On October 26, 2022, the Consumer Financial Protection Bureau (CFPB) issued guidance stating “surprise overdraft fees” and “returned deposited item fees” generally violate the federal Consumer Financial Protection Act’s prohibition on “unfair practices” when consumers cannot avoid such fees. In… Read more
Financial exploitation affects at least 10% of the elderly population in the U.S. and is a growing problem according to the U.S. Treasury’s Financial Crimes Enforcement Network. The 2022 Virginia General Assembly enacted legislation that seeks to address this problem.… Read more
The federal banking agencies recently issued a final regulation that will require a bank to notify its primary federal regulator of a cyberattack, or computer-security incident, no later than 36 hours after the bank determines a “notification incident” occurred. The… Read more
Banks are reminded that child tax credit payments made by direct deposit are exempt from creditor process. In particular, the Virginia law (Code §34-28.3) provides an exemption for any “emergency relief payment” made in accordance with the CARES Act “and… Read more
As consumer demand for bitcoin rises, a small but growing number of community banks are working with their vendors to allow customers to buy, hold, and sell bitcoin and other digital assets. These efforts involve a bank’s core vendor collaborating… Read more
Virginia House Bill 2175, which went into effect on July 1, 2021, makes dramatic changes to the procedure for conducting foreclosure sales in Virginia. Under the new law, the notice of the foreclosure sale for owner-occupied residential real property will… Read more
The U.S. Supreme Court ruled that mere retention of property does not violate the automatic stay during bankruptcy. As the first quarter of 2021 wanes, the U.S. has reached the one-year anniversary of a national business shutdown due to the… Read more
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) amended the Fair Credit Reporting Act (FCRA) to add new reporting requirements that apply during the pandemic. The Consumer Financial Protection Bureau (CFPB) released guidance on April 1 and June… Read more
A recent update to the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) FAQs clarifies the application of the know-your-customer and beneficial ownership requirements under the Bank Secrecy Act (BSA). Previous SBA FAQs merely stated that lenders making PPP loans… Read more
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) included several provisions affecting financial institutions. Debt Guaranty Authority (Applicable to Insured Depository Institutions) The CARES Act amended provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act to… Read more
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