Bank Wire – CFPB expands its authority to punish banks for discrimination

Description

Abstract: In this brief summary of recent developments in banking, we look at a recent Consumer Financial Protection Bureau announcement that it will expand its antidiscrimination efforts to situations in which fair lending laws may not apply, including include servicing, collections and consumer reporting. In addition, we explain the Financial Crimes Enforcement Network’s Rapid Response Program for cyber-enabled financial crime and highlight a recent FDIC notice requirement for banks involved in crypto activities.