The number of worldwide correspondent banking relationships continues to decline, according to new figures released today by the Basel, Switzerland-based Financial Stability Board.

The number of worldwide correspondent banking relationships continues to decline, according to new figures released yesterday by the Basel, Switzerland-based Financial Stability Board.

In response to the “derisking” trend in anti-money laundering and Bank Secrecy Act compliance, the OCC will soon issue guidance that articulates its expectations for banks to routinely evaluate risk in their foreign correspondent banking portfolios, Comptroller of the Currency Thomas Curry said today.

The Basel, Switzerland-based Financial Stability Board published a report recently outlining steps taken in response to a decline in the number of worldwide correspondent banking relationships -- a sign of “derisking” as banks respond to stepped-up regulatory focus on anti-money laundering compliance.

The American Bankers Association -- through its Corporation for American Banking subsidiary -- announced today that it has endorsed the fulfillment and correspondent lending services offered by Stearns Lending’s financial institutions group.

Institutions of all sizes play a vital role in the financial ecosystem and depend on each other to meet the needs of customers across America, J.P. Morgan Chase Chairman and CEO Jamie Dimon said in an op-ed in the Wall Street Journal today.

ABA in a comment letter yesterday to the Bank for International Settlements voiced its support for three of the four recommendations made by BIS’ report on correspondent banking to improve the cross-border payments marketplace, but said that the report ultimately failed to address the central issue of excessive regulatory burden leading to the termination of correspondent banking relationships.