ABA Banking Journal Compliance

ABA Commends FCC Forfeiture Against Voxbeam for Spoofed Bank Calls

The American Bankers Association published an article commending the FCC's enforcement action imposing a $9,914,000 forfeiture against Voxbeam for making thousands of spoofed calls that impersonated banks. The FCC found Voxbeam violated the Truth in Caller ID Act by transmitting calls with falsified caller ID information to deceive consumers. The ABA praised this action as an important step in protecting banks and their customers from fraudulent call schemes.

Banks shift from controls to scam psychology

ABA Banking Journal published an article exploring how financial institutions are evolving their fraud prevention strategies from traditional transactional controls to human-centered approaches that address the psychology of scam victimization. The article discusses emerging frameworks for protecting customers through behavioral insights and empathy-based interventions rather than solely relying on technological barriers.

Trump Administration Proposes $204.5 Million CDFI Fund Budget Cut

The Trump administration has proposed eliminating $204.5 million from the Community Development Financial Institutions (CDFI) Fund budget as part of broader federal spending cuts. The proposal would redirect funds away from CDFI programs toward rural development initiatives. The CDFI Fund, administered by the Treasury Department, provides grants and technical assistance to community development financial institutions serving underserved populations.

OFAC removes Russian banker Zadornov from sanctions list

The ABA Banking Journal reports that the Treasury Department's Office of Foreign Assets Control (OFAC) has removed Russian banker Mikhail Zadornov from its sanctions list. This delisting action reverses the prior designation of Zadornov, who had been subject to asset freezes and transaction prohibitions under U.S. sanctions authority.

FDIC and OCC Finalize Rule Removing Reputational Risk from Bank Supervision

The FDIC and OCC have finalized a rule eliminating reputational risk as a standalone category from their bank supervision frameworks. The change removes what had been a distinct supervisory consideration related to an institution's public image and community standing. This modification affects how federal banking regulators evaluate and assess bank risk profiles during examinations.