ABA today welcomed the Federal Reserve’s proposal to require banking organizations to include their current 20-digit legal entity identifiers on several regulatory forms¬—namely, FR Y-6, FR Y-7 and FR Y-10.
Many credit unions are functionally no different from banks and the time has come for them to pay taxes, Florida Bankers Association President and CEO Alex Sanchez said in a Wall Street Journal op-ed yesterday.
NACHA, the electronic payments association, today announced that its members voted to finalize a rule change that will accelerate ACH settlement, introducing two extra windows during weekdays — morning and afternoon — for credit transactions. The rule provides for fees so that receiving financial institutions can recover costs associated with handling same-day ACH.
Last month, we advised readers that a Texas federal district court had enjoined the Department of Labor from enforcing its FMLA same-sex spouse rule in Texas, Arkansas, Louisiana and Nebraska. DOL’s final rule change updated the regulatory definition of “spouse” in the Family and Medical Leave Act in keeping with the U.S. Supreme Court‘s ruling in United States v. Windsor.
In remarks at the 2015 Bank Secrecy Act Conference in Las Vegas, Nevada on June 18, the Financial Crimes Enforcement Network’s (FinCEN) associate director of enforcement, Stephanie Brooker, focused on three main points: the importance of Bank Secrecy Act (BSA) and Suspicious Activity Report (SAR) filings; FinCEN’s enforcement approach; and promoting a strong culture of compliance in the financial industry.
An ABA infographic offers tips to help bank customers avoid becoming accomplices in a growing “card cracking” scam.
The SEC has released a series of frequently asked questions on its 2014 reforms of money market mutual funds. The FAQs represent staff views on the new rules and address a number of issues including which investors would be eligible to invest in retail prime money market funds starting in October 2016 when the reforms take effect.
According to Accenture’s recently released 2015 Global Risk Management Study, nearly 9 in 10 financial services firms plan to increase their investment in risk-management capabilities in the next two years in response to emerging risks of cyber security and fraud.
The deadline for MasterCard-issuing banks to determine whether they will accept the network’s $19 million settlement with Target related to losses from Target’s 2013 data breach is Wednesday, May 20.
ABA and other trade groups sent a letter to the committee on Friday thanking Senate Banking Committee Chairman Richard Shelby (R-Ala.) for drafting his regulatory relief proposal, describing it as an “important step toward addressing the statutory and regulatory obstacles that stymie banks and credit unions from more fully serving the diverse financial needs of American consumers.”