February 2023 RECAP - Developments To Know In Banking, Fintech & Crypto

In traditional banking: (1) FinCen warns of surge in mail theft-related check fraud; (2) The CFPB urges the Supreme Court to review the 5th Circuit's finding that the CFPB's funding structure is unconstitutional; (3) the OCC revises guidance on branch closings and changes of control; and (4) Regulators reinforce the need to act now in preparation for the end of LIBOR.

FinCen warns of surge in mail theft-related check fraud

On February 27, 2023, the Financial Crimes Enforcement Network ("FinCen") issued an alert warning financial institutions of a nationwide surge in mail theft-related check fraud schemes. Mail theftrelated check fraud generally pertains to the fraudulent negotiation of checks stolen from the U.S. Mail. FinCen issued this alert to ensure that Suspicious Activity Reports ("SARs") filed by financial institutions appropriately identify and report suspected check fraud schemes that may be linked to mail theft in the United States. The FinCen report