Commentary by Steven Lofchie
The Federal Reserve Board, the FDIC, FinCEN, the NCUA and the OCC reminded banks to apply a risk-based approach when assessing customer relationships and conducting customer due diligence on anti-money laundering risks.
Comments must be submitted by June 13, 2022 on proposed amendments to rules and procedures used for federal banking agency administrative hearings and adjudications.
In a joint statement, the Federal Reserve Board, the CFPB, the FDIC, the National Credit Union Administration and the OCC, as well as state bank and credit union regulators, emphasized the importance of continued progress in transitioning away from LIBOR.
At a hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, regulators from the National Credit Union Administration, the FDIC and the OCC testified on current agency priorities and challenges.
Legislators questioned prudential regulators on (i) diversity in banking, (ii) the regulatory response to the COVID-19 pandemic, and (iii) the changing regulatory landscape due to climate change, cybersecurity, and digitization.