May’s 2018 Compliance Insights
(1) FinCEN Issues FAQ Regarding New CDD Rule
: The Customer Due Diligence Rule (CDD Rule) clarifies and enhances CDD requirements for financial institutions under the Bank Secrecy Act (BSA) and imposes a new requirement for covered financial institutions to identify and verify the identity of beneficial owners.
(2) Congress Moves to Roll Back 2013 CFPB Auto Lending Anti-Discrimination Guidance
: This bulletin provides guidance to bank and nonbank indirect auto lenders regarding compliance with the fair lending requirements of the Equal Credit Opportunity Act (ECOA).