BSA/AML rules, reporting by MSBs, non-bank mortgage lenders up for renewal

July 18, 2018 Other 0

The Treasury Financial Crimes Enforcement Network (FinCEN) has four proposals out on the renewal of Bank Secrecy Act/anti-money laundering (BSA/AML) program requirements for insurance companies and non-bank residential mortgage lenders and originators; suspicious activity reporting requirements for money services businesses (MSBs) and non-bank residential mortgage lenders and originators; and registration of MSBs using FinCEN Form 107.

Each of the proposed renewals, making no changes to current requirements, is out for a 60-day comment period that begins the date of their publication in the Federal Register, slated July 19.

Renewal without Change of Anti-Money Laundering Programs for Insurance Companies and Non-Bank Residential Mortgage Lenders and Originators

Renewal without Change of Bank Secrecy Act Regulations Requiring Money Services Businesses to Report Suspicious Activity

Renewal without Change of Bank Secrecy Act Suspicious Activity Reporting Non-Bank Requirement for Residential Mortgage Lenders and Originators

Renewal Without Change of the Registration of Money Services Business, Regulation and FinCEN Form 107

WA bank fined $500k over FTC Act, RESPA violations

April 26, 2024 0

A bank that the federal bank deposit insurer said violated Federal Trade Commission (FTC) Act and Real Estate Settlement Procedures Act (RESPA) rules was assessed a $500,000 civil money penalty (CMP) in March, the Federal Deposit Insurance Corp. (FDIC) said [...]
Five new members of community banking advisory panel named; will join May 2 meeting

April 26, 2024 0

Five new members of the community banking advisory committee to the federal bank deposit insurance agency were named Friday by the organization, which also said the group will attend its first meeting May 2. The Federal Deposit Insurance Corp. (FDIC) [...]
Competing proposals to change rules on Bank Control Act withdrawn after neither can win majority of FDIC Board votes

April 25, 2024 0

Neither of two competing proposals for changes to the federal bank deposit insurer’s rules implementing the Bank Control Act (BCA) were adopted Thursday by the agency’s board after sponsors of the two proposals withdrew them, largely after it became apparent [...]
FDIC: Deposit Insurance Fund on track to reach statutory minimum before deadline

April 25, 2024 0

The federal bank deposit insurer’s Deposit Insurance Fund (DIF) reserve ratio grew from 1.11% June 2023 to 1.15% in December and remains on track to return to its statutory minimum of 1.35% before its statutory deadline of Sept. 30, 2028, [...]
CFPB’s consumer panel to meet May 15

April 25, 2024 0

A public meeting of the Consumer Advisory Board (CAB) of the federal consumer financial protection agency is slated for May 15 from 10:30 a.m. to 1 p.m. Eastern. CAB is charged with advising and consulting with the Consumer Financial Protection [...]

Related