U.S. Merger Construct Clarity Delayed
Bureau Casts Wide, Sharp Net for Consumer-Finance Discrimination
Warren Demands Still More Antitrust Reform
Building on her campaigns against bank mergers (see FSM Report MERGER8) and more recent, broader competition concerns, Sen. Warren (D-MA) and Rep. Jones (D-NY) have introduced legislation barring large mergers in any sector and allowing the Department of Justice or FTC to break up companies without necessary resort to court order.
OCC Opens Window to AML Regtech
The OCC has finalized a rule based on its proposal allowing exemptions to SAR filing requirements for national banks and federal thrifts whose AML-compliance programs satisfy a set of criteria designed to spur regtech without undermining compliance. The final rule clarifies a critical question by making it clear that the OCC can only grant an exemption if FinCEN concurs.
Fed-Nominee Voting Advances
Due to the Fed’s monetary-policy shift, today’s press conference after the FOMC meeting provided few insights into regulatory policy. Chairman Powell reiterated that he would like a full Board complement but the System is functioning fine without one.