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The Consumer Financial Protection Bureau oversees and enforces federal fair lending laws that protect consumers from discrimination. In 2019, it completed a reorganization of its fair lending activities.
In the reorganization, CFPB didn't follow leading practices for organizational change.
Since 2018, the Home Mortgage Disclosure Act requires lenders to report additional data from loan applications and originations—such as borrower credit scores—to help regulators oversee and enforce fair lending laws.
Some criminal groups use a process called trade-based money laundering to launder their illicit money. These schemes can include things like falsely describing goods and services in trade transactions.
Banks are required to report suspicious financial transactions to the Treasury Department.
What Forum Panelists Said Synthetic identity fraud (SIF) is a crime in which perpetrators combine real and/or fictitious information, such as Social Security numbers (SSN) and names, to create identities with which they may defraud financial institutions, government agencies, or individuals.
Although Congress appropriates much of the federal budget on an annual basis, it provides some federal agencies and programs with permanent funding authority—which gives them greater autonomy to collect and obligate fees, fines, and penalties.