Latest developments from the FDIC (Federal Deposit Insurance Corp.), insurer of deposits in banks, thrifts and other financial institutions.
An extended, 18-month on-site exam cycle will apply to certain banks having assets of less than $6 billion under an interim final rule by the three federal prudential banking regulators. The Federal Reserve Board, Federal […]
Financial institutions may use state-issued mobile driver’s licenses (mDLs) and other government-issued digital credentials for ID verification under the Bank Secrecy Act (BSA)/anti-money laundering (AML) customer ID program (CIP) rule, federal regulators said Tuesday. Treasury’s […]
Of the 37 banks that received evaluation ratings under the anti-redlining Community Reinvestment Act (CRA) in June, two were rated “needs to improve” and two were deemed “outstanding,” their federal regulator said. The Federal Deposit […]
Authority to review some banks’ annual financial disclosures should be reassessed, perhaps shifted to the federal agency that oversees security markets, the congressional watchdog recommended in a report issued Thursday. The security market oversight agency, […]
Banks and credit unions are not barred from sharing information contained on anti-money laundering reports about potentially fraudulent or other suspicious transactions with other financial institutions or customers if the existence of the report is […]
An interim final rule in effect now and out for comment until Oct. 1 qualifies more institutions to use a limited exemption – now also expanded – that permits excepting a portion of reciprocal deposits […]
Updated for Federal Register notice, effective date. A uniform definition for the term “unsafe or unsound practice” for use in enforcement actions that is designed, banking regulators said, to ensure examiners prioritize concerns related to […]
A former chief financial officer of Bank of the Valley, Bellwood, Neb., is prohibited from any future work in federally insured financial institutions under a consent order issued in July and announced Friday by the […]
Five chapters were revised – and a template removed –from the federal bank deposit insurance agency’s consumer compliance exam manual, the agency said Friday, in a response to a new rule on unsafe, unsound practices. […]
Recission of a four-year-old policy aimed at helping creditors expand responsible credit access to economically or socially disadvantaged consumers and commercial enterprises was announced Tuesday by federal banking and credit union agencies, along with other […]
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