AML Compliance

OSFI Superintendent Discusses Mortgage Regulation and Financial System Resilience

OSFI Superintendent Peter Routledge discussed the future of mortgage regulation, including the retention of stress tests and LTI limits, and OSFI's ongoing regulatory modernization efforts. The speech highlighted OSFI's commitment to adapting its framework based on feedback from regulated institutions.

California DFPI Enforcement Actions Summary - January 2026

The California Department of Financial Protection and Innovation (DFPI) issued a summary of enforcement and non-enforcement actions taken in January 2026. These actions include citations, desist and refrain orders, consent orders, and accusations related to violations of financial laws, including mortgage lending and securities regulations.

Arboretum Mortgage Corp Fined and License Revoked

The Washington Department of Financial Institutions has issued a consent order against Arboretum Mortgage Corporation, requiring a fine of $27,425 and an investigation fee of $2,719.20. The company's mortgage broker license is revoked, and its ability to participate in the industry is restricted until February 6, 2029, subject to compliance with the order.

State of Washington v. Joel John Sarysz - Consumer Loan Act Violations

The State of Washington Department of Financial Institutions has issued a consent order against Joel John Sarysz for violations of the Consumer Loan Act. Sarysz is fined $25,500 and prohibited from the mortgage broker and consumer loan industries in Washington until February 10, 2034.

Arboretum Mortgage Corp. License Revoked and Fined $27,425

The Washington Department of Financial Institutions has revoked the mortgage broker license of Arboretum Mortgage Corporation and imposed a fine of $27,425 for violations of the Mortgage Broker Practices Act. The company also must pay an investigation fee of $2,719.20.

Florida Orders Cease and Desist for Unregistered Securities

The Florida Office of Financial Regulation (OFR) issued an immediate final order against GSB LTD, d/b/a GS Partners, and other members of GSB Group. The order requires them to cease and desist from alleged unregistered and fraudulent securities and banking services, citing a multilevel marketing scheme and misleading profit generation information.

Alliance Credit Union of Florida Placed into Conservatorship

Florida's Office of Financial Regulation placed Alliance Credit Union of Florida into conservatorship on November 8, 2024, appointing the National Credit Union Administration (NCUA) as conservator. Member accounts remain protected by the NCUA's Share Insurance Fund, and services will continue uninterrupted.

Bayview Fined $20M for Cybersecurity Lapses

The Office of Financial Regulation and 52 state agencies fined Bayview Asset Management and its affiliates $20 million for deficient cybersecurity practices and failure to cooperate following a data breach impacting 5.8 million customers. The companies must also implement corrective actions and undergo independent assessments.

Vanguard Agrees to $106 Million Multistate Settlement

Vanguard has agreed to a $106 million multistate settlement with state securities regulators and the SEC for failing to supervise registered persons and disclose tax consequences to investors. The settlement aims to compensate over 10,000 Florida investors and potentially hundreds of thousands nationwide for capital gains taxes incurred due to fund changes.

OFR Settles with Binance.US Money Transmitter in Florida

The Florida Office of Financial Regulation (OFR) has reached an agreement with BAM Trading Services, Inc. (Binance.US), a licensed money transmitter. This settlement addresses procedures to protect Floridians and the marketplace, following a prior multi-state settlement related to a felony conviction.

Order to Cease and Desist ATG Credit, LLC

The Massachusetts Division of Banks has issued a Temporary Order to Cease and Desist against ATG Credit, LLC, a licensed debt collector. The order stems from ATG Credit's alleged failure to provide access to its books and records for examination, a violation of state regulations.

Anthony Jacob Soss - Mortgage Loan Originator Violations Consent Order

The Massachusetts Division of Banks has issued a consent order against Anthony Jacob Soss for mortgage loan originator violations. Soss agreed to the order without admitting guilt, waiving his right to a hearing. The order stems from alleged violations related to continuing education requirements and adherence to the Nationwide Multi State Licensing System & Registry (NMLS) Rules of Conduct.

Wise US, Inc. Multistate Consent Order for AML/CFT Violations

Wise US, Inc. has entered into a multistate consent order with several state money transmission regulators due to violations of Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) programs. The order addresses deficiencies found in a multi-state examination, including issues with suspicious activity reporting and transaction monitoring.

Division of Banks v. Marla Taher Abdulnoor - Consent Order

The Massachusetts Division of Banks has issued a consent order against Marla Taher Abdulnoor, a licensed mortgage loan originator. The order stems from alleged failure to disclose a material fact in connection with her NMLS disclosures, following a prior order from the FDIC. Abdulnoor has agreed to refrain from all mortgage loan originator activities in Massachusetts.

Andy Market Corporation Ordered to Cease Unlicensed Check Cashing

The Massachusetts Division of Banks issued a Cease Directive to Andy Market Corporation for engaging in unlicensed check cashing activities. The directive orders the company to stop these operations and pay applicable fees, citing violations of state laws and regulations. The action stems from an examiner's observation of unlicensed check cashing and signage indicating illegal fees.

Coinme Inc. Consent Order for Uniform Money Services Act Violations

The Washington State Department of Financial Institutions (DFI) issued a Consent Order against Coinme Inc. for violations of the Uniform Money Services Act. The order requires Coinme to cease violations, remediate matters from a multistate examination, and segregate customer virtual currency and cash assets.

Stratus Financial LLC Consent Order for Consumer Loan Act Violations

The Washington State Department of Financial Institutions issued a consent order against Stratus Financial LLC for violations of the Consumer Loan Act. Stratus Financial must pay an investigation fee, waive all interest and fees on student loans to Washington residents, and comply with record retention requirements.

DFI v. La Comercial Food Store LLC - Check Casher License Revocation

The Washington State Department of Financial Institutions (DFI) has issued a Statement of Charges against La Comercial Food Store LLC, proposing to revoke its check casher license. The allegations include failure to comply with DFI directives, provide financial statements, maintain proper records, and issue customer receipts.

New Venture Escrow, Inc. - Cease and Desist Order and Fine

The Washington Department of Financial Institutions (DFI) has issued a Statement of Charges and Notice of Intent to Enter an Order to Cease and Desist against New Venture Escrow, Inc. The company faces a $38,000 fine for alleged unlicensed activity and failure to maintain records in Washington State.

Bay-Valley Mortgage Group Ordered to Cease and Desist Business

The Washington Department of Financial Institutions has issued a Final Order requiring Bay-Valley Mortgage Group, Inc. to permanently cease and desist from conducting business in the state. The order also mandates the company to cease all new business and foreclosure actions in Washington and provide requested records.

Metropolitan Capital Bank & Trust - FDIC Appointed Receiver

The Illinois Department of Financial and Professional Regulation has found Metropolitan Capital Bank & Trust to be operating in an unsafe and unsound manner. The agency has taken possession of the bank and appointed the FDIC as receiver, effective January 30, 2026.

Cybersecurity Alert: Cisco Zero-Day Vulnerabilities

The New York State Department of Financial Services issued a cybersecurity alert regarding active exploitation of Cisco zero-day vulnerabilities. Regulated entities are required to immediately identify affected Cisco devices and follow remediation steps outlined by CISA, including potential disconnection of end-of-support hardware.

NY DFS Guidance on Virtual Currency Custody and Customer Protection

The New York State Department of Financial Services has issued updated guidance on virtual currency custody and customer protection, replacing its 2023 guidance. The updated guidance provides further direction on sub-custody arrangements and emphasizes sound custody and disclosure practices to protect customers in the event of insolvency.

Guidance on Managing Third-Party Cybersecurity Risks

The New York State Department of Financial Services issued guidance on managing cybersecurity risks associated with third-party service providers. The guidance clarifies existing requirements and recommends best practices for covered entities to strengthen their oversight of these providers.

DFS Alert: Phishing Scam Targeting Regulated Entities

The New York Department of Financial Services (DFS) issued an alert regarding a phishing scam targeting regulated entities. The notice advises entities to exercise caution with unexpected communications and verify legitimacy before taking action.

Cybersecurity Advisory on Targeted Vishing Attacks

The New York State Department of Financial Services (DFS) issued a cybersecurity advisory highlighting an increase in targeted vishing attacks. Regulated entities are urged to review their cybersecurity programs and implement enhanced measures to protect against credential theft and unauthorized access.

DFPI Enforcement Actions and Orders - December 2025

The California Department of Financial Protection and Innovation (DFPI) issued a summary of enforcement actions and orders for December 2025. These actions include desist and refrain orders, accusations, and license revocations against individuals and entities for violations of securities, debt collection, escrow, and financing laws.

California DFPI Enforcement Actions - August 2025

The California Department of Financial Protection and Innovation issued enforcement actions against 14 entities in August 2025 for violations including unlawful debt collection, investment adviser activity, and franchise investment law. Actions range from settlement agreements to desist and refrain orders.

California DFPI Enforcement Actions Summary - October 2025

The California Department of Financial Protection and Innovation (DFPI) issued 7 enforcement actions against 7 entities and 4 actions against individuals in October 2025. These actions address violations of various financial laws, including the California Consumer Financial Protection Law, California Commodity Law, and California Financing Law.

California DFPI Enforcement Actions - September 2025

The California Department of Financial Protection and Innovation (DFPI) issued 14 enforcement actions in September 2025. These actions targeted individuals and firms for violations including unlawful broker-dealer activity, investment adviser misconduct, and illegal digital financial asset activities.

DFPI Enforcement Actions - November 2025

The California Department of Financial Protection and Innovation (DFPI) issued several enforcement actions in November 2025, including consent orders, settlement agreements, and license revocations. These actions address violations of California's Financial Code and Corporations Code related to lending, financing, and securities activities.

OSFI Speech: Credit Risk, Accountability, and Liquidity Updates

The Office of the Superintendent of Financial Institutions (OSFI) announced a six-month consultation on credit risk management and a nine-month consultation on senior leader accountability. Additionally, the final Liquidity Adequacy Requirements Guideline for 2026 was released, effective May 1, 2026.

OSFI Quarterly Release: Guidance and Risk Management Updates

The Office of the Superintendent of Financial Institutions (OSFI) has released its first quarterly update of 2026, finalizing new liquidity guidance and launching consultations on credit risk management and board accountability. The release also confirms the continuation of loan-to-income limits for uninsured mortgages.

OSFI Finalizes Liquidity Adequacy Requirements Guideline

The Office of the Superintendent of Financial Institutions (OSFI) has published the final Liquidity Adequacy Requirements (LAR) Guideline for 2026. This guideline, effective May 1, 2026, clarifies definitions and treatments for deposits and structured notes to enhance the financial resilience of federally regulated deposit-taking institutions.

OSFI Discusses Canadian Banking Risks and Regulations

Superintendent Peter Routledge of OSFI discussed key risks facing Canadian financial institutions, including credit, liquidity, and governance. OSFI has launched consultations on credit risk management guidance and senior leader accountability, and issued final liquidity adequacy requirements.

OSFI Superintendent Discusses Climate Risk at CatIQ Conference

OSFI Superintendent Peter Routledge discussed the findings of the first Climate Risk Returns from 10 large Canadian institutions at the 2026 CatIQ conference. The returns provide detailed insights into physical and transition climate risks across various asset classes and sectors, highlighting areas of vulnerability and the need for improved data discipline.

CFPB Orders Equifax $15M Penalty for FCRA Violations

The Consumer Financial Protection Bureau (CFPB) has ordered Equifax, Inc. and Equifax Information Services LLC to pay a $15 million civil money penalty for violations of the Fair Credit Reporting Act (FCRA). The order addresses failures in reinvestigating consumer disputes, preventing improper reinsertion of deleted information, and ensuring data accuracy.

CFPB Orders American Honda Finance $12.8M Penalty and Redress

The Consumer Financial Protection Bureau (CFPB) ordered American Honda Finance Corporation (Honda Finance) to pay a $2.5 million civil money penalty and $10.3 million in consumer redress. The order addresses violations of the Fair Credit Reporting Act (FCRA) related to inaccurate reporting of consumer payment deferrals during the COVID-19 pandemic.

CFPB Orders Wise US Inc. $450k Redress and $44,955 Penalty

The CFPB has amended a consent order against Wise US Inc., requiring the company to provide approximately $450,000 in consumer redress and pay a $44,955 civil money penalty. The order resolves violations related to deceptive marketing disclosures and failures to comply with EFTA and Regulation E requirements.

CFPB Fines Draper & Kramer $1.5M, Bans Mortgage Lending

The CFPB fined Draper & Kramer Mortgage Corporation $1.5 million and banned it from residential mortgage lending for violations of the Equal Credit Opportunity Act. The Bureau has since issued a no-action letter, ceasing monitoring and enforcement of the consent order due to the company ceasing operations and the Bureau's resource prioritization.

CFPB v. Synapse Financial Technologies - Consumer Protection Enforcement

The CFPB has taken enforcement action against Synapse Financial Technologies, Inc. for alleged violations of the Consumer Financial Protection Act, resulting in a $1 civil money penalty and injunctive relief. The action stems from Synapse's failure to maintain adequate records of consumer funds, leading to a shortfall of $60-90 million and loss of access to funds for consumers.