Browsing: Compliance and Risk

Compliance and Risk

On November 17th, New York State Attorney General Eric Schneiderman filed an enforcement action in New York State Supreme Court in the County of New York, seeking a preliminary injunction against DraftKings and FanDuel. Schneiderman argues that because daily fantasy sports (DFS) sites allow wagering based on one day’s outcomes and not an entire season, it is gambling and not a game of skill, and therefore is illegal in New York. New York State issued an enforcement action prohibiting the DFS sites from accepting wagers from its citizens.

Compliance and Risk

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

Compliance and Risk

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.”

Compliance and Risk

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.

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