CFPB Asks Credit Card Companies to Make Credit Scores Available to Consumers.
On February 7th, the Consumer Financial Protection Bureau ("CFPB") called on the nation's top credit card companies to make credit scores and related content freely available to their customers. A report released by the CFPB found accuracy issues top the list of credit reporting complaints the CFPB received from consumers. The CFPB also warned companies that provide information to credit reporting agencies not to avoid investigating consumer disputes. CFPB Press Release.
FinCEN Advisory Regarding Ukrainian Officials.
On February 25th, the Financial Crimes Enforcement Network ("FinCEN") issued an Advisory to U.S. financial institutions to remind them of their responsibility to take reasonable, risk-based steps regarding the potential suspicious movement of assets related to Viktor Yanukovych departing Kiev, Ukraine and abdicating his responsibilities, and other senior officials resigning from their positions or departing Kiev. FinCEN reminded U.S. financial institutions that they are required to apply enhanced scrutiny to private banking accounts held by or on behalf of senior foreign political figures and to monitor transactions that could potentially represent misappropriated or diverted state assets, the proceeds of bribery or other illegal payments, or other public corruption proceeds.
FBAR Process Streamlined.
On February 24th, the Financial Crimes Enforcement Network announced it has streamlined the process for electronic filing for individuals filing a Report of Foreign Bank and Financial Accounts. The new process removes the requirement for registering and creating an account on the BSA E-Filing System prior to downloading, completing, and submitting the report to the system. FinCEN Notice.