence M. Grugan |Kaley Schafer
Following up on its Notice of Proposed Rulemaking (“NPR”), which we discussed back in March, the Financial Crimes Enforcement Network (FinCEN) released on August 28th a final rule extending Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) requirements to certain investment advisers (Final Rule). The Final Rule adds “investment adviser” to the definition of “financial institution” at 31 C.F.R. 1010.100(t).
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Sep 11, 2024 | 
jdsupra.com | Richard Andreano Jr. |Peter Hardy |Kaley Schafer
On August 29, the Financial Crimes Enforcement Center (“FinCEN”) published Anti-Money Laundering Regulations for Residential Real Estate Transfers (“Final Rule”) regarding residential real estate. The Federal Register publication is 37 pages long. We have created a separate document which sets forth only the provisions of the Final Rule, at 31 C.F.R. § 1031.320, here.
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Sep 4, 2024 | 
jdsupra.com | Loran Kilson |Kaley Schafer
The CFPB announced the availability of its beta platform for the small business lending data collection rule pursuant to section 1071 of the Dodd-Frank Act. The CFPB has invited financial institutions to test the platform by uploading and using test files provided in the CFPB’s test file repository, or by uploading the financial institution’s own test or sample files. However, the CFPB notes that it is imperative that test files or samples do not contain actual customer data.
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Aug 23, 2024 | 
jdsupra.com | John Culhane Jr. |Michael Guerrero |Kaley Schafer
On August 7, 2024, the CFPB published an Issue Spotlight on the solar lending industry. In conjunction with the CFPB’s Issue Spotlight, the CFPB, U.S. Department of Treasury, and the Federal Trade Commission also issued a Consumer Advisory in connection with solar energy sales. All of this comes on the heels of states increasing scrutiny of solar sales practices.
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Aug 5, 2024 | 
jdsupra.com | Siana Danch |Peter Hardy |Kaley Schafer
Entitled “Notice to Customers: Beneficial Ownership Information Reference Guide,” the Guide is styled as a reference tool for business customers of banks who also are covered by the CTA. It is predominated by a chart, which we set forth at the end of this blog post, setting forth the differences in what information needs to be reported under the different reporting regimes.
