While the Financial Crimes Enforcement Network’s effort to calculate and evaluate the burden of filing Suspicious Activity Reports is a good first step, FinCEN needs to do more to fully grasp the costs and benefits of SAR filing, ABA said in a comment letter today.
Browsing: Regulatory burden
Under a new pilot program launched by the Consumer Financial Protection Bureau today, entities seeking to comply with existing regulations may request an advisory opinion from the bureau to address areas of uncertainty.
As part of its efforts to prevent consumer harm, the Consumer Financial Protection Bureau today announced that it will issue advisory opinions to help companies understand legal and regulatory obligations.
The FDIC “does not currently have a consistent process in place” for conducting cost-benefit analyses to determine the effects of regulations, nor does it have established criteria for which rules are “significant” enough to warrant such an analysis, according to a report by the agency’s Office of the Inspector General today.
With $1.57 billion in assets, HAB Bank isn’t big — but it’s a community bank with global reach. The New York-based institution provides correspondent banking services for 140 banks in 20 countries, primarily in South Asia and East Asia. Saleem Iqbal discusses how HAB Bank competes in this global marketplace.
Taking note of the inherent tension in bank supervision between the need for confidentiality and tailoring on one hand and accountability and predictability on the other, Federal Reserve Vice Chairman for Supervision Randal Quarles today elaborated on his plans to revamp how the Fed supervises banks.
As part of its efforts to facilitate community bank innovation, the Federal Reserve may provide banks with information about core processors and other critical third-party vendors that the banking agencies supervise directly, Fed Governor Michelle Bowman said today at ABA’s Conference for Community Bankers in Orlando, Florida.
The federal banking agencies today issued a joint proposal to amend the “covered funds” regulatory provisions of the Volcker Rule, which places significant restrictions on financial institutions’ ability to have certain interests in, or relationships with, hedge funds and private equity funds. T
In a comment letter to the FDIC today, the American Bankers Association outlined five general principles that the agency should follow to increase the transparency of its rulemaking process.