On December 15, 2021, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the currency, the National Credit Union Administration, and the Conference of State Bank Supervisors (the Agencies) issued an interagency statement that states that the agencies recognize the serious impact of tornadoes on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage […]
Month: December 2021
FINCEN REQUESTS INFORMATION ON AML/CFT
On December 15, the Financial Crimes Enforcement Network (FinCEN) issued a request for information (RFI) to solicit comment on ways to streamline, modernize, and update the anti-money laundering and countering the financing of terrorism (AML/CFT) regime of the United States. FinCEN seeks comment on ways to modernize risk-based AML/CFT regulations and guidance, issued pursuant to the Bank Secrecy Act (BSA), so that they, on a continuing basis, protect U.S. national security in a cost-effective and […]
New/Revised Regulation E FAQs
On December 13, 2021, the Consumer Financial Protection Bureau (CFPB) published 16 new or updated Frequently Asked Questions (FAQs) for Regulation E, which is the implementing regulation for the Electronic Fund Transfer Act. Compliance Resource will be offering an upcoming webinar on this topic, and we will be presenting it to our Compliance Masters Group. Stay tuned for more details.
SUGGESTIONS FOR HANDLING OVERDRAFTS
On December 8, 2021, Acting Comptroller of the Currency Michael J. Hsu shared his thoughts regarding overdraft practices at the Consumer Federation of America’s 34th Annual Financial Services Conference. Mr. Hsu stated, “As we all know, it is expensive to be poor. And a significant part of that expense comes from the products and services offered by banks themselves. As the Brookings Institution has noted recently, ‘The existing system is regressive (reverse Robin Hood), creating […]
FINCEN PROPOSES BENEFICIAL OWNERSHIP INFORMATION
On December 8, 2021, the Financial Crimes Enforcement Network (FinCEN) proposed regulations to require certain entities to file reports with FinCEN that identify two categories of individuals: The beneficial owners of the entity; and Individuals who have filed an application with specified governmental authorities to form the entity or register it to do business. The proposed regulations would implement Section 6403 of the Corporate Transparency Act (CTA), enacted into law as part of the National […]