4 04, 2023


2023-04-04T16:59:13-04:00April 4th, 2023|2- Daily Briefing|

House Republicans Launch Attack On New Small-Business Reporting Rule

House Republicans including Reps. Williams (R-TX), Barr (R-KY), and Ogles (R-TN) today introduced a resolution to overturn the CFPB’s small business data collection final rule via the Congressional Review Act.

Bipartisan Leaders Demand End to AML “Escape Hatch”

Accelerating the odds for a significant FinCEN rewrite, HFSC Chairman McHenry (R-NC), Senate Banking Chairman Brown (D-OH), Ranking Member Waters (D-CA) and a group of bipartisan lawmakers today sent a letter to Secretary Yellen and FinCEN Acting Director Das emphatically stating that FinCEN’s latest beneficial ownership proposal undermines the intent of the Corporate Transparency Act (see FSM Report AML133) by allowing an “escape hatch” through which firms can continue to do business with a customer even if they are unable to collect beneficial-ownership information.

IMF Says NBFIs Should Have Central-Bank Backing

The IMF’s financial-stability report includes a new chapter on NBFIs.  Largely echoing all the concerns and policy recommendations in continuing FSB calls for NBFI standards, the Fund goes on to advocate also for NBFI access to central-bank backstops.

Global Regulators Like Look Of Systemic Insurance Standards, U.S. Implementation

IAIS today published a report assessing the implementation of its holistic supervisory framework across national jurisdictions, concluding that results demonstrate a “very positive outcome.”  This is reflected in strong implementation of the holistic framework standards and good levels of observance across many of the standards, including by U.S. states.


28 04, 2022


2023-03-01T14:51:33-05:00April 28th, 2022|2- Daily Briefing|

FinCEN Head Pleads for Funding to Advance Rulemaking, Sanctions

Acting Director of FinCEN Himamauli Das testified at a poorly attended HFSC hearing today, calling for more funding to handle not only the challenges created by the invasion of Ukraine, but also the many standards required by the 2021 AML Act (see FSM Report AML133).  Under questioning, Mr. Das agreed that the agency is falling behind on the beneficial ownership rules, promising to do better as quickly as resources will allow.

Fraudulent-Authorization Payment Bill Advances

At today’s HFSC’s Task Force on Financial Technology hearing, Chair Lynch (D-MA) advanced draft legislation stipulating bank accountability for fraudulent authorizations under the Electronic Funds Transfer Act. This measure builds on complaints voiced earlier this week detailed by Sens. Warren (D-MA) and Menendez (D-NJ) attacking Zelle, with Rep. Lynch saying that protecting consumers is an immediate priority.


18 01, 2022


2023-04-24T13:38:11-04:00January 18th, 2022|2- Daily Briefing|

FinCEN Takes Cautious Steps to AML Innovation
In remarks just released today, Acting FinCEN Director Him Das largely revisited recent FinCEN actions in response to Congressional requirements.

Brown Lays Out Fed Confirmation Plan
Senate Banking Chairman Brown (D-OH) today told press that he will accelerate hearings on Fed-nominees Bloom Raskin, Cook, and Jefferson as well as seek floor time in early February. He did not make it clear if he hopes to package all these nominations with Mr. Powell’s in hopes that this will provide additional votes, but Senate procedure requires votes on each nomination even if all are taken up together.

DOJ/FTC Propose Structural Antitrust Rewrite
Although the Department of Justice already has opened the door for public comment on bank mergers (see FSM Report MERGER10), it and the Federal Trade Commission today sought comment on the entire U.S. antitrust construct.


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