#BSA – Page 2 – Federal Financial Analytics

26 01, 2022

Daily012622

Eliza Allen2023-04-12T13:55:15-04:00January 26th, 2022|2- Daily Briefing|

CFPB As Good as Its word on Campaign vs. “Junk” Fees
Today, the CFPB acted on its promise to the President to counter “junk fees,” announcing a new request for public input on “inflated and back-end” fees which Director Chopra says allow banks and other financial institutions to exploit average Americans.

In Side Note, Powell Backs SEC MMF Reforms
Although his press conference today almost entirely focused on monetary policy, FRB Chair Powell was also asked about asset price stability. He continues to stand by the Fed’s financial stability report (see Client Report SYSTEMIC92) suggesting risk, while elevated, is within acceptable bounds.

Partisan Battle Over Crypto Emerges on China Competition Bill
House Democrats’ America COMPETES Act introduced yesterday includes several provisions of note addressing financial-stability risks seeming to emanate from China.

Daily012622.pdf…

6 01, 2022

AML135

Arezou Rafikian2023-04-25T15:44:59-04:00January 6th, 2022|1- Financial Services Management|

AML/CFT Regulatory Reform

As the banking industry has long hoped and Congress last year directed, FinCEN is beginning to develop a new policy framework prioritizing ways to make anti-money laundering (AML) and countering the financing of terrorism (CFT) regulation more risk-based. FinCEN is taking the opportunity of its request for information (RFI) also to seek views on ways to modernize AML/CFT standards, make them more efficient, ensure adherence to global protocols, and toughen rules where necessary to protect national security. Last year’s law required Treasury to enhance law enforcement and submit a report on AML/CFT reform by January of 2022.

AML135.pdf…

6 01, 2022

Analysis of AML/CFT Regulatory Reform

Arezou Rafikian2023-04-25T15:45:12-04:00January 6th, 2022|The Vault|

As the banking industry has long hoped and Congress last year directed,1 FinCEN is beginning to develop a new policy framework prioritizing ways to make anti-money laundering (AML) and countering the financing of terrorism (CFT) regulation more risk-based. FinCEN is taking the opportunity of its request for information (RFI) also to seek views on ways to modernize AML/CFT standards, make them more efficient, ensure adherence to global protocols, and toughen rules where necessary to protect national security. Last year’s law required Treasury to enhance law enforcement and submit a report on AML/CFT….

The full report is available to retainer clients. To find out how you can sign up for the service, click here.…

1 12, 2021

Daily120121

Arezou Rafikian2023-05-23T14:07:25-04:00December 1st, 2021|2- Daily Briefing|

FRB-NY Staff Assess CBDC Mission Impact
With Chairman Powell yesterday reiterating that the Fed will soon seek views on CBDC (see Client Report FEDERALRESERVE64), the New York Fed’s blog post today is a timely assessment of whether central-bank digital currency advances core central-bank missions.

CFPB Launches Anti-Overdraft, Pro-Portability Campaign
In concert with a new CFPB report, CFPB Director Chopra today announced that the Bureau will soon limit overdraft and NSF fees and undertake an array of other reforms to retail banking.

FFIEC Tackles New AML Priorities
Rec The FFIEC today released a significant rewrite of their BSA/AML examination manual, stressing not only an array of new priorities, but also recognition that current standards have unintentionally but often decisively encouraged derisking.

Daily120121.pdf…

19 10, 2021

SANCTION15

Arezou Rafikian2023-06-07T15:42:04-04:00October 19th, 2021|5- Client Report|

Banking Dems, GOP Demand More, Tougher Sanctions

Today’s Senate Banking hearing with Treasury Deputy Secretary Wally Adeyemo showed bipartisan concern that the Administration is failing to implement sanctions required by law, especially when it comes to China, North Korea, and Russia. Senators also stated that they will not tolerate what they call continued defiance of Congressional mandates without making clear what they intend to do to enforce their will should Treasury fail to act.

SANCTION15.pdf…

19 10, 2021

FedFin on: Banking Dems, GOP Demand More, Tougher Sanctions

Arezou Rafikian2023-06-07T15:42:15-04:00October 19th, 2021|The Vault|

Today’s Senate Banking hearing with Treasury Deputy Secretary Wally Adeyemo showed bipartisan concern that the Administration is failing to implement sanctions required by law, especially when it comes to China, North Korea, and Russia. Senators also stated that they will not tolerate what they call continued defiance of Congressional mandates without making clear what they intend to do to enforce their will should Treasury fail to act.

The full report is available to retainer clients. To find out how you can sign up for the service, click here.…

15 10, 2021

Daily101521

Arezou Rafikian2023-06-07T16:12:11-04:00October 15th, 2021|2- Daily Briefing|

White House climate Roadmap Revisits Past Destinations
Pursuant to President Biden’s Executive Order on climate financial risk (see FSM Report GREEN8), the White House today issued its roadmap to build a climate-resilient economy ahead of the Glasgow summit.

OCC Adds Climate-Risk, Fintech, Crypto to Supervisory Priorities
The OCC today released its bank supervision operating plan for FY22 incorporating several Biden Administration priorities with significant strategic impact for federally-chartered institutions.

Daily101521.pdf…