On Friday March 21st, FinCEN issued an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. In the interim final rule, FinCEN revises the definition of “reporting company” in its implementing regulations to mean only those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. State or
This compliance news round up features developments from the OCC, Federal Reserve, The Treasury, and others. Continue reading to catch up on the most recent news impacting our industry. Federal Reserve Governor Bowman Nominated to be Vice Chair for Supervision March 17, 2025 Federal Reserve Board Governor Michelle W. Bowman has issued a statement following her nomination by the president to be Vice Chair for Supervision of the Board of Governors of the Federal
Despite the increasing adoption of digital payments, check fraud remains a significant challenge for financial institutions. According to FinCEN, check fraud losses in the U.S. totaled $21 billion in 2023, representing nearly 80% of global check fraud losses. The FTC reported that check fraud was high on the list of frauds that cost consumers over $10 billion in 2023. The persistent threat of check fraud has far-reaching consequences for the banking industry. Financial institutions face
Last week, the Office of the Comptroller of the Currency (OCC) released significant updates regarding crypto banking, aiming to clarify regulations and expectations for banks involved in digital asset services. Here’s a breakdown of the key points from their latest releases: Interpretive Letter and Withdrawals The OCC issued an interpretive letter reinstating guidance on two critical fronts: crypto custody services and stablecoin reserves. This move effectively re-establishes the framework for banks to provide custody services
When it comes to TRID (TILA-RESPA Integrated Disclosure) compliance, even the most seasoned professionals can encounter challenges. We recently received a very specific question about navigating TRID and manufactured home loans. We thought other members of our community might benefit from this exchange and have published it below. What is the correct TRID purpose for placing a manufactured (double-wide) home on land that is owned free and clear? For context: The loan was closed with
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