ViClarity Compliance Update

CFPB Publishes Report About Auto Lending to Servicemembers; FinCEN Files First Enforcement Action Against Armored Care Agency for BSA Violations; and more.

The Dakota Credit Union Association’s dues-supported compliance solution –  ViClarity – is a world leader in credit union compliance. To read the complete articles/answers that are linked, you will need to log in with your username and password. If you have questions about establishing your members-only account with ViClarity, click here for detailed instructions or contact DakCU's John Alexander.
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CFPB Publishes Report About Auto Lending to Servicemembers
The Consumer Financial Protection Bureau (CFPB) has released a report that shows that servicemembers reportedly pay more in the auto lending market. According to the report, the CFPB has found that servicemembers often pay higher costs and face greater financial risks than civilian borrowers when taking out credit to buy a car. Read more here. 

FinCEN Files First Enforcement Action Against Armored Car Agency for BSA Violations
The Financial Crimes Enforcement Network (FinCEN) has filed a civil money penalty against Brink’s Global Services USA, Inc (Brinks) for “willful violations of the Bank Secrecy Act” (BSA). The enforcement actions stem from Brinks’ failures which resulted in hundreds of millions of dollars in bulk currency shipments being transmitted across the southwest border on behalf of high-risk entities. This includes a Mexican currency exchanger that later pleaded guilty to violating the BSA. To date, this is FinCEN’s first enforcement action against an armored car company. Find the full story here.

CFPB Publishes Annual List of Consumer Reporting Companies
The Consumer Financial Protection Bureau (CFPB) has released its annual list of consumer reporting companies. The list is specific to specialty reporting companies that collect and sell access to people’s data, including individuals’ finances, employment, check writing histories, or rental history records. Read more here. 

U.S. Senate Committee on Banking, Housing, and Urban Affairs Holds Debanking Hearing, Misses Mark with Cannabis Banking
Recently, the U.S. Senate Committee Banking, Housing, and Urban Affairs held a hearing on “debanking”. The term “debanking” refers to an Obama-era practice of closing accounts and credit cards of persons whose businesses or practices are considered to be socially distasteful. For example, the Obama-Era operation, known as Operation Choke-Hold, used federal regulators to pressure financial institutions into closing the accounts or “debanking” of oil producers, gun manufacturers, and Cannabis producers. This practice has become increasingly more prevalent within the financial industry and has caused concern among lawmakers for those whose accounts have been closed. Read more now. 

ViClarity Adds to Leadership Bench with Key VP Appointments
​ViClarity today announced the appointment of Katie Ferrell and Koral Hull to key roles within the fast-growing regtech and compliance consulting firm’s executive bench. Read more here.