FedFin Assessment: BuzzFeed Impact on AML Policy Risk
We have completed our initial assessment of the policy fallout from the BuzzFeed article yesterday sharply criticizing large-bank compliance with U.S. AML requirements with specific attention to SAR filings.

Automated PPP Forgiveness Gets Boost from GAO Report
A massive GAO report today on efforts across the entire Federal government to combat COVID identifies several challenges to PPP forgiveness, strengthening efforts in Congress to automate forgiveness for loans below a certain threshold (see Client Report SBA39).

OCC Opens Vaults to Stable coin Backstops
Continuing plans to make regulatory policy by interpretive letter, the OCC today allowed national banks and federal thrifts to hold what are called “reserves” associated with stablecoins.

Comment Deadline on Seasoned QM Proposal Extended
The CFPB is extending by three days the comment period on its seasoned QM NPR to accommodate the Jewish holiday of Yom Kippur.