GAO: Regulators Could Improve Transparency around ‘Living Wills’

A lack of transparency surrounding the process by which federal regulators assess the “living wills” submitted by the nation’s largest banks could undermine public and market trust in the resolution plans and limit accountability on the part of regulators, the Government Accountability Office said in a report released today.

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Hoenig Pitches Regulatory Relief Plan Again

Speaking at the agency’s community banking conference today, FDIC Vice Chairman Thomas Hoenig again offered a “legislative remedy” for excessive and ill-tailored regulatory burden for banks engaged in what he called “traditional banking activities,” which would encompass most community banks and some regional banks as well.

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ABA Urges New York to Drop Proposed AML Regulation

In a comment letter to the New York State Department of Financial Services, the American Bankers Association urged the agency to withdraw a proposed anti-money laundering regulation that would apply to all financial institutions chartered in the state.

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