Browsing: Compliance and Risk

Compliance and Risk

In a comment letter yesterday, ABA criticized the Financial Crimes Enforcement Network’s recent cost-benefit analysis of its proposed customer due diligence rule, claiming that the analysis relies on unsubstantiated and overly optimistic assumptions about the potential benefits of the heightened requirements and fails to adequately identify and weigh the burden imposed on financial institutions.

Compliance and Risk

Rep. Robert Pittenger (R-N.C.), the vice chairman of the House Financial Services Committee’s Task Force to Investigate Terrorism Financing, today took the Financial Crimes Enforcement Network to task over a too-short comment period on regulatory analyses for its customer due diligence rulemaking.

Compliance and Risk

The new Military Lending Act regulations — which require that banks determine military status for applicants applying for consumer credit that is not a mortgage or purchase money loan — provide a compliance safe harbor for lenders who verify military status through the Department of Defense data base or a nationwide credit bureau.

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