Agencies Update BSA/AML Examination Manual
The Federal Financial Institutions Examination Council today released long-awaited updates to its Bank Secrecy Act/Anti-Money Laundering examination manual.
The Federal Financial Institutions Examination Council today released long-awaited updates to its Bank Secrecy Act/Anti-Money Laundering examination manual.
To help facilitate the timely, efficient and secure disbursement of the Treasury Department’s economic impact payments, the Consumer Financial Protection Bureau issued an interpretive rule—which takes effect upon publication in the Federal Register—stating that, if certain conditions are met, certain government pandemic relief payments are not considered “government benefits” for the purposes of the Electronic Funds Transfer Act and Regulation E.
Temporary adjustments to “know your customer” and anti-money laundering requirements are “key” to speeding up the rate at which banks are able to provide much-needed relief to small businesses through the SBA’s Paycheck Protection Program, American Bankers Association President and CEO Rob Nichols said in a letter to Sens. Tim Kaine (D-Va.), Chris Coons (D-Del.) and Angus King (Ind.-Maine) today.
The Small Business Administration and Treasury Department provided guidance today clarifying lenders’ obligations to collect beneficial ownership data when making Payment Protection Program loans.
As banks seek to contact customers with COVID-19-related information, the American Bankers Association asked the Federal Communications Commission on Friday to provide immediate relief confirming that financial institutions’ COVID-19-related calls are exempt from the Telephone Consumer Protection Act’s requirements.
As part of its policy response to the coronavirus pandemic, the Consumer Financial Protection Bureau today said it would provide relief to depository institutions after the scheduled July 20 expiration of a key exception in its remittance rule.
In a letter to bank CEOs last night, the federal banking agencies restated that they would not take action against institutions that submit their March 31, 2020, Call Report after the filing deadline, provided that the report is submitted within 30 days of the original filing date.
As banks manage the risks associated with physical transmission of the novel coronavirus, ABA SVP Paul Benda has authored a paper summarizing the current science on the risk of transmission through contaminated surfaces, such as ATM keypads and U.S. currency.
The OCC and FDIC have taken a “significant step” toward modernizing the Community Reinvestment Act regulations with their recent proposal to update the 30-year old framework, the American Bankers Association and 51 state associations said today
Newly added FAQs from the Small Business Administration and the Treasury Department address two challenges with the Paycheck Protection Program that the American Bankers Association and the state bankers associations have been urgently raising with officials: the promissory note to use with PPP loans and the expectation for a five-day period between loan approval and funding.