FinCEN proposed to include "investment adviser" in the definition of "financial institution" under the Bank Secrecy Act. The proposed rule would require advisers to implement AML/CFT programs and maintain recordkeeping requirements.
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The OCC, FRB and FDIC requested comment on a set of rules as part of a process to identify "outdated" or "unnecessary" regulatory requirements on insured depository institutions and their holding companies.
FinCEN Director Andrea Gacki reviewed the agency's efforts to implement beneficial ownership information reporting requirements under the Corporate Transparency Act.
The FDIC reminded insured depository institutions on requirements for reporting estimated uninsured deposits.
Representative Andy Ogles (R-TN) joined several Republican House members urging the CFPB to rescind a proposal to establish a nonbank registry and require financial institutions to register with the CFPB.