Podcast: Legalized Cannabis and Considerations for Bankers
As more and more states legalize the use and sale of marijuana, more and more banks are finding themselves caught between the pincer of local needs and federal law.
Browsing: Bank Secrecy Act
Bonus Podcast: Partnerships to Protect Bank Customers from Elder Abuse
To mark Elder Abuse Awareness Month in June, a bonus episode of the ABA Banking Journal Podcast explores how banks can successfully partner with law enforcement, Adult Protective Services agencies and other community partners to protect their senior citizen customers from elder financial abuse.
Banks and the Cannabis Conundrum
The gray area of marijuana-related businesses makes it a difficult judgment call for banks—regardless of their policies on cannabis customers.
Colorado’s Perspective on the Cannabis Conundrum
CBA helping bankers understand this issue, whether they want to serve marijuana businesses or desire to keep cannabis funds out of the bank.
Reps. Pearce, Luetkemeyer Introduce ABA-Backed BSA Reform Bill
Reps. Steve Pearce (R-N.M.) and Blaine Luetkemeyer (R-Mo.) yesterday introduced an ABA-supported bill that would update several elements of the Bank Secrecy Act and other anti-money laundering laws and regulations.
Otting: OCC Working on Interagency Consensus on CRA Reform Plans
The OCC is hoping to issue a long-awaited advance notice of proposed rulemaking on the Community Reinvestment Act in the coming weeks, Comptroller of the Currency Joseph Otting said today, and it has been waiting in order to build consensus with other banking agencies.
FinCEN Issues Advisory on Corrupt Foreign Political Figures
The Financial Crimes Enforcement Network today issued an advisory to U.S. financial institutions highlighting the connection between corrupt senior foreign political figures, their enabling of human rights abuses and their illicit use of the U.S. financial system.
OCC Flags Rising Interest Rates as Key Bank Risk
Uncertainty around how bank deposits will react to a rising interest rate environment was among several key risk themes identified by the OCC in its Semiannual Risk Perspective report released today.
FinCEN Temporarily Suspends Beneficial Ownership Requirements for Automatic Renewal Products
Responding to concerns raised by ABA and others in the banking industry, the Financial Crimes Enforcement Network announced today that it is temporarily suspending the application of the beneficial ownership requirements for certificate of deposit rollovers and loan renewals.
Agencies Release Exam Procedures for Beneficial Ownership Rule
As the Financial Crimes Enforcement Network’s customer due diligence rule — which includes a new requirement to verify “beneficial owners” of legal entity customers — takes effect today, the federal banking agencies issued new exam procedures for the rule.