Banking and Finance Law Daily Wrap Up, WORTH NOTING—Other regulatory, legislative, litigation, and industry developments, (Mar 13, 2026)

By WK Editorial Staff

A weekly roundup of other items of interest to the banking and finance law community.

BANK SECRECY ACT—The Financial Action Task Force (FATF) added Kuwait and Papua New Guinea to its “increased monitoring” list following the group’s February plenary, according to a March 6 announcement. No countries were removed, while Iran, North Korea, and Burma remain classified as high-risk. FATF again urged jurisdictions to impose countermeasures on Iran and North Korea, while Burma remains subject to enhanced due diligence. FinCEN further reminded U.S. institutions to review their risk-based compliance programs and adhere to existing due diligence, sanctions, and correspondent banking restrictions, particularly those involving Iran and North Korea.

DEBT COLLECTION—A former tenant plausibly pled Fair Debt Collection Practices Act (FDCPA) allegations that her lease agreement was the underlying basis for an alleged obligation to survive a motion to dismiss. U.S. District Court for the District of Utah noted that the Tenth Circuit has not had occasion to decide whether a fee for wear and tear that goes beyond what the lease agreement describes as reasonable fits within the scope of the FDCPA. Here, Yocum established a basis for FDCPA violations by placing the transaction between the parties front and center. The court did not find relevant Hawthorne v. Mac Adjustment, Inc.—an Eleventh Circuit case from 1998 involving an auto insurance company’s efforts to collect what it paid in damages from the plaintiff whose negligence allegedly caused the accident. In that case, the court held the obligation does not constitute a debt under the FDCPA because it “does not arise out of a consumer transaction; it arises from a tort.” Here, in contrast, a consensual, consumer transaction between Yocum and Rental Solutions exists and the alleged obligation stems from the lease agreement between the two parties. (Yocum v. Rental Solutions et al, 2:25-cv-00577-DBB-DAO (D. Utah March 11, 2026)).

GOVERNMENT SPONSORED ENTERPRISES—The Federal Housing Finance Agency formally announced its March 5 orders directing Fannie Mae and Freddie Mac (the Enterprises) to report the results of their year-end 2025 stress tests. The March 5 orders implement Dodd-Frank Act requirements, as amended by the 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), and align the Enterprises’ reporting with scenarios released by the Federal Reserve in February. The FHFA also published summary instructions and guidance outlining the testing assumptions and required report formats (see Banking and Finance Law Daily, Mar. 6, 2026). The notice, effective immediately, is scheduled for publication in the March 12 Federal Register.

LOANS—The Federal Reserve Board has released its most-recent periodic report under Section 13(3) of the Federal Reserve Act, outlining the status of emergency lending facilities as of Feb. 28, 2026. Notably, the Paycheck Protection Program Liquidity Facility (PPPLF) shows $49,125,459 in outstanding advances fully secured by collateral, with interest and fees accruing to $470,706,701, and is expected to close without losses. Additionally, the Main Street Lending Program—spanning five facilities—recorded $0 in loans outstanding to the special purpose vehicle, backed by $1,323,427,368 in collateral, generating $3,644,225,703 in revenue. In addition, the Fed has released transaction-specific disclosures for the PPPLF.

Companies: Fannie Mae; Freddie Mac; Rental Solutions LLC

IndustryNews: BankSecrecyAct CrimesOffenses DebtCollection DoddFrankAct FederalReserveSystem FinancialStability GovernmentSponsoredEnterprises Loans