The American Bankers Association joined a group of financial trade associations in a letter to Senate Banking Committee leaders endorsing the Illicit Cash Act, a bipartisan bill introduced today that would create a secure beneficial ownership registry of legal entities, to be overseen by the Financial Crimes Enforcement Network and the Treasury Department.
On Sept. 25, the House passed a landmark cannabis bill: the ABA-backed SAFE Banking Act, which would provide clarity to financial institutions seeking to serve legitimate marijuana businesses.
By a bipartisan vote of 321 to 103 tonight, the House passed the SAFE Banking Act, the ABA-supported bill that would provide clarity to financial institutions seeking to serve legitimate cannabis businesses.
Since the ABA Banking Journal Podcast last checked in on the Current Expected Credit Loss standard—which is coming into effect for many banks and the vast majority of bank assets on Jan. 1, 2020—there have been several key developments.
The Financial Crimes Enforcement Network is seeing “a high amount of fraud” enabled through synthetic identities and account takeovers via nonbank fintech platforms, FinCEN Director Kenneth Blanco said today at an identity protection event in Tampa, Fla.
With a vote expected on H.R. 1595, the SAFE Banking Act, as early as tomorrow, ABA today wrote to House leaders offering support for the bipartisan bill, which would provide clarity about serving legitimate cannabis businesses.
Market participants should not wait for term versions of the Secured Overnight Financing Rate to begin adopting it in contracts, Federal Reserve Bank of New York President John Williams said at an event today.
The essential question for any board risk committee can be boiled down to two words: What if? And these days, one of the burgeoning what-if questions focuses on the risk of a global recession.
As account opening goes digital, fraudsters follow. It takes multilayered analysis of divergent data to keep up with them.
The Consumer Financial Protection Bureau will continue to publish a database of consumer complaints, but it will make several key changes to increase transparency and provide full context for consumers, the agency announced today.