FRB

The Federal Reserve issued an enforcement action against Citigroup, Inc. The action was taken in conjunction with one brought by the Office of the Comptroller of the Currency against Citibank, N.A., of Sioux Falls, South Dakota, a subsidiary of Citigroup.

These actions included cease and desist orders, a $400 million civil money penalty, and consent orders.

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The Federal Reserve Board recently issued an enforcement action against the Atlantic Community Bankers Bank, citing deficiencies in the bank’s compliance with anti-money laundering regulations.

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The Independent Community Bankers of America (ICBA) called on the Federal Reserve to step up the regulator’s work on its FedNow payments system.

The Federal Reserve is targeting a launch of its real-time payments system in 2023 or 2024, but ICBA wants the program to go live as soon as possible.

Read on for more details from the ICBA’s request.

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A joint statement from federal regulators sought to clarify consumer due diligence (CDD) requirements for institutions under the Bank Secrecy Act.

The requirements involve customers who might be considered politically exposed persons.

Read on for more details about the compliance clarification from the Federal Reserve, the Federal Deposit Insurance Corp., the Financial Crimes Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of the Currency.

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Federal financial regulators announced they finalized a trio of rules which were identical, or substantially similar, to interim final rules issued earlier in the year.

Among the three is a rule which allows institutions that adopt the current expected credit losses (CECL) accounting standard in 2020 to mitigate the estimated effects of CECL on regulatory capital for two years.

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In a recent speech, Federal Reserve Gov. Lael Brainard gave an update on digital currencies and how fintech companies are looking to explore the future of digital payments.

The digital currencies present opportunities, she stated, but they also bring along risks around privacy, illicit activity and financial stability.

Read on for more details from Brainard’s speech.

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Federal banking regulators issued a joint statement updating existing guidance on compliance with the Bank Secrecy Act and anti-money laundering rules.

The agencies said the statement clarifies what generally are not considered the kinds of problems that would result in an enforcement action.

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The Federal Reserve Board announced details of the FedNow Service, a new 24x7x365 interbank settlement service with clearing functionality to support instant payments in the United States.

The features and functionality described in the accompanying Federal Register notice represent a key milestone in the FedNow Service’s development and are based on input received from the public in response to the Fed’s 2019 request for comment.

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As loan accommodations related to the pandemic expire and change, the Federal Financial Institutions Examination Council issued guidance for institutions on risk management and consumer protection principles to follow as they work with borrowers and consider additional accommodations.

The guidance also directed institutions on reporting requirements and internal control systems.

Read on for details from the agencies’ guidance.

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The Consumer Bankers Association wrote to federal regulators, asking them to consider Paycheck Protection Program loans as positive considerations under the Community Reinvestment Act.

The letter urges regulators to have examiners have the loans qualify as community development loans without extensive reviews or additional documentation.

Read on for more details from the association’s request.

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