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Posted Date: Friday, June 28, 2024
U.S. Treasury Secretary Janet Yellen, speaking at the Family Housing Expansion Project in Minnesota, outlined several new initiatives designed to increase the supply of affordable housing, noting how they align with the Biden administration’s broader efforts to lower living costs. Read on »
Posted Date: Friday, May 31, 2024
Issues of data privacy and concerns about cybersecurity threats remain top-level priorities for financial institutions of all types. Several trade advocates recently voiced their opinions on proposed legislative and regulatory actions aimed at addressing such matters.
Read an overview of these comments and more in this roundup. Read on »
Posted Date: Tuesday, May 21, 2024
Survey data released by the Bank Policy Institute indicated the Financial Crimes Enforcement Network (FinCEN) significantly underestimates the time required for a bank to file a suspicious activity report. In letters responding to FinCEN’s request for comment on its proposed renewal of existing data collection requirements relating to reports of suspicious transactions, multiple financial organizations agreed the agency’s filing estimates are too low. Read on »
Posted Date: Tuesday, May 14, 2024
Executive compensation at some of the country’s largest banks is the subject of a new proposal by federal banking regulators. The proposed rule would implement one of the last remaining provisions of the Dodd-Frank Act and requires approval from six regulatory agencies.
The Federal Deposit Insurance Corp. voted 3-2 in favor of putting the notice of proposed rulemaking out for comment despite having secured support from only four of the six required federal agencies. Read on »
Posted Date: Tuesday, May 14, 2024
Multiple federal regulatory agencies recently announced news about leadership developments and other matters related to personnel. Get acquainted with these matters and more in this regulatory roundup. Read on »
Posted Date: Friday, May 3, 2024
As the Federal Reserve announced for the sixth straight month that interest rates will remain unchanged, the agency signaled its plans to shift its approach to tackling inflation. This will entail reducing the amount of Treasury securities held on its balance sheet through a process commonly referred to as quantitative tightening.
Fed Chair Jerome Powell offered a detailed explanation of the decision, and Mortgage Bankers Association Chief Economist Michael Fratantoni commented on the implications. Read on »
Posted Date: Friday, May 3, 2024
Financial trade organizations have their sights trained on several pressing regulatory issues that were not as widely publicized as others but are still critical to their operations. In this roundup, we examine what some of the largest associations representing banks and credit unions have to say about potential rulemaking activities and pending legislative matters that could affect their members’ businesses. Read on »
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 »
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