Compliance Watch
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Texas Court Invalidates DOL Overtime Exemption Salary Threshold Rule
A federal judge in Texas struck down the DOL's latest attempt to raise the minimum salary thresholds for the FLSA's white-collar overtime exemption, finding that the rule exceeded the agency’s statutory authority. Login Required.
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Agencies Announce Dollar Thresholds for Applicability of Truth in Lending and Consumer Leasing Rules for Consumer Credit and Lease Transactions
The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are subject to certain Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) requirements. -
Agencies Announce Dollar Thresholds for Smaller Loan Exemption from Appraisal Requirements for Higher-priced Mortgage Loans
The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2024 threshold for whether higher-priced mortgage loans are subject to special appraisal requirements will increase. -
CFPB Orders Citi to Pay $25.9 Million for Intentional, Illegal Discrimination Against Armenian Americans
The CFPB ordered Citi to pay $25.9 million in fines and consumer redress for intentionally and illegally discriminating against credit card applicants the bank identified as Armenian American. -
New Help for Spotting, Avoiding, and Reporting Scams in Multiple Languages
Scammers speak your language. That's why the FTC now takes reports in multiple languages. To report in Mandarin, Tagalog, Vietnamese, French, Arabic, Korean, Russian, Portuguese, Polish, and many other languages, call the FTC at (877) 382-4357. -
Comment Period Open on Fair Hiring in Banking Proposed Rule
The NCUA invites public comment on a Fair Hiring in Banking proposed rule. For more information or to submit a comment, please visit Regulations.gov. -
CFPB Proposes New Federal Oversight of Big Tech Companies and Other Providers of Digital Wallets and Payment Apps
The Consumer Financial Protection Bureau is proposing to supervise larger nonbank companies that offer services like digital wallets and payment apps. -
CFPB Issues New Report on State Community Reinvestment Laws
The Consumer Financial Protection Bureau published a new analysis on state Community Reinvestment Act laws, highlighting how states ensure financial institutions' lending services... -
NCUA’s Hood Lauds Growth of DEI Summit and Industry Progress
At the National Credit Union Administration’s 2023 Diversity, Equity, and Inclusion Summit, Board Member Rodney E. Hood celebrated the significant evolution of the event and the ongoing commitment of the credit union community to DEI principles. -
The Second/Third Issue of the ‘Consumer Compliance Outlook’ from the Federal Reserve System Has Been Released
The latest issue of Consumer Compliance Outlook is now available for download. -
FinCEN Finalizes Rule on Use of FinCEN Identifiers in Beneficial Ownership Information
The Financial Crimes Enforcement Network is issuing a final rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about an individual beneficial owner.
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