Treasury

The U.S. Treasury Department’s Financial Crimes Enforcement Network announced that reporting companies are not currently required to file beneficial ownership information in light of recent legal developments. This news follows a recent federal court decision in the case of Texas Top Cop Shop, Inc., et al. v. Garland, et al. Read on »

The Federal Housing Finance Agency and the U.S. Treasury Department took a significant step toward creating a path to ending the conservatorships of Fannie Mae and Freddie Mae with new amendments to the Preferred Stock Purchase Agreements. Read on »

Regulatory agencies have increased their attention on the impact certain types of financial abuse can negatively impact not only people’s credit scores but their quality of life. Learn what several regulatory bodies have to say about one common form of financial abuse, and how one agency reimbursed consumers harmed by misuse of their personal credit information in this roundup. Read on »

Inflation is certainly a topic that, despite recent reductions in interest rates and other positive economic factors, economists and financial professionals are unlikely to get away from anytime soon. Learn what one Federal Reserve governor had to say on the matter recently, along with other recent developments in this regulation roundup. Read on »

President-elect Donald Trump announced his intended nominations to lead the U.S. Treasury Department and the Department of Housing and Urban Development this past week, along with several others. Read on »

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund allocated $76.32 million in Technical Assistance Awards spread across 256 organizations to enhance their capacity to offer financial products and services to low-income and underserved people and communities throughout the country. Read on »

TD Bank pleaded guilty to felony charges and agreed to pay $3 billion in penalties to settle anti-money laundering (AML) violations levied by federal regulators and law enforcement agencies. In light of the detrimental impact to the U.S. financial system and the widespread illicit activity enabled by the bank’s negligence, federal officials coordinated the largest AML settlement in U.S. history. Read on »

TD Bank agreed to pay $3 billion to settle anti-money laundering (AML) violations alleged by federal regulators, who have imposed an asset cap on the bank’s ability to take in new deposits. This represents the largest AML settlement in history brought by U.S. agencies. Read on »

In an effort to address the uneven application of anti-money laundering/countering the financing of terrorism (AML/CFT) requirements across the financial industry, the Financial Crime Enforcement Network finalized a rule to apply AML/CFT requirements to investment advisors. The rule has caused concerns among some financial industry advocates who argue the rule simply codifies activities banks already engage in to help law enforcement thwart criminal activity and adds new burdens for smaller financial institutions. Read on »

Stressing the importance of maintaining a fair, competitive and transparent financial marketplace amid the rise of artificial intelligence (AI) and other emerging technologies, the Consumer Financial Protection Bureau published its response to the Treasury Department’s request for comment on the potential risks and opportunities of emerging technologies like AI in the financial sector.

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