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National Defense Authorization Act › Financial Institutions

The National Defense Authorization Act is a United States federal statute enacted each year to specify the budget and expenditures of the Department of Defense. The NDAA identifies which agencies are responsible... more +
The National Defense Authorization Act is a United States federal statute enacted each year to specify the budget and expenditures of the Department of Defense. The NDAA identifies which agencies are responsible for national defense, provides funding for those agencies and includes instructions on proper use of the funds.  less -
Venable LLP

Fintechs, Novel Charters, and Fed Master Accounts - Of Elephants and Mouseholes

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A U.S. District Court recently rejected arguments that banks and institutions with novel charters have a statutory right to obtain a Federal Reserve master account. Master accounts let institutions access key parts of the...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

FDIC Closing in on Implementing the Fair Hiring in Banking Act With Proposed Regulations for Section 19

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The Federal Deposit Insurance Corporation (FDIC) is close to finalizing revisions to regulations regarding Section 19 of the Federal Deposit Insurance Act to align them with the Fair Hiring in Banking Act (FHBA), which eased...more

Dorsey & Whitney LLP

FinCEN’s Final Regulations to Implement the Corporate Transparency Act

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Pursuant to the adoption of comprehensive revisions to the U.S. anti-money laundering statutes as part of the Defense Appropriations Act of 2021 (the “Defense Act”), on September 30, 2022, the Financial Crimes Enforcement...more

Holland & Knight LLP

Holland & Knight Data Privacy and Security Report: November 2023

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Welcome to Holland & Knight's monthly data privacy and security news update that includes the latest in policy, regulatory updates and other significant developments....more

Proskauer Rose LLP

Wealth Management Update - December 2023

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Shining a Light on the Corporate Transparency Act: FinCEN’s Rules for Beneficial Ownership Reporting - On January 1, 2021, Congress enacted the Corporate Transparency Act (the “CTA”) as part of the Anti-Money Laundering...more

Ballard Spahr LLP

Bipartisan group of Senators re-introduce Digital Asset Money Laundering Act

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On July 28th, Senators Elizabeth Warren (D-Mass), Roger Marshall (R-Kan.), Joe Manchin (D-W.Va.) and Lindsey Graham (R-S.C.), reintroduced the Digital Asset Anti-Money Laundering Act (the “Act”), legislation aimed at closing...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2023

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To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

Troutman Pepper

Bipartisan Bill Would Require Federal Regulators to Create “Risk-Focused Examination and Review” Processes for Cryptocurrency...

Troutman Pepper on

On July 13, U.S. Senators Cynthia Lummis (R-WY), Kirsten Gillibrand (D-NY), Elizabeth Warren (D-MA), and Roger Marshall (R-KS) introduced an amendment to the National Defense Authorization Act (NDAA) that seeks to examine the...more

Miller & Martin PLLC

New Law Relaxes Restrictions on Hiring Individuals with Criminal Records in the Banking and Finance Industry

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On December 23, 2022, President Biden signed into law a bill pertaining to financial institutions which relaxes restrictions on hiring individuals with criminal records....more

Jackson Lewis P.C.

New National Defense Authorization Act Expands ‘Fair Chance’ Initiatives to Covered Finance Institutions

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Covered financial institutions (such as banks and credit unions) have been swept into a new “fair chance” initiative designed to further reduce barriers to individuals with certain convictions....more

Littler

The Bar Has Been Lowered – Congress Further Relaxes Hiring Restrictions for Banking Personnel with Criminal Histories

Littler on

On December 23, 2022, President Biden signed into law H.R. 7776, the “James M. Inhofe National Defense Authorization Act for Fiscal Year 2023” (the “NDAA 2023”). What many may not yet realize is that Section 5705 of the NDAA...more

Littler

The Bar Has Been Lifted – Congress Further Relaxes Hiring Restrictions for Banking Personnel with Criminal Histories

Littler on

On December 23, 2022, President Biden signed into law H.R. 7776, the “James M. Inhofe National Defense Authorization Act for Fiscal Year 2023” (the “NDAA 2023”). What many may not yet realize is that Section 5705 of the NDAA...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Congress Eases Criminal Offense Restrictions for Employment With Financial Institutions

Ogletree, Deakins, Nash, Smoak & Stewart,... on

Included in the defense spending bill signed by President Biden in December 2022 is a section with key provisions for financial institutions that will ease restrictions on hiring candidates with criminal records....more

Morrison & Foerster LLP

National Defense Authorization Act Implications for U.S. Sanctions Programs

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After months of negotiations, Congress revealed the compromise version of the National Defense Authorization Act for Fiscal Year 2023 (NDAA) on December 6, 2022. The bill, viewed as a “must-pass” piece of legislation because...more

ArentFox Schiff

DOJ Weighs in on SAFE Banking Act, Requests “Minor Changes”

ArentFox Schiff on

The Secure and Fair Enforcement (SAFE) Banking Act is still on the table, and US Department of Justice (DOJ) is weighing in. DOJ Comments - Because current federal law allows federal regulators to penalize banks for...more

Skadden, Arps, Slate, Meagher & Flom LLP

FinCEN Issues Final Rule on Beneficial Ownership Reporting Under the CTA

Skadden, Arps, Slate, Meagher & Flom LLP on

On September 29, 2022, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a long-awaited final rule implementing the beneficial ownership information (BOI) reporting requirements of the...more

Fuerst Ittleman David & Joseph

FinCEN Issues Final Rule for Beneficial Ownership Reporting Requirements Under the Corporate Transparency Act

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On September 29, 2022, the Financial Crimes Enforcement Network (“FinCEN”) promulgated its much-anticipated Final Rule implementing the beneficial ownership reporting scheme mandated by the Corporate Transparency Act....more

Ankura

Responding to the Increased Global Risk of Financial Crimes

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Ankura's Nova O sits down with Mark McGrath, Ayana Murphy, and Elif Cinar to discuss the current anti-money laundering (AML) landscape in the latest Q&A with our Ankura experts. Learn more about responding to the increased...more

Troutman Pepper

Proposed New Data Security Rules Could Prove Duplicative, Forcing Banks to Turn Over Dangerous Amounts of Secured Data

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An amendment to the National Defense Authorization Act passed by the House in July would create a “systemically important entity” designation, applying new regulations and offering priority aid to certain critical...more

Ballard Spahr LLP

Closing the Gate—House Adopts ENABLERS Act Amendment to 2023 NDAA

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Amendment Focuses on Professional “Gatekeepers” – Lawyers, Accountants, Payment Processors, and Those Providing Corporate Formation and Trust Services - On July 13, 2022, the House of Representatives (the “House”) adopted...more

Morgan Lewis

Russian Law Restricts Compliance with US National Defense Authorization Act

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Russia President Vladimir Putin signed the federal law, “On Amendments to the Federal Law ‘On Measures of Influence (Counteraction) on Unfriendly Actions of the United States of America and Other Foreign States,’” on May 1,...more

Woods Rogers

SAFE Banking Act Removed from Defense Spending Bill

Woods Rogers on

The Secure and Fair Enforcement (SAFE) Banking Act, which would prohibit financial institutions from being penalized for doing business with marijuana companies, was stripped from the National Defense Authorization Act...more

Bradley Arant Boult Cummings LLP

U.S. House Passes the SAFE Banking Act as Part of Defense Bill

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The SAFE Banking Act passed in the U.S. House of Representatives for the fifth time on September 23, 2021. This landmark legislation would pave the way for more financial institutions to serve the state-legal cannabis...more

Sullivan & Worcester

FinCEN Issues Notice of Proposed Rulemaking to Regulate Dealers in Antiquities

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The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) today published in the Federal Register notice of proposed regulations related to the implementation of amendments to the Bank Secrecy Act (BSA)...more

McDermott Will & Emery

FinCEN Announces Anti-Money Laundering Priorities

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The Financial Crimes Enforcement Network (FinCEN) recently issued its government-wide anti-money laundering (AML) and countering the financing of terrorism (CFT) priorities (AML/CFT priorities). FinCEN issued the AML/CFT...more

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