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Wyoming Stolen Blank Titles
According to the Wyoming Department of Transportation, about 500 blank Wyoming titles were stolen from a Wyoming county earlier this year. The blank titles which have control numbers ranging from 8790001 to 8790500, have been used for criminal purposes in Colorado.
The control numbers are located at the lower right side of the title in silver print with a security box around the number. On the lower left side of the title will be marked ‘MV-301 (4/21)’ with a round silver security seal to the right of the text. In addition, the security seal has the letters W.Y.
If titles with any of these control numbers are found, please contact the Compliance program at 307-777-3840.
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National Credit Union Administration (NCUA)
Lending, Assets, Insured Shares, and Delinquencies Rise in Third Quarter
The NCUA released the latest financial performance data for third quarter 2023, which shows that for federally insured credit unions total loans outstanding increased $132 billion, or 9.1 percent, over the year ending in the third quarter of 2023, to $1.59 trillion. Total assets rose by $79 billion, or 3.7 percent, to $2.23 trillion during the same period. Insured shares and deposits increased $23 billion, or 1.4 percent, to $1.72 trillion, from one year earlier. Also, for the third quarter of 2023, the delinquency rate was 72 basis points, up 19 basis points from one year earlier.
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Consumer Financial Protection Bureau (CFPB)
CFPB Orders Atlantic Union Bank to Pay $6.2 Million for Regulation E Overdraft Requirement Violations
The CFPB took action against Atlantic Union Bank for violating Reg E overdraft provisions and enrolling thousands of customers in checking account overdraft programs. The CFPB found that Atlantic Union misled consumers who enrolled in this overdraft service by phone and failed to provide proper disclosures. The CFPB is ordering Atlantic Union to refund at least $5 million in illegal overdraft fees and pay a $1.2 million penalty to the CFPB’s victims relief fund.
The CFPB’s order describes the bank’s regulatory violations and it improperly communicated with and enrolled consumers in its overdraft program. Specifically, the bank violated federal law by:
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Charging fees without proper consent: At Atlantic Union Bank branches, employees gave oral descriptions of the bank’s overdraft coverage to new customers who opened checking accounts. Employees sought oral confirmation from customers to enroll in overdraft coverage before providing them with the required written disclosures describing the terms of service.
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Misleading customers about the terms and costs of overdraft coverage: For customers who enrolled in overdraft coverage by phone, Atlantic Union Bank employees did not clearly explain which transactions were covered by the service, and made other misleading statements about the terms and conditions of the service. In some calls, bank employees also omitted key information about the cost of the service and the fact that consumers could incur a hefty overdraft fee for each transaction covered by the service.
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Internal Revenue Service (IRS)
IRS Expands Work on Aggressive Employee Retention Credit Claims; 20,000 Disallowance letters Being Mailed
The IRS continues efforts to combat dubious Employee Retention Credit (ERC) claims and is sending an initial round of more than 20,000 letters to taxpayers notifying them of disallowed ERC claims. IRS is disallowing claims to entities that did not exist or did not have paid employees during the period of eligibility to prevent improper ERC payments from being made to ineligible entities.
The letters are being sent as the IRS continues increased scrutiny of ERC claims in response to misleading marketing campaigns that have targeted small businesses and other organizations. The IRS mailing is the latest in an expanded compliance effort that includes a special withdrawal program for those with pending claims who realize they may have filed an inaccurate tax return. Later this month, a separate voluntary disclosure program will be unveiled allowing those who received questionable payments to come in and avoid future IRS action.
After an initial review this fall, the IRS determined that a large block of taxpayers did not meet basic criteria for the credit. Starting this week, taxpayers who are ineligible for the credit will begin receiving copies of Letter 105 C, Claim Disallowed.
This group of letters will cover taxpayers ineligible for the ERC either because their entity did not exist or did not have employees for the time period when the credit was claimed.
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Financial Crimes Enforcement Network (FinCEN)
FinCEN to Host Webinar on Beneficial Ownership Information Reporting Requirements
FinCEN will host a virtual information session on beneficial ownership information reporting requirements on Wednesday, December 13 at 2 p.m. Eastern Time.
Beginning January 1, 2024, a new law will require many companies doing business in the United States to report information to the U.S. government about who ultimately owns and controls them. This webinar will cover beneficial ownership information reporting requirements and how to comply with the law, followed by a Q&A session.
After registering, participants will receive a confirmation email containing information about joining the webinar.
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U.S. Department of Treasury Community Development Financial Institutions Fund (CDFI Fund)
CDFI Fund Releases Final Revised CDFI Certification Application
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released a revised Community Development Financial Institution (CDFI) Certification Application. This CDFI Certification Application, as well as the Annual Certification and Data Collection Report (ACR) and Transaction Level Report (TLR), were approved by the Office of Management and Budget (OMB) and encompass modifications made in response to public comments received last year.
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