FinCEN Issues Geographic Targeting Order for L.A. Fashion District
On October 2nd, the Financial Crimes Enforcement Network (“FinCEN”) issued a Geographic Targeting Order (“GTO”) that imposes additional reporting and recordkeeping obligations on certain trades and businesses located within the Los Angeles Fashion District. The GTO will enhance law enforcement’s ongoing efforts to identify and pursue cases against persons and businesses engaged in the illicit movement of U.S. currency to Mexico and Colombia on behalf of prominent drug trafficking organizations. The GTO is effective October 9th, 2014. FinCEN Press Release.
Proposed Amendments to Military Lending Act
On September 26th, the Consumer Financial Protection Bureau (“CFPB”) noted that the Department of Defense issued a proposal that would expand the types of credit products that are covered by the 36 percent rate cap and other military-specific protections under the Military Lending Act. CFPB Press Release.