Business email compromise schemes—though which fraudsters target businesses and their fund transfers—generated more than $300 million a month in illicit revenue during 2018, the Financial Crimes Enforcement Network reported today.
The American Bankers Association today responded to a proposal from the Federal Reserve that would amend the regulatory framework for determining whether a bank or company exercises a “controlling influence” over another bank or company under the Bank Holding Company Act and the Home Owners’ Loan Act.
ABA last week submitted comments in support of the Federal Reserve’s recent proposal to modify the Federal Reserve Banks’ National Settlement Service and Fedwire Funds Service to accommodate a third same-day ACH processing and settlement window.
The Securities and Exchange Commission late Friday issued a statement warning of the potential consequences for financial markets if the London Interbank Offered Rate, or Libor, is discontinued.
The American Bankers Associatin today wrote to the Consumer Financial Protection Bureau in support of its plan to review rules that have or will have a significant economic impact upon a substantial number of small entities.
The House Financial Services Committee last night approved several bills that would amend the Fair Credit Reporting Act and make changes to the credit reporting process.
The Alternative Reference Rates Committee yesterday released a white paper that shows how to use an average of the Secured Overnight Financing Rate to structure adjustable-rate mortgages in a way that’s comparable to current ARM loans.
In a memo to members of the House Financial Services Committee today, the American Bankers Association expressed opposition to several bills that would amend the Fair Credit Reporting Act and make changes to the credit reporting process.
In a comment letter sent today, ABA warned the House Judiciary Committee of the unintended consequences of raising the current debt limit for Chapter 12 bankruptcy filings from approximately $4.3 million to $10 million.