A FinCEN and Federal Reserve Board rule proposal to reduce the dollar-value threshold at which the Bank Secrecy Act requires financial institutions to obtain, retain and transmit information on certain fund transfers and transmittals was published in the Federal Register.
The OCC, the Federal Reserve Board and the FDIC finalized three interim rules that revise the regulatory capital rule and the liquidity coverage ratio rule.
The Federal Reserve Board and FinCEN proposed to significantly reduce the dollar-value threshold at which the Bank Secrecy Act requires financial institutions to obtain, retain and transmit information on certain fund transfers and transmittals.
An investment firm was fined $2.9 billion by several authorities for its failure to (i) properly oversee its operations, (i) maintain internal controls and (iii) conduct proper risk management, with regard to its employees' involvement in improper payments to foreign officials.
The Federal Reserve Board, the FDIC, and the OCC revised the regulatory capital rule in order to limit the interconnectedness of large banks and reduce systemic risk.
Federal Reserve Board Vice Chair for Supervision Randal Quarles described the vulnerabilities of nonbank financial intermediation, revealed by COVID-19 related shocks to the financial markets.
A Federal Reserve Board Advance Notice of Proposed Rulemaking soliciting comment on policies to modernize the "regulatory and supervisory framework" of the Community Reinvestment Act was published in the Federal Register.
The Federal Reserve Board, OCC and FDIC final rule that allows financial institutions an additional 120 days following a real estate closing transaction to obtain an appraisal or evaluation of the property was published in the Federal Register.
The FDIC, the Federal Reserve Board, the OCC and the National Credit Union Administration issued an exemption from customer identification program requirements for banks extending loans to facilitate a borrower's purchase of property and casualty insurance policies.
A national bank settled Federal Reserve Board and OCC charges for failure to correct deficiencies in risk management and internal controls, data quality management and compliance management.
The Federal Reserve Board proposed amendments to conform the capital planning, regulatory reporting and stress capital buffer requirements for certain firms to the requirements under the FRB's tailoring framework.
The Federal Reserve Board, OCC and FDIC adopted a final rule that allows financial institutions an additional 120 days following a real estate closing transaction to obtain an appraisal or evaluation of the property.
Technical corrections to an OCC, Federal Reserve Board and FDIC standardized approach to calculating the exposure amount of derivative contracts under the "regulatory capital rule'" were published in the Federal Register.
The Federal Reserve Board, the FDIC, FinCEN, the National Credit Union Administration and the OCC clarified customer due diligence requirements for customers that may be "politically exposed persons."
The Federal Reserve Board, FDIC, National Credit Union Administration and OCC (each, an "Agency") explained the circumstances under which an Agency will issue a mandatory cease and desist order or initiate an enforcement action for violating Bank Secrecy Act and AML requirements.
Federal Reserve Board Governor Lael Brainard highlighted the FRB's approach to digital currency and other technological innovation in the financial markets.
The Federal Financial Institutions Examination Council encouraged financial institutions to ease pressure on borrowers as initial loan accommodations in response to the COVID-19 pandemic near their end.
A Federal Reserve Board, FDIC, OCC, SEC and CFTC final rule amending the "covered funds" provisions of the Volcker Rule was published in the Federal Register.
The Federal Reserve Board provided a three-month extension for its COVID-19 related lending facilities scheduled to "expire on or around" September 30, 2020.
The Federal Reserve Board adopted an interim final rule to extend an exception that modified Federal Reserve Act Section 22 and FRB Regulation O ("Loans to Executive Officers, Directors and Principal Shareholders of Member Banks").
