FinCEN

Guidance on Recognizing Red Flags Associated with Human Trafficking

On September 11, FinCEN issued guidance to financial institutions on how to detect and report suspicious financial activity that may be related to human smuggling and/or human trafficking. In addition to identifying red flags, this advisory provides common terms that financial institutions may use when reporting activity related to these crimes. FinCEN Advisory.

Joint Agency Releases

Banking Agencies Publish Proposed CRA Guidance

On September 8th, the Federal Reserve Board, FDIC, and OCC published for comment proposed revisions to the Interagency Questions and Answers Regarding Community Reinvestment. The proposed new and revised guidance addresses questions raised by bankers, community organizations, and others regarding the agencies CRA regulations. Comments should be submitted on or before November 10, 2014. Joint Press Release.

Agencies Announce Increases in Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease Transactions

The Federal Reserve Board and the Consumer Financial Protection Bureau (CFPB) today announced increases in the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for exempt consumer credit and lease transactions. These increases are consistent with the Dodd-Frank Act amendments to the Truth in Lending Act and the Consumer Leasing Act to adjust these thresholds annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers. Transactions at or below the thresholds are subject to the protections of the regulations. Joint Press Release.