The Committee considered recent SEC proposals that would set a best interest standard for broker-dealers that provide investment advice to retail clients and impose additional disclosure obligations on BDs and IAs.
Congressmen Steve Pearce (R-NM) and Blaine Luetkemar (R-MO) introduced legislation that would increase reporting thresholds for financial institutions subject to the Bank Secrecy Act, and provide a temporary safe harbor for violations of the Customer Due Diligence rule.
The Office of the Comptroller of the Currency, the FDIC and the Board of Governors of the Federal Reserve System issued an updated policy statement on coordination among the federal banking agencies during formal enforcement actions.
U.S. Treasury Department Undersecretary for Terrorism and Financial Intelligence Sigal P. Mandelker addressed Iran's alleged "malign" activities and called on U.S. partners and allies to join efforts to confront Iran.
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