- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Paul Volcker, former chairman of the Federal Reserve and eponym to the controversial Volcker rule of the Dodd–Frank Act, died Sunday. He was 92.
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Recently proposed amendments to the Volcker rule designed to simplify compliance requirements were finalized this week.
The latest amendments to the Volcker rule, a regulation aimed at curbing banks from engaging in proprietary trading, seek to eliminate unnecessary complexity without thwarting the rule’s main objective.
Five federal financial regulatory agencies announced this week they have adopted a final rule to exclude community banks from the Volcker Rule.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
