February FDIC Consumer News focuses on student loans

The OCC said it is continuing to review thousands of documents and consumer complaints but claimed to find instances where banks may have restricted access.

ABA submitted a list of principles to guide any legislation relating to artificial intelligence in financial services, stressing that Congress must pass comprehensive laws establishing an AI risk management framework with strong preemption of state requirements.

FinCEN assessed a $3.5 million civil penalty against the former cryptocurrency services provider Paxful for Bank Secrecy Act violations and issued a reminder for financial institutions of their anti-money laundering obligations when dealing with virtual currencies.

The Federal Open Market Committee voted to lower the target range of the federal funds rate by 25 basis points, to 3.5%-3.75%. However, three FOMC members voted against the cut.

Comptroller of the Currency Jonathan Gould criticized a recent federal court decision leaving in place a Colorado law that caps interest rates and fees on loans to state residents, saying it puts state banks at a competitive disadvantage...

The IRS released guidance on new tax benefits for health savings account participants under a tax package passed by Congress earlier this year.