ABA supports the OCC’s proposed approach to treat stablecoin issuers like financial institutions for Bank Secrecy Act and sanctions compliance, but believes further changes are needed for equal treatment of all regulated entities.
In a letter, ABA said that while it supports FHFA efforts to streamline and reduce administrative burdens in its Duty to Serve Program, it cautioned against removing guardrails that prevent Fannie Mae and Freddie Mac from crowding out...
FinCEN issued an alert urging financial institutions to be vigilant in identifying and reporting suspicious activity connected to fraud schemes targeting Office of Federal Student Aid programs.
Republicans on the House Financial Services Committee urged the Federal Reserve to continue to make progress in reducing the time to process bank merger and acquisition applications.
While federal law requires banking agencies to review their regulations every decade to identify and address unnecessary burdens, the agencies lack documented procedures to fulfill that obligation or determine its effectiveness, the Government Accountability Office concluded in a...
The Federal Reserve’s proposed payment account framework is a prudent approach to responsible innovation if additional safeguards are adopted to protect the safety, soundness and integrity of the U.S. payments system, ABA and the Consumer Bankers Association said.
