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Posted Date: Friday, March 8, 2024
The Treasury Department’s Financial Crimes Enforcement Network proposed a rule to extend its authority under the Bank Secrecy Act to cover certain investment advisors. Regulators published a fact sheet about the proposal and a Treasury report assessing the types of risks posed by certain investment advisors. Read on »
Posted Date: Friday, March 8, 2024
The Mortgage Bankers Association (MBA) was generally encouraged by the Biden administration’s announcements regarding the housing market, released just prior to the 2024 State of the Union Address.
MBA President and CEO Bob Broeksmit also noted the organization’s concerns about certain indications from the Consumer Financial Protection Bureau (CFPB) about closing costs and other expenses associated with mortgage transactions. Read on »
Posted Date: Tuesday, March 5, 2024
While the Financial Crimes Enforcement Network’s final rule on access to beneficial ownership information addressed some concerns expressed by banks, others remain as the reporting deadline draws near. Banking advocates asserted the need for guidance to clarify certain elements of the rule to help small businesses and newly formed entities covered under the rule. Read on »
Posted Date: Tuesday, February 6, 2024
The Department of Justice charged a former Bank Secrecy Act (BSA) compliance officer with criminal BSA violations for his role in a scheme to bring more than $1 billion in high-risk international financial business to a small, now-defunct credit union. The Treasury’s Financial Crimes Enforcement Network ordered the defendant to pay a $100,000 civil money penalty as well. Read on »
Posted Date: Tuesday, February 6, 2024
The Senate Banking Committee explored concerns about the risks posed by fraudsters and cyber criminals who target financial institutions during a recent hearing on the prevalence of ransomware attacks, phishing attacks, check fraud, spoofing and other common types of fraud, as well as the methods used to execute them. Read on »
Posted Date: Friday, February 2, 2024
Aiming to make its review process for mergers and acquisitions more transparent, the Office of the Comptroller of the Currency proposed updates to its rules for business combinations involving national banks and federal savings associations under the Bank Mergers Act. Read on »
Posted Date: Friday, January 12, 2024
The Treasury’s Financial Crimes Enforcement Network released a financial trend analysis indicating 42 percent of Bank Secrecy Act reports filed in one calendar year involved identity-related suspicious activity. Read on »
Posted Date: Monday, January 8, 2024
The nation’s second-largest nonbank retail mortgage originator, loanDepot, has been hit by a ransomware attack, forcing multiple systems offline and potentially compromising customer information. The company provided a statement to Dodd Frank Update about the incident. Read on »
Posted Date: Friday, January 5, 2024
The U.S. Treasury’s Financial Crimes Enforcement Network recently announced a final rule outlining revised provisions for accessing beneficial ownership information under section 6403 of the Corporate Transparency Act. Multiple regulators issued a joint statement clarifying key elements of the new “access rule.” Read on »
Posted Date: Thursday, December 14, 2023
The Treasury Department’s Community Development Financial Institutions (CDFI) Fund recently unveiled its updated certification application, integrating significant modifications advocated by industry leaders. The organization also announced its plans for $462 million in awards eligible for certified CDFIs in fiscal year 2024. Read on »
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