Browsing: Newsbytes

Compliance

Ahead of the House Financial Services Committee markup today, the American Bankers Association joined eight other financial trade organizations in support of Rep. Carolyn Maloney’s (D-N.Y.) bill (H.R. 2513) to counter the use of shell corporations to move illicit funds.

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A bipartisan group of House lawmakers—led by Reps. Ted Budd (R-N.C.) and Vicente Gonzalez (D-Texas)—have introduced H.R. 3182, a bill calling for a halt to the implementation of the current expected credit loss standard until a quantitative impact study can be completed.

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Ahead of a markup scheduled in the House Financial Services Committee tomorrow, the American Bankers Association in a memo to committee members offered support for two flood insurance bills scheduled for consideration.

Compliance

A group of 51 state bankers associations today wrote to House Financial Services Committee leaders in support of H.R. 2513, a bill introduced by Rep. Carolyn Maloney (D-N.Y.) calling for the Financial Crimes Enforcement Network to create a database of beneficial ownership information.

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The Commodity Futures Trading Commission yesterday issued a no-action letter to allow certain amendments to legacy swaps—those that were executed prior to the compliance date for the CFTC’s uncleared swap margin rule—without losing their status as legacy swaps.

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In a long-awaited move last night, House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) and Ranking Member Patrick McHenry (R-N.C.) announced that they have reached an agreement on a five-year extension of the National Flood Insurance Program.

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