Browsing: Derisking


Sens. Ted Cruz (R-Texas) and Mike Lee (R-Utah) yesterday introduced an ABA-supported bill intended to rein in the Justice Department’s Operation Choke Point, which sought to curtail disfavored businesses by working through regulators to pressure financial institutions to end customer relationships with these businesses.


In a comment letter to the New York State Department of Financial Services, the American Bankers Association urged the agency to withdraw a proposed anti-money laundering regulation that would apply to all financial institutions chartered in the state.


The OCC is taking a closer look at how banks make decisions to terminate business or correspondent relationships to avoid regulatory scrutiny—a process known as “de-risking”—and could issue guidance in the future based on its findings, Comptroller of the Currency Thomas Curry said today.