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Comp Blog

New- August 13: CFPB Action/FinCEN update

By: Danielle Wright

CommentWednesday - August 13, 2014

CFPB Penalizes Mortgage Lender Amerisave
The Consumer Financial Protection Bureau has announced its issuance of a Consent Order requiring Amerisave Mortgage Corporation, its affiliate, Novo Appraisal Management Company, and the owner of both companies, Patrick Markert, to provide $14.8 million in refunds to harmed consumers and pay a $4.5 million penalty for engaging in a deceptive bait-and-switch mortgage-lending scheme. The Bureau found that Amerisave lured consumers by advertising misleading interest rates, locked them in with costly up-front fees, failed to honor its advertised rates, and then illegally overcharged them for "third-party" services which were actually paid to its affiliate.

FinCEN Director addresses Mid-Atlantic AML Conference
In a speech at the 2014 Mid-Atlantic AML Conference, FinCEN Director Jennifer Shasky Calvery discussed some of the challenges facing financial institutions, including:

  • implementing a risk-based approach to money laundering
  • instances of "de-risking," where money services businesses (MSBs) are losing access to banking services because of perceived risks with this category of customer and concerns about regulatory scrutiny
  • the provision of financial services to marijuana-related businesses in states where such business is legal under state law

Shasky-Calvery also addressed the importance of BSA reporting, particularly SARs, in law enforcement investigations at both the federal and state levels, and new measures to address ongoing concerns about the lack of transparency in the movement of cash across the U.S./Mexico border by armored car services and other common carriers of currency.






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