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.
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.
The Federal Reserve Board, the CFPB, the FDIC, the National Credit Union Administration and the OCC extended a request for information and comments on financial institutions' use of artificial intelligence and machine learning.
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 OCC, Federal Reserve Board, FDIC, National Credit Union Administration and CFPB adopted a rule codifying a 2018 Interagency Statement Clarifying the Role of Supervisory Guidance.