Federal bank regulatory agencies today released the 2024 list of distressed or underserved nonmetropolitan middle-income geographies where certain bank activities are eligible for Community Reinvestment Act (CRA) credit.
Both houses of the New Jersey Legislature recently passed Assembly Bill No. 3861 (AB 3861), known as the Louisa Carman Medical Debt Relief Act. The legislation’s stated aims are to prevent undue financial hardship and protect patients from aggressive debt collection practices. Medical debt in general and how and whether it can be included in consumer reports has been a hot topic at the state and federal level.
The interconnected nature of financial systems can have cascading consequences when data is compromised. And with the recent news that the June cyber breach at Evolve Bank & Trust has reportedly impacted upwards of 7.6 million customers, containing the impact of a single data breach before it can ripple throughout an entire ecosystem is top of mind for banks, FinTechs and businesses alike.
The California Department of Financial Protection and Innovation (DFPI) announced it has issued an order revoking the California Financing Law license of Synapse Credit LLC (Synapse Credit), a subsidiary of the self-described “Banking as a Service” company Synapse Financial Technologies, Inc. Synapse Financial Technologies, Inc. filed for Chapter 11 bankruptcy protection in April 2024, setting in motion a chain of events that left thousands of consumers without access to their funds.
The Office of the Comptroller of the Currency (OCC) today issued an amendment to its October 7, 2020, Cease and Desist Order against Citibank, N.A, Sioux Falls, South Dakota, related to deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls (2020 Order).
.jpg)
.jpg)