The October 2023 revisions to the Community Reinvestment Act of 1977 (CRA) amend the CRA performance evaluation framework for assessing banks and updates the federal banking agencies’ consideration criteria. CRA was implemented to ensure that banking institutions...
Agency examinations are a fundamental part of supervising financial institutions and their third-party service providers. Instituted by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), the Consumer Financial Protection Bureau...
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently released a Notice of Proposed Rulemaking (NPRM) calling for new reporting and recordkeeping requirements on convertible virtual currency (CVC) mixing transactions...
The compliance reporting date for businesses to begin reporting their beneficial owners’ information is quickly approaching. The Corporate Transparency Act (CTA) requires beneficial ownership information reporting to begin on January 1, 2024. Recent amendments...
Money service businesses (MSBs) are considered money transmitters under U.S. federal and state laws and regulations. The U.S. Financial Crimes Enforcement Network (FinCEN) requires that MSBs develop, implement, and maintain a risk-based anti-money laundering (AML...
Despite best efforts to clarify the intent and meaning of a particular law, regulation, or policy, it may be appropriate to contact regulatory agencies for a written interpretation, rather than risk engaging in a prohibited action. An advisory opinion is a non...
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury, is committed to helping financial institutions enhance efforts to detect, prevent, and report actual or suspected illicit fraudulent activity. The risk of fraud occurring...
Federal and state regulatory agencies are focused on the actions of financial institutions and financial technology companies (fintech), with an emphasis on data privacy. Existing laws and regulations generally require institutions to have reasonably designed policies...
Consumer mortgage protections are aimed at preventing exploitative fees charged by financial institutions. Companies are required to disclose all fees associated with consumer mortgages and reflect the true costs of their products or services in advertisements...
Institutions often seek non-public information from governmental agencies. Review this practice note, from Christine N. Walz, Cynthia A. Gierhart, and Sara Benson of Holland and Knight LLP, to learn about current requirements governing public access to certain...
The Fair Credit Reporting Act (FCRA) regulates how institutions may collect and use consumer information provided by third-party consumer reporting agencies. Institutions must establish and implement a compliance monitoring program to regularly review, assess,...
Cryptocurrency lawsuits in the United States continue to soar in 2023, with allegations of fraud, deceptive practices, violations of the Securities Act, breach of contract / fiduciary duty, and bankruptcy being most prevalent. At the same time, federal and state...
Countering the financing of terrorism is a top priority of the U.S. government. Financial institutions are obliged to identify terrorists and terrorist organizations included on sanctions lists and report potential violations of law in terrorist financing transactions...
Federal and state regulatory agencies are focused on partnerships between financial institutions and financial technology (fintech) companies, with an emphasis on information security and data privacy. Existing laws require institutions to have reasonably designed...