On October 6, the New York State Department of Financial Services (NYDFS) announced a consent order with Rhinebeck Bank (Rhinebeck) to resolve allegations that, in violation of New York Executive Law Section 296-a, the bank instituted discretionary dealer markup policies that resulted in a disparate impact that negatively affected members of minority groups.
In addition
On October 13, the Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced increased dollar thresholds used to determine whether certain consumer credit and lease transactions in 2023 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).
Specifically, based on the annual
The Conference of State Bank Supervisors (“CSBS”) announced on June 24 that 23 states have joined a multistate agreement to standardize their licensing process for money services businesses (“MSBs”), such as money transmitters. The agreement centralizes the review of common licensing requirements, such as a MSBs’ “business plan; direct and indirect owners, including background checks;