Premium finance lending products that allow for cash refunds have been extended “exceptive relief” from the application of the “beneficial ownership requirements” under customer due diligence rules that took effect Friday, the Financial Crimes Enforcement […]
Examination procedures for assessing compliance with a new Bank Secrecy Act (BSA) “customer due diligence” rule that took effect Friday – requiring covered institutions to verify the identity of beneficial owners at account opening – […]
Hearings, meetings and a Federal Reserve Board member’s speech are among the events on tap for the federal financial institution regulators’ public calendar next week, on subjects ranging from “customer due diligence” to Community Reinvestment […]
A new “Military Lending Act” (MLA) booklet was issued Friday as part of the Consumer Compliance series of the Comptroller’s Handbook, which is used by Office of the Comptroller of the Currency (OCC) examiners to […]
A former currency trader at a major U.S. bank has been indicted for an alleged role in a conspiracy to manipulate prices in the foreign currency exchange (FX) market, the inspector general’s office for the […]
A proposed rule addressing the effects of the new current-expected-credit-loss (CECL) accounting standard on banks’ regulatory capital is being issued by the three federal banking regulators through a notice in the Federal Register. Comments are […]
There may be a hearing ahead, but the Treasury Financial Crimes Enforcement Network (FinCEN) rule requiring financial institutions to verify the identity of beneficial owners at account opening takes effect today. So says a reminder […]
Six regulatory actions – including those proposed on “overdraft services” – have been moved to the “inactive list” the Bureau of Consumer Financial Protection (BCFP) notes in its spring 2018 rulemaking agenda released Thursday. “The […]
A final rule removing a timing restriction for mortgage closing disclosures – referred to within the industry as a TILA/RESPA “black hole” – that could prevent a lender from charging otherwise valid closing cost increases is set […]
A second hearing on the “customer due diligence” (CDD) rule, particularly the “beneficial ownership” requirements – compliance for which are required by Friday – has been scheduled by a House committee for next week. The […]
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