The Financial Crimes Enforcement Network issued an analysis on patterns and trends identified in Bank Secrecy Act data relating to business email compromise in the real estate sector in 2020 and 2021.
Acting Comptroller of the Currency Michael Hsu said not all overdraft fees present equal compliance risks and spotlighted “authorize positive, settle negative” and re-presentment fees as particularly risky.
The Consumer Financial Protection Bureau said state disclosure laws covering lending to businesses in California, New York, Utah, and Virginia are not preempted by the federal Truth in Lending Act.
The Financial Crimes Enforcement Network published its first set of guidance materials to help small businesses understand upcoming beneficial ownership information reporting requirements taking effect on Jan. 1, 2024.
ICBA continued its media push to differentiate community banks from larger institutions and to ensure any response to recent banking industry developments does not rope in community banks.
A U.S. appeals court ruled that the Consumer Financial Protection Bureau’s funding structure is constitutional as the Supreme Court prepares to consider the question later this year.
ICBA expressed support for legislation to support more flexible agency rules that take account of the size and compliance resources of small businesses.
ICBA continues encouraging community bankers to submit comments by next week’s deadline urging the Consumer Financial Protection Bureau to test and ultimately adopt an ICBA proposal to update mortgage disclosures.
Treasury Secretary Janet Yellen said her department is committed to ensuring the ongoing health and competitiveness of the community banking system, reflecting ICBA’s calls for policymakers to ensure deposit insurance policy does not pick winners and losers in the banking system.
ICBA called on the Financial Crimes Enforcement Network to modify its proposed form for collecting beneficial ownership information from reporting companies.
