Latest Compliance News

Treasury Department is "particularly interested" in nominations from community banks, and nominees who can offer insights on modernizing the BSA framework and implementing the GENIUS Act, The post FinCEN seeking nominations for Bank Secrecy Act advisory group appeared first on ABA Banking Journal .

The RTP network processed 2.05 million payments earlier this month and reached a single-day value record of $8.36 billion a few days later, network operator The Clearing House said. The post RTP network surpasses 2M single-day payments appeared first on ABA Banking Journal .

Most small businesses are already using AI in some form and expect it to deliver meaningful productivity gains and lower labor costs, according to a new survey by Tri Counties Bank in Chico, California. The post Bank survey explores small business use of AI appeared first on ABA Banking Journal .

Responding to requests by ABA and other stakeholders, the Financial Accounting Standards Board approved specific projects to amend existing guidance on derivative accounting. The post FASB to consider hedge accounting in HTM securities appeared first on ABA Banking Journal .

Out of the 1,900 ATM jackpotting incidents reported since 2000, more than 700 occurred last year alone, resulting in roughly $20 million in losses, the FBI said in a new alert. The post FBI: Malware-enabled ATM jackpotting crimes on the rise appeared first on ABA Banking Journal .

Fed Gov. Christopher Waller likened the rise of AI to the advent of ATMs, which shifted “human effort” to higher-value work. But fellow Fed Gov. Lisa Cook warned of labor market “costs” tied to AI adoption.

The cross-border platform joins the influx of fintechs seeking banking licenses to issue and custody stablecoins. The OCC has conditionally approved at least seven trust bank charters since December.

It’s a $40 billion bite, with only a handful of payments players that could swallow it. But is a financial buyer more likely?

Dennis Devine, former president of consumer banking at Key and ex-CEO of Alliant Credit Union, joined Wells on Monday as the bank looks to boost business after the lifting of a seven-year asset cap.

The agency is handling a swell of new-bank applications by pulling talent from the supervision side into one- or two-year rotations in the OCC’s chartering arm, Comptroller Jonathan Gould said.

The NCUA Board (Board) is publishing this proposed rule to remove a provision of NCUA regulations regarding federal credit unions' (FCUs) statutory lien authority. The Board believes it is redundant to continue to include a definition of the term "except as otherwise provided by law or except as otherwise provided by federal law" when it is axiomatic that a law that supersedes this regulation would be controlling. The provision does not provide any assistance to FCUs in determining whether such statutory or case law exists, therefore it has no material value.

The NCUA Board (Board) is proposing to revise its regulations governing the organization and operation of federal credit unions (FCUs) by eliminating a provision related to credit union service contracts. The Board intends to reduce administrative costs and compliance complexity with this revision, enabling FCUs to serve their members more efficiently.

The NCUA Board (Board) is issuing for public comment a proposal to rescind its regulation that addresses the refund of interest to members. This regulation is redundant, as it restates the authority already granted to a federal credit union's (FCU's) board of directors by the Federal Credit Union Act (FCU Act) section 113(9).

The NCUA Board (Board) solicits public comment on a proposal to streamline its regulations governing the purchase, sale, and pledge of eligible obligations. The Board proposes to remove the prescriptive lists of items that must be addressed in the written policies adopted by a federal credit union (FCU). Although FCUs would still be required to maintain written policies, removing the mandated items will enable a more efficient and principles-based approach. The Board also proposes to remove detailed requirements regarding conflicts of interest and compensation. These regulatory provisions are unnecessary since FCUs are already governed by broader conflict of interest provisions in their bylaws and by the fiduciary duties of their officials.

The NCUA Board (Board) is issuing for public comment a proposal to amend the NCUA's regulation that limits a federally insured credit union (FICU) official and employee compensation in connection with loans to members and lines of credit to members. These regulations have generated confusion and are unduly restrictive. To provide clearer and more flexible standards, the proposed rule would expressly permit incentive and bonuses to employees, including senior management, to incorporate lending metrics as part of compensation based on a credit union's overall financial performance.

The NCUA Board (Board) solicits public comment on a proposal to eliminate the regulatory requirement that each director of a federal credit union (FCU) attain a working familiarity with finance and accounting within 6 months after election or appointment. The Board believes the regulation is unnecessarily prescriptive.