The Federal Deposit Insurance Corporation (“FDIC”) proposed in its Notice of Proposed Rulemaking (“NPR”) that insured IDIs keep records of individual accounts that are typically held in pooled custodial accounts that support...more
9/24/2024
/ Bank Secrecy Act ,
Certification Requirements ,
Comment Period ,
Compliance ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Deposit Accounts ,
Depository Institutions ,
FDIC ,
FinTech ,
Insured Depository Institutions ,
NPRM ,
Prepaid Payment Products ,
Recordkeeping Requirements ,
Sponsors
Buy Now, Pay Later (“BNPL”) payments are often presented by retailers and BNPL lenders to consumers as an alternative to traditional credit card payments. After close scrutiny of industry practices for several years, the...more
The federal consumer protection agency’s proposed rule would give consumers greater control over access to their personal financial information held by banks and credit unions. The CFPB’s stated goal is to increase...more
11/6/2023
/ APIs ,
Compliance ,
Compliance Dates ,
Consumer Financial Protection Bureau (CFPB) ,
Data-Sharing ,
Dodd-Frank ,
Financial Services Industry ,
NPRM ,
Open Banking ,
Personal Data ,
Proposed Rules ,
Regulation Z
Potentially as soon as late 2022 or early 2023, a new U.S. regulatory requirement will come into effect which will affect over 25 million existing business entities and another 3-4 million new entities each year. The...more
At the direction of the President, FinCEN is intensifying its regulation of banks and fintechs across the spectrum of the laws that it is charged with enforcing. This past June, the White House published the Memorandum on...more
7/28/2021
/ AML/CFT ,
Anti-Money Laundering ,
Biden Administration ,
Compliance ,
Cyber Crimes ,
Drug Trafficking ,
Enforcement Priorities ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Human Trafficking ,
Nuclear Weapons ,
Presidential Memorandum ,
Significant Transnational Criminal Organization ,
State Sponsors of Terrorism