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6 12, 2022

DAILY120622

2022-12-06T16:40:03-05:00December 6th, 2022|2- Daily Briefing|

FSB Again Ratifies Focus on Crypto, Climate, Macro Risks

Following its meeting today, the FSB Plenary announced 2023 priorities to be finalized in January.  Focus will center on heightened monitoring of financial stability risks, enhanced NBFI and CCP resilience, work on the global crypto regulatory framework, cross-border payments reform, cyber and operational resilience, and financial risks from climate change.

FinCEN Targets De-Risking Compliance

Pointing to possible enforcement actions, Treasury Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg today noted FinCEN concerns with the extent to which institutions apply a rules-based approach to de-risking rather than a risk-based one, leaving it vulnerable to fast-changing risks and without access to valuable suspicious activity information.

Warren, GOP Senators Put Silvergate On FTX Hotseat

Reflecting at least some bipartisan agreement on the need for new crypto standards, Sens. Warren (D-MA), Kennedy (R-LA), and Marshall (R-KS) late yesterday sent a letter to the CEO of Silvergate Bank demanding detailed information regarding its relationship with FTX and FTX affiliates.

GOP Threatens Woke Asset Managers With BHC Designation

The Senate Banking GOP report today on ESG asset management contains an interesting aside about the extent to which passive ownership of banking organizations could make the three largest asset managers de facto BHCs.

Brown Fires First Shot in 2023 ILC Wars

Putting down a market for the next Congress, Senate Banking Chairman Brown and two Democratic colleagues today introduced their bill end bar ILC charters for nonbank parents.

Daily120622.pdf

26 08, 2022

DAILY082622

2023-01-04T10:29:58-05:00August 26th, 2022|2- Daily Briefing|

GAO Presses for Better Data on SAR Value Add

Reflecting longstanding industry hopes for analysis of the actual law-enforcement value of complex and costly SAR findings, GAO yesterday issued recommendations to the DoJ that it improve its BSA data-collection and annual reports.  GAO also concludes that FinCEN is limited in its ability to support law enforcement and provide feedback to financial institutions due to the DoJ failing to collect and share BSA report data.

SEC Expands Whistleblower Awards to Actions Brought by Banking Agencies

The SEC today announced new whistleblower incentives that may encourage whistleblowing also on offenses subject to banking-agency enforcement.  The SEC’s amended rule allows the Commission to pay awards to whistleblower actions brought by appropriate agencies other than the Commission, which are defined not only as the U.S. Department of Justice and state AGs, but also as the OCC, the Fed, and the FDIC.

Daily082622.pdf

10 06, 2022

DAILY061022

2023-01-27T15:45:24-05:00June 10th, 2022|2- Daily Briefing|

Treasury Emphasizes Crypto BSA Compliance

Treasury Deputy Secretary Wally Adeyemo today outlined his agency’s digital-asset priorities not only in adherence to the President’s executive order (see Client Report CRYPTO26), but also recent developments.  Treasury’s top priority is ensuring BSA compliance in this sector, followed by addressing illicit-finance risk posed by unhosted wallets.

HFSC to Advance Overdraft, ILC Legislation

The schedule for Tuesday’s HFSC mark-up includes a revised version of H.R. 4277, long-pending Maloney (D-CA) legislation to restrict overdrafts (see FSM Report OVERDRAFT4).  The Democratic memo acknowledges that many banks have reformed or eliminated overdraft and related fees, but says some continue to charge pernicious fees and others could resume this practice without new law.

GAO Recommends Fed Improve Alternative-Data Use, Stress Testing

The GAO today issued several recommendations to the Fed on alternative data use and improving stress testing.  The alternative data recommendations reiterate a prior call to the FDIC related to working with fintechs and vendors, calling for the Fed in coordination with other banking regulators and the CFPB to provide clear written guidance to banks who engage with third-party fintech lenders on the appropriate use of alternative underwriting data.

Daily061022.pdf

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