February 14, 2024
.cls-1{fill:#55a746;} Top Lines House Committee on Agriculture Chairman Glenn “GT” Thompson (R-PA); House Financial Services Committee Chairman Patrick McHenry (R-NC); House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion Chairman French Hill (R-AR); and House Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development Subcommittee Chairman Dusty Johnson (R-SD) sent a letter […]
February 9, 2024
Top Lines The Securities and Exchange Commission adopted amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds, including those that also are registered with the Commodity Futures Trading Commission (CFTC) as commodity pool operators or commodity trading advisers. The amendments, which the CFTC concurrently adopted, are designed to […]
February 7, 2024
Top Lines The Department of the Treasury (Treasury) published the 2024 National Risk Assessments on Money Laundering, Terrorist Financing, and Proliferation Financing. These reports highlight the most significant illicit finance threats, vulnerabilities, and risks facing the United States. The reports discuss the ongoing fentanyl crisis, foreign and domestic terrorist attacks and related financing, increased potency […]
February 2, 2024
Top Lines Chairman of the House Financial Services Committee, Patrick McHenry (R-NC), Chairman of the Financial Institutions and Monetary Policy Subcommittee, Andy Barr (R-KY), and Chairman of the Digital Assets, Financial Technology and Inclusion Subcommittee, French Hill (R-AR) sent a letter to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg expressing concern over the agency’s […]
January 31, 2024
Top Lines House Financial Services Committee Chairman Patrick McHenry (R-NC); Chairman of the Digital Assets, Financial Technology and Inclusion Subcommittee French Hill (R-AR); and Rep. Mike Flood (R-NE) sent a letter to CFPB Director Rohit Chopra regarding the Bureau’s proposed rule “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications.” The lawmakers […]
January 26, 2024
Top Lines The Federal Trade Commission (FTC) announced that it issued orders to five companies requiring them to provide information regarding recent investments and partnerships involving generative artificial intelligence (AI) companies and major cloud service providers. The agency’s 6(b) inquiry will scrutinize corporate partnerships and investments with AI providers to build a better internal understanding […]
January 24, 2024
Top Lines The Consumer Financial Protection Bureau (CFPB) is proposing to block banks and other financial institutions from one potential source of new fee revenue – fees on transactions declined right at the swipe, tap, or click. The proposed rule would prohibit non-sufficient funds (NSF) fees on transactions that financial institutions decline in real time. […]
How to Formulate Your BSA/AML Policy for Bank Due Diligence
Ethan Singleton
January 19, 2024
Top Lines Today, the Department of the Treasury (Treasury), Department of Justice (DOJ), Department of Commerce (Commerce), and Office of Science and Technology Policy (OSTP) within The White House published reports that follow from the Biden Administration’s Executive Order on Ensuring Responsible Development of Digital Assets (the EO). End of Week Wrap Up The United States […]
January 17, 2024
Top Lines The Consumer Financial Protection Bureau (CFPB) issued the Overdraft Notice of Proposed Rulemaking (Overdraft NPRM), which proposes to update regulations that apply to overdraft credit offered by certain financial institutions with more than $10 billion in assets (referred to as “very large financial institutions”) by amending Regulation E and Regulation Z. As proposed, […]