Financial Institutions

News & Analysis as of

FinCEN Adopts New Customer Due Diligence Requirements for Financial Institutions

The Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) has adopted new anti-money laundering (“AML”) regulations that impose additional customer due diligence requirements on certain financial institutions...more

Final FinCEN Customer Due Diligence Rule Released – Concerns Abound as Covered Financial Institutions Grapple with Implementation

The United States Department of Treasury’s Financial Crimes Enforcement Network’s (FinCEN) new customer due diligence rule released in May has caused concern throughout the industry. In what it says is an effort to prevent...more

FinCEN Issues Customer Due Diligence Rule (CDD) FAQs

On July 19, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued FAQs regarding the customer due diligence requirements (“CDD”) that it published on May 11, 2016, for certain financial institutions, including...more

"NYDFS Finalizes Rule to Regulate Transaction Monitoring, Filtering"

Financial institutions operating in New York — including New York state licensed banks, trust companies, private bankers, savings banks, savings and loan associations, branches of foreign banks, check cashers, and money...more

CFPB to Hold Second Research Conference

The Consumer Financial Protection Bureau (CFPB) has announced that it plans to host its second research conference on consumer finance on December 15-16, 2016. (The first such conference was held in May 2015.)...more

NYDFS Issues Final Rule Requiring Certification of Compliance With AML Transaction Monitoring and Filtering Program Requirements

The New York Department of Financial Services (NYDFS) recently finalized a regulation that mandates detailed elements of the anti-money laundering (AML) transaction monitoring and sanctions filtering programs of covered...more

Increasing litigation in Spain regarding abusive clauses in mortgage loans

There is a growing tendency in recent years for borrowers in Spain to file claims alleging that certain provisions included in their mortgage loans are abusive or unfair. In addition, there is a very strong trend in Spanish...more

Economies of Scale Encourage Continued Consolidation

The Federal Reserve Bank of St. Louis just published a short summary of research by economists with the Federal Reserve Bank of Kansas City concluding that compliance costs weigh “quite a bit” more heavily on smaller banks...more

New York State Department of Financial Services Releases Final Regulations to Enhance Anti-Money Laundering and Sanctions...

Final regulations impose certification requirements on a financial institution’s Board of Directors or Senior Officer(s) relating to BSA/AML and OFAC compliance. The New York State Register today published the final...more

OCC Hosts Forum on Responsible Innovation

On June 23, 2016, the Office of the Comptroller of the Currency (OCC) hosted a daylong forum, “Supporting Responsible Innovation in the Federal Banking System.” The purpose of the forum was to encourage a dialogue among...more

Member Of The Federal Reserve’s Board Of Governors Notes Benefits Of Consistent Cybersecurity Exam Approaches

On June 24, 2016, in a response letter to Senator Dean Heller (R-NV), Daniel Tarullo, a member of the Board of Governors of the Federal Reserve System, highlighted the benefits of consistent cybersecurity supervisory...more

FFIEC Issues New Cybersecurity and Data Privacy Guidelines for Mobile Banking

Mobile banking is a convenient and powerful tool that provides customers with a bevy of cutting-edge services, including mobile check deposits, on-the-go bill pay, and peer-to-peer payments. For financial institutions, this...more

Private Investment Fund Managers and Other Investment Advisers May Be Affected by the U.S. Department of Labor’s New Fiduciary...

On April 6, 2016, the U.S. Department of Labor (DOL) issued its highly anticipated final rule addressing when a person is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the...more

CFPB releases issue brief on financial education programs serving immigrant populations

The CFPB has released an “issue brief” entitled “Financial Education Programs Serving Immigrant Populations.”  The report is intended “to raise visibility about the financial education challenges that many immigrants face.”...more

The “Fifth Pillar” of AML/BSA Compliance FinCEN Issues Final Rule for New Customer Due Diligence Requirements under the Bank...

For years, financial institutions have operated under the maxim that an effective anti-money laundering and Bank Secrecy Act compliance program (collectively “AML”) rests upon four pillars: (1) written policies and...more

NYS Department of Financial Services Outlines Requirements for Transaction Monitoring and Filtering Programs of NY State-Licensed...

On June 30, 2016, the New York State Department of Financial Services (“NYSDFS”) adopted a final regulation outlining the attributes of a risk-based transaction monitoring and filtering program that certain New York...more

Cybersecurity Response to Recent Wholesale Payment Systems Breaches

In February 2016, hackers stole $81 million from the Bangladesh central bank by sending fraudulent messages through the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging system. Three months...more

CFPB to hold second research conference

The CFPB has announced that it plans to host its second research conference on consumer finance on December 15-16, 2016. (The first such conference was held in May 2015.) The announcement contains a call for complete...more

New York DFS requires transaction monitoring and filtering programs that address anti-money laundering and sanctions compliance...

The New York Department of Financial Services (NYDFS) has published a final rule aimed at addressing purported shortcomings on the part of financial institutions in detecting and preventing money laundering and sanctions...more

CFPB Employs “Mystery Shoppers” to Investigate Allegations of Discrimination

With the Consumer Financial Protection Bureau (“CFPB”) now employing mystery shoppers, financial institutions must ensure that their branches are actually putting non-decimation policies into practice. As we reported here on...more

Final New York Anti-Money Laundering Regulations Released – Risk of Liability for AML Compliance Expands to Senior Officers and...

Last December we alerted our clients of newly proposed anti-money laundering regulations issued by the New York Department of Financial Services (the Department). These rules generated nationwide attention (and criticism) due...more

Enforcement Week I: Troubling Questions Raised in HSBC Prosecution

We had an interesting week of anti-corruption enforcement actions last week, both in the US and the UK. We have now had four Foreign Corrupt Practices Act (FCPA) enforcement actions since the announcement of the Depart Of...more

New Frontier for Bank Secrecy Act Prosecutions: Trade-Based Money Laundering

Since the September 11, 2001, terrorist attacks, U.S. law enforcement and financial regulatory agencies have focused on disrupting the use of the financial system by terrorist groups, criminal organizations and tax evaders to...more

CFPB Appears Poised to Increase Its Focus on Auto Lending

The CFPB utilizes a risk-based analysis in its approach to its supervisory and enforcement efforts. The Bureau's risk-based approach includes factors such as the potential risk to a consumer from products offered in the...more

Credit Reporting Complaints on the Rise

Every month, the CFPB publishes its "Monthly Complaint Report," which provides a snapshot of complaints received by consumers. Specifically, with respect to credit reporting complaints, in the most recent issue, the CFPB...more

2,029 Results
|
View per page
Page: of 82
JD Supra Readers' Choice 2016 Awards

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×