Compliance

Florida Banker: BSA/AML Rules Must Change with the Times

The regulatory framework put in place to prevent money laundering and stop the financing of terrorist activity should be updated to reflect the changes that have taken place over the past several decades, banker Lloyd DeVaux, president and CEO of Sunstate Bank in Miami, Fla., said today in a hearing before the House Financial Services Committee.

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CFPB Issues Policy Guidance on Compliance Dates for Servicing Rule Amendments

The Consumer Financial Protection Bureau today issued policy guidance stating that it does not intend to take supervisory or enforcement action for violations of existing Regulation X or Regulation Z resulting from a servicer’s early compliance with the 2016 final servicing rule for a period of three days before the applicable effective dates.

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Fed Gov. Powell Highlights Focal Points for Reg Reform

Noting the progress made over the last several years to improve the strength and resiliency of the U.S. financial system, Federal Reserve Governor Jerome Powell today pointed to several key areas that the Fed is currently focusing on for regulatory reform.

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ABA Compliance Center Inbox, July/August 2017

Q: If a trust department is exempt from the definition of “broker” due to the “chiefly compensated calculation,” would referrals made by bank employees to the Trust Department be exempt from the referral restrictions of Regulation R? A: The trust exemption provides an exemption with respect to trust activities. A referral by a bank employee that doesn’t involve investment products ...

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ABA Seeks Pause on Basel Transition Period

The American Bankers Association today wrote to the heads of the federal regulatory agencies requesting that regulators pause the Basel III transition period until projected amendments to the risk-based capital standards can be promulgated.

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