Corporate Transparency Act Reporting: What Banks Need to Know

Most privately held domestic and foreign companies doing business in the United States must now report beneficial ownership information (BOI) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) under final rules issued by FinCEN to implement the Corporate… Read more

March 8, 2024 | Compliance & FinTech

New CFPB Guidance: Surprise Overdraft Fees and Returned Check Fees Are Likely Unfair and Unlawful

By Joseph (Jay) E. Spruill III

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

October 31, 2022 | Compliance & FinTech | Credit Union

Financial Exploitation of the Elderly: New Duties for Financial Institutions under 2022 Virginia Legislation

By Joseph (Jay) E. Spruill III

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

July 7, 2022 | Compliance & FinTech

Banks Will Have 36 Hours to Report Cyberattacks Under New Rule

By Joseph (Jay) E. Spruill III, Elizabeth Burgin Waller

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

January 12, 2022 | Compliance & FinTech | Cybersecurity & Data Privacy

Direct Deposits of Child Tax Credits are Exempt from Creditor Process

By Joseph (Jay) E. Spruill III

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

July 27, 2021 | Compliance & FinTech

Should Your Bank Offer Bitcoin Services?

By Joseph (Jay) E. Spruill III

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

June 25, 2021 | Compliance & FinTech

Important Changes to Virginia Foreclosure Law

By Richard C. Maxwell

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

June 10, 2021 | Compliance & FinTech

Bankruptcy Case Leads to Favorable Ruling for Creditors Holding Property

By Joseph (Jay) E. Spruill III

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

March 16, 2021 | Compliance & FinTech

COVID-19 Fair Credit Reporting Risks: Financial Institutions Should Review Practices (Coronavirus and the Law)

By Joseph (Jay) E. Spruill III

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

July 20, 2020 | Compliance & FinTech | COVID-19 Legal Updates

The Bank Secrecy Act and Paycheck Protection Program Loans (Coronavirus and the Law)

By Joseph (Jay) E. Spruill III

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

May 11, 2020 | Compliance & FinTech | COVID-19 Legal Updates

Compliance & FinTech