FinCEN has issued a reminder to financial institutions and their customers that its new customer due diligence requirements took effect on May 11. The agency also clarified its exemptive relief for certain insurance arrangements.
Joe Mont
Posted inUncategorized
Date set for demise of net neutrality: June 11
FCC Chairman Ajit Pai announced on Thursday that the his Commission’s Restoring Internet Freedom Order will take effect on June 11, officially ending “net nutrality.”
Posted inUncategorized
Trump lawyer’s woes provide lesson for compliance officers
New accusations against one of President Trump’s lawyers should prompt savvy compliance and risk officers to pursue a reinvigorated strategy for Bank Secrecy Act procedures and anti-corruption efforts.
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Treasury looks to bring CRA into the future of modern banking
Enacted in 1977, the Community Reinvestment Act has helped ensure fair lending practices in low-income communities. Now, with mobile banking and FinTech revolutions, some say the law needs to be modernized.
Posted inRisk Management
Bob Bowman: The quality king
For the director of risk management for one of the largest restaurant chains in the country, the recipe for success starts with “doing the right thing.”
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Trump’s picks for SEC slowly set their agenda
SEC Chairman Jay Clayton and relatively new Commissioners Robert Jackson and Hester Peirce are starting to pick their battles and set priorities.
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Senate Democrats flag concerns with merger of T-Mobile and Sprint
Senate Democrats are urging the FCC and Department of Justice to closely consider whether T-Mobile’s planned acquisition of Sprint will hurt competition and harm consumers.
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Labor Dept. maintains scaled-back enforcement while fiduciary rule in limbo
Despite being on the losing end of a legal challenge and amid a presidentially demanded review, the Department of Labor says it will extend temporary enforcement policies related to its fiduciary rule for retirement-focused investing advice.
Posted inUncategorized
Commissioner Piwowar will depart SEC this summer
On May 7, in a letter to President Trump, SEC Commissioner Michael Piwowar announced plans to depart the post he has held since 2013. He intends to resign on June 7, or upon the swearing in of his successor.
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FDA rule for mandatory nutrition labels goes into effect
The Food and Drug Administration has chosen not to block or further delay the May 7 compliance date for requirements that restaurants, supermarkets, convenience stores, and movie theaters list calorie information on all menus and menu boards.