April 4, 2024

In This Issue:

  • Action Alert Deadline April 16: TLTA Needs You to Submit Comments to FinCEN
  • New Target in CFPB's War on Junk Fees: Mortgage Closing Costs
  • U.S. Department of the Treasury Releases Report on Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Sector
  • HUD Commemorates National Fair Housing Month (April 2024)

Action Alert Deadline April 16: TLTA Needs You to Submit Comments to FinCEN

TLTA | April 4, 2024

Update

We've been receiving reports that TLTA members have started submitting comments. And, some of you have sent us copies of your comments, thank you. We're grateful for your help and encourage all who have not yet submitted comments to do so by the April 16 deadline. It is vital that FinCEN understands the real-world implications of these regulations on our industry directly from those who will be most affected — you, our members. Your personal accounts and observations are crucial.

How to submit your personal comments by April 16 deadline

In the following new one-pager produced by the advocacy team at TLTA, you will find instructions on how to submit your comments and share your perspective on this troubling and onerous proposal that will negatively affect your customers and your business:


 
 
Background
On Feb. 7 FinCEN issued a notice of proposed rulemaking on new reporting and compliance requirements that would have a significant impact on you and your business when handling cash transactions. Here is TLTA’s summary of the proposed rule. TLTA will make comments and circulate talking points to members of Congress, but we also need you to submit personal comments directly to FinCEN by the April 16 deadline.

TLTA has set up a page on our site dedicated to this issue.

New Target in CFPB's War on Junk Fees: Mortgage Closing Costs

Yahoo Finance | April 4, 2024
The Biden administration is expanding its crackdown on junk fees, this time setting its sights on the mortgage industry.
 
The Consumer Financial Protection Bureau (CFPB) cites particular concern about the rising costs of home purchase loans, which surged nearly 22% from 2021 to 2022. In other words, closing costs rose nearly $1,000 to an average $5,954, the largest annual increase dating back to 2018.
 
“Costs for homeowners are driven up if companies in the mortgage industry can pad their profits with illegal junk fees,” the agency said. “The CFPB is working to combat the proliferation of junk fees in consumer financial markets and to ensure that mortgage companies don’t tack on unlawful fees.”

The figures underscored what we know to be true: Mortgage fees and costs have risen significantly in recent years.

Though most of the uptick is due to rising home prices and mortgage rates, it raised concerns that some of the increase could be driven by misleading junk fees. Specifically, the consumer watchdog pointed to discount points and title insurance as possible havens of unfair or excessive charges.
 
Read More »
 
 
TLTA Editor's Note: If you want to take a deeper dive into this issue, TLTA built a special page where we are collecting information related to this issue: CFPB “Junk Fee” Initiative.

U.S. Department of the Treasury Releases Report on Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Sector

U.S. Treasury | March 27, 2024
The U.S. Department of the Treasury released a report on Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector. The report was written at the direction of Presidential Executive Order 14110 on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence. Treasury’s Office of Cybersecurity and Critical Infrastructure Protection (OCCIP) led the development of the report. OCCIP executes the Treasury Department’s Sector Risk Management Agency responsibilities for the financial services sector.
 
Review the Report and Learn More »

HUD Commemorates National Fair Housing Month (April 2024)

HUD | April 2, 2024
This year’s Fair Housing Month theme, Fair Housing: The ‘Act’ in Action, underscores the Biden-Harris Administration’s commitment to combating discrimination in housing, protecting fair housing rights for all who call America home, and redressing our nation’s past discriminatory policies and practices.
 
Learn More »