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Posted Date: Friday, April 19, 2024
Financial industry advocates are calling for federal policies to address the “skyrocketing” numbers of “pig butchering” scams. The Treasury Department’s Financial Crimes Enforcement Network and the Department of Justice have issued warnings to financial institutions and the broader public about the dangers of these types of crimes, which are often perpetrated through online channels using virtual currencies. Read on »
Posted Date: Tuesday, April 9, 2024
The Financial Crimes Enforcement Network is considering updating bank requirements under its Customer Identification Program rule to account for technological advancements since the rule was promulgated. The agency is encouraging interested parties to offer feedback by responding to a request for information recently published in the Federal Register. Read on »
Posted Date: Tuesday, March 19, 2024
Financial stability remains a critical concern for federal banking regulators, prompting them to reconsider certain standards put in place to ensure that covered entities have the proper infrastructure to withstand operational challenges. Learn about these issues and more in this roundup. Read on »
Posted Date: Tuesday, March 19, 2024
The Biden administration has requested $325 million be allocated to the Community Development Financial Institutions (CDFI) Fund in its proposed budget for fiscal year 2025. If approved by Congress, the proposal would represent a $1 million increase in CDFI Fund allocations from last year and a 20 percent increase from the 2021 budget. Read on »
Posted Date: Friday, March 8, 2024
The Treasury Department’s Financial Crimes Enforcement Network proposed a rule to extend its authority under the Bank Secrecy Act to cover certain investment advisors. Regulators published a fact sheet about the proposal and a Treasury report assessing the types of risks posed by certain investment advisors. Read on »
Posted Date: Friday, March 8, 2024
The Mortgage Bankers Association (MBA) was generally encouraged by the Biden administration’s announcements regarding the housing market, released just prior to the 2024 State of the Union Address.
MBA President and CEO Bob Broeksmit also noted the organization’s concerns about certain indications from the Consumer Financial Protection Bureau (CFPB) about closing costs and other expenses associated with mortgage transactions. Read on »
Posted Date: Tuesday, March 5, 2024
While the Financial Crimes Enforcement Network’s final rule on access to beneficial ownership information addressed some concerns expressed by banks, others remain as the reporting deadline draws near. Banking advocates asserted the need for guidance to clarify certain elements of the rule to help small businesses and newly formed entities covered under the rule. Read on »
Posted Date: Tuesday, February 6, 2024
The Department of Justice charged a former Bank Secrecy Act (BSA) compliance officer with criminal BSA violations for his role in a scheme to bring more than $1 billion in high-risk international financial business to a small, now-defunct credit union. The Treasury’s Financial Crimes Enforcement Network ordered the defendant to pay a $100,000 civil money penalty as well. Read on »
Posted Date: Tuesday, February 6, 2024
The Senate Banking Committee explored concerns about the risks posed by fraudsters and cyber criminals who target financial institutions during a recent hearing on the prevalence of ransomware attacks, phishing attacks, check fraud, spoofing and other common types of fraud, as well as the methods used to execute them. Read on »
Posted Date: Friday, February 2, 2024
Aiming to make its review process for mergers and acquisitions more transparent, the Office of the Comptroller of the Currency proposed updates to its rules for business combinations involving national banks and federal savings associations under the Bank Mergers Act. Read on »
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