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July 8, 2022 |
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 Features
Risk and Compliance News
The federal banking agencies and the Financial Crimes Enforcement Network issued a statement reminding banks of the risk-based approach to assessing customer relationships and conducting customer due diligence.
As part of its ongoing efforts to address so-called "junk fees," the CFPB issued an advisory opinion stating that the Fair Debt Collection Practices Act prohibits debt collectors from charging "pay-to-pay" or convenience fees—which include fees imposed for making a payment online or by phone—unless those fees are expressly authorized by the agreement creating the debt or the amount of the fee is affirmatively permitted by law.
The Basel Committee on Banking Supervision issued its second consultation on the regulatory treatment of digital assets, including cryptocurrencies.
A dedicated international task force focused on executing sanctions against Russia has blocked or frozen more than $30 billion worth of sanctioned Russian assets in financial accounts and economic resources, and immobilized approximately $300 billion worth of Russian Central Bank Assets, according to a press release issued by the Treasury Department.
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