The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) adopted a final rule (the Final Rule) on August 28 that will treat certain investment advisers and exempt reporting advisers as financial...more
9/19/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Compliance ,
Compliance Dates ,
Data-Sharing ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Investment Adviser ,
Investment Funds ,
Patriot Act ,
Suspicious Activity Reports (SARs)
Earlier this summer, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Proposed Rule revising its regulations under the Bank Secrecy Act (BSA) requiring financial institutions to...more
9/19/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Compliance ,
Customer Due Diligence (CDD) ,
Financial Institutions ,
FinCEN ,
Internal Controls ,
Patriot Act ,
Policies and Procedures ,
Popular ,
Proposed Amendments ,
Proposed Rules ,
Risk Assessment
On July 30, 2024, the Federal Deposit Insurance Corporation (FDIC) issued a proposed rule that would make significant revisions to the FDIC’s regulations implementing the provisions of Section 29 of the Federal Deposit...more
8/5/2024
/ Bank Deposits ,
Banking Sector ,
Broker-Dealer ,
Brokered Deposits ,
Brokers ,
Comment Period ,
Depository Institutions ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Proposed Rules
Supervision is a daily fact of life for bank boards and management. Below, we offer strategies for how both board members and members of management can ensure that the supervisory process goes as smoothly as possible....more
Deposit Insurance -
Are the deposits at my bank FDIC-insured?
Deposits held at FDIC-insured depository institutions are insured up to $250,000 per depositor for deposits held in the same “right and capacity.”...more
1/10/2024
/ Banking Crisis ,
Banks ,
Contract Terms ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Financial Institutions ,
Investment Management ,
Loans ,
Money Market Funds ,
Mutual Funds ,
Portfolio Managers ,
Receivership ,
Silicon Valley ,
State Charters ,
Systemic Risk Buffer ,
Transfer Agents
On December 21, 2023, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule (Access Rule) regarding access to the beneficial ownership information (BOI) reported to FinCEN...more
1/4/2024
/ Banking Sector ,
Beneficial Owner ,
BSA/AML ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Effective Date ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Joint Policy Statements ,
National Security ,
Penalties ,
Reporting Requirements ,
U.S. Treasury
On October 3, 2023, the Federal Deposit Insurance Corporation (FDIC) approved proposed guidelines establishing standards for corporate governance and risk management for covered institutions with total assets of $10 billion...more
On July 27, 2023, the Federal Reserve, FDIC, and OCC issued a notice of proposed rulemaking and request for comment on a proposal (the Proposal) to implement the final components of the Basel III Capital Accords, often...more
8/4/2023
/ Banking Crisis ,
Banking Regulators ,
Banking Sector ,
Basel III ,
Capital Requirements ,
Comment Period ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Large Financial Institutions (LFIs) ,
OCC ,
Proposed Regulation ,
Silicon Valley ,
Systemic Risk Buffer
Financial Institution Diversity Voluntary Self-Assessments: Due September 30 -
On July 13, the FDIC issued a financial institution letter announcing that FDIC-supervised financial institutions are encouraged to...more
7/21/2023
/ Broker-Dealer ,
Consumer Financial Protection Bureau (CFPB) ,
Crypto Exchanges ,
Customer Protection Rule ,
Decentralized Finance (DeFi) ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employment Policies ,
European Commission ,
FDIC ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Framework Agreement ,
International Data Transfers ,
Money Market Funds ,
Procurement Guidelines ,
Proposed Amendments ,
Securities and Exchange Commission (SEC) ,
Voluntary Self-Audit
On June 6, 2023, the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, Agencies)...more
7/3/2023
/ Banking Regulators ,
Banking Sector ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Joint Policy Statements ,
New Guidance ,
OCC ,
Risk Assessment ,
Risk Management ,
Third-Party Risk
Agencies Issue Final Guidance on Third-Party Risk Management -
On June 6, the Federal Reserve, FDIC, and OCC issued final joint guidance (the Guidance) pertaining to banking organizations’ risk management of third-party...more
6/12/2023
/ Algorithms ,
Artificial Intelligence ,
Automation Systems ,
Banking Sector ,
Bots ,
Capital Formation ,
CFTC ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinTech ,
Liquidity ,
OCC ,
Policies and Procedures ,
Private Investment Funds ,
Proposed Rules ,
Publicly-Traded Companies ,
Risk Management ,
Swap Dealers ,
Swaps ,
Third-Party Relationships ,
Third-Party Risk
In this Weekly Roundup Issue. The Federal Deposit Insurance Corporation (FDIC) issued a proposed rule to impose a special assessment pursuant to systemic risk determination; The Board of Governors of the Federal Reserve...more
On May 19, FinCEN and BIS issued an alert urging financial institutions to watch for attempts to evade export controls imposed on Russia. The alert focuses on ongoing federal initiatives to limit Russian access to technology...more
5/26/2023
/ Bureau of Industry and Security (BIS) ,
CFTC ,
Consumer Financial Protection Bureau (CFPB) ,
Derivatives Clearing Organizations ,
Economic Sanctions ,
Evasion ,
Export Controls ,
Financial Institutions ,
FinCEN ,
FinTech ,
Freddie Mac ,
Interest Rates ,
Registration Requirement ,
Russia ,
Safeguards Rule ,
Securities and Exchange Commission (SEC) ,
UDAAP
In This Weekly Roundup Issue. Governor Michelle W. Bowman of the Board of Governors of the Federal Reserve System (Federal Reserve) remarked on the consequences of fewer banks in the U.S. banking system; and the Consumer...more
Regulatory Developments -
FinCEN Issues Initial Beneficial Ownership Information Reporting Guidance -
On March 24, FinCEN published guidance materials for the new beneficial ownership reporting requirements taking...more
4/17/2023
/ Anti-Money Laundering ,
Beneficial Owner ,
Commercial Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Transparency Act ,
Credit Cards ,
Financial Institutions ,
FinCEN ,
Preemption ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Truth in Lending Act (TILA)
The recent and sudden failures of Silicon Valley Bank and Signature Bank, and the threat of other bank failures, have led to intense public focus on what caused these banks to run into trouble, who is to blame, and what...more
4/10/2023
/ Banking Regulators ,
Banks ,
Board of Directors ,
Corporate Officers ,
Depository Institutions ,
Enforcement ,
Fiduciary Duty ,
Financial Institutions ,
Indemnification Clauses ,
Mismanagement ,
Personal Liability ,
Risk Management ,
Silicon Valley
Regulatory Developments -
The U.S. Government Takes Action on the Silicon Valley Bank and Signature Bank Failures -
On March 12, the FDIC, the Federal Reserve, and the U.S. Treasury Department announced that the U.S....more
3/20/2023
/ Banks ,
Buy Now Pay Later (BNPL) ,
Consumer Financial Protection Bureau (CFPB) ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
Fair Credit Reporting Act (FCRA) ,
FDIC ,
Federal Reserve ,
Financial Crisis ,
Financial Institutions ,
HMDA ,
Relief Measures ,
Silicon Valley ,
U.S. Treasury
What actions did the US government take on Sunday with respect to Silicon Valley Bank (SVB) and Signature Bank?
On Sunday, March 12, the FDIC, the Federal Reserve, and the US Treasury Department announced that the US...more
3/15/2023
/ Banking Sector ,
Banks ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Insolvency ,
Loans ,
Receivership ,
Relief Measures ,
Silicon Valley ,
U.S. Treasury
Regulatory Developments -
FinCEN Proposes Form of Report to Collect Beneficial Ownership Information and Application to Obtain FinCEN Identifiers -
On January 17, FinCEN proposed a form of report to collect beneficial...more
1/27/2023
/ Beneficial Owner ,
Broker-Dealer ,
Civil Monetary Penalty ,
Climate Change ,
Consumer Financial Protection Bureau (CFPB) ,
Examination Priorities ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
Mortgage Servicers ,
New Guidance ,
Reporting Requirements ,
Risk Assessment ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Transfer on Death Deed (TOD)
Regulatory Developments -
FinCEN Issues NPRM Regarding Access to Beneficial Ownership Information and Related Safeguards -
On December 15, FinCEN issued a Notice of Proposed Rulemaking (NPRM) that would implement...more
1/18/2023
/ 10b5-1 Plans ,
Anti-Money Laundering ,
Beneficial Owner ,
Community Reinvestment Act ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Transparency Act ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
Interest Rates ,
Libor ,
New Guidance ,
Nonbank Firms ,
NPRM ,
Regulation O ,
Regulation Z ,
Relief Measures ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Small Banks ,
Threshold Requirements ,
Time Extensions
Regulatory Developments -
Federal Reserve Invites Public Comment on Proposed Principles for Large Banking Organizations to Manage Climate-Related Financial Risks -
On December 2, the Federal Reserve announced that it...more
12/12/2022
/ Broker-Dealer ,
Climate Change ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Initial Public Offering (IPO) ,
Investment Adviser ,
Military Service Members ,
Nasdaq ,
NYSE ,
OCC ,
Payment Systems ,
Preemption ,
Proposed Regulation ,
Public Comment ,
Pump and Dump ,
Regulation S-ID ,
Risk Management ,
SCRA ,
Truth in Lending Act (TILA)
On September 29, 2022, FinCEN issued a final rule (published in the Federal Register the next day) under the CTA requiring each “reporting company” (which includes both domestic and foreign entities that are formed or...more
In This Issue. The Financial Crimes Enforcement Network (FinCEN) is urging financial institutions to focus their efforts on detecting the proceeds of foreign public corruption; the Financial Industry Regulatory Authority...more
4/22/2022
/ Annual Reports ,
Bribery ,
Climate Change ,
Corruption ,
Embezzlement ,
Environmental Social & Governance (ESG) ,
ETFs ,
Extortion ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Statements ,
FinCEN ,
Greenhouse Gas Emissions ,
Investors ,
Misappropriation ,
Money Laundering ,
Proposed Amendments ,
Proposed Rules ,
Public Corruption ,
Publicly-Traded Companies ,
Registration Statement ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
In This Issue. President Biden issued an executive order banning new investments in Russia in response to Russia’s continued war against Ukraine; the Federal Deposit Insurance Corporation (FDIC) issued a notification to all...more
4/15/2022
/ Biden Administration ,
Broker-Dealer ,
Cryptocurrency ,
Digital Assets ,
Executive Orders ,
FDIC ,
Fees ,
Financial Institutions ,
Financial Services Industry ,
Foreign Investment ,
Investment Adviser ,
Notification Requirements ,
Retail Investors ,
Russia ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Securities Transactions ,
Standard of Conduct
In This Issue. The Federal Deposit Insurance Corporation (FDIC) requested comments to draft principles for climate-related financial risk management; the U.S. Securities and Exchange Commission (SEC) published its 2022 exam...more
4/8/2022
/ Banking Sector ,
Broker-Dealer ,
Climate Change ,
Comment Period ,
Conflicts of Interest ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Investment Adviser ,
Investment Companies ,
New Guidance ,
Public Comment ,
Regulation BI ,
Retail Investors ,
Risk Management ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Securities Exchanges ,
Swap Dealers