Compliance

ABA, States Urge Support for QM Portfolio Bill

ABA and 53 state bankers associations today urged Congress to pass legislation (H.R. 1210) that would deem all mortgage loans that institutions originate and hold in portfolio as “qualified mortgages” for purposes of the ability-to-repay rule’s safe harbor provisions. The House is expected to vote on the bill this week. “Portfolio lending is among the most traditional and lowest risk ...

Read More »

FinCEN Director: BSA Reporting is Crucial Part of Financial Intelligence

FinCEN Director Jennifer Shasky Calvery, speaking at the ABA/ABA Money Laundering Enforcement Conference today, stressed the need for financial institutions to “continue engaging with our regulatory, law enforcement and [other industry] partners as we determine where there is the most significant risk, if additional AML requirements are needed, and how best to get at any identified vulnerabilities with the least amount of burden.”

Read More »

Szubin: Risks Should be Managed, Not Avoided Altogether

Speaking at the ABA/ABA Money Laundering Enforcement Conference today, Acting Treasury Undersecretary Adam Szubin stressed the importance of healthy correspondent banking relationships, cautioning banks against “derisking,” or avoiding regulatory risk by terminating, restricting or denying services to a broad class of clients.

Read More »

DOJ’s Yates Details Individual Accountability for Corporate Crimes

In remarks today at the ABA/ABA Money Laundering Enforcement Conference, Deputy Attorney General Sally Quillian Yates announced an update to the manual for federal prosecutors that will incorporate new guidelines for the prosecution of individuals in cases of corporate wrongdoing and the standards that must be met by corporations in order to receive cooperation credit from the Department of Justice.

Read More »

FDIC Clarifies Scope of Payday Lending Rules

The FDIC today updated its 2005 guidance on payday lending by banks to emphasize that the guidance does not apply to banks providing bank services to payday lenders. The guidance applies to payday loan-style products made directly to consumers by banks. “Financial institutions that can properly manage customer relationships and effectively mitigate risks are neither prohibited nor discouraged from providing ...

Read More »

Nichols: ABA Going All-Out on Reg Relief

In his first official communication to bank CEOs, ABA’s Rob Nichols on Friday stressed the urgent need for regulatory relief and encouraged bankers to join ABA in going all-out to see legislation enacted by year-end. “The overregulation of banking is unsustainable and poses a real and present danger to communities across the country,” Nichols said. “We have a narrow but ...

Read More »

FFIEC Updates IT Handbook

The Federal Financial Institutions Examination Council today released revisions to its FFIEC Information Technology Examination Handbook to incorporate information on IT governance and IT risk management.

Read More »