- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-04-29T20:05:00
A notice of proposed rulemaking to modify the Federal Deposit Insurance Corporation’s (FDIC) Change in Bank Control Act (CBCA) was withdrawn after receiving mixed reviews among the agency’s board of directors.
The draft proposal, put forward Thursday by Rohit Chopra, director of the Consumer Financial Protection Bureau, would have restored the FDIC’s role in reviewing certain changes in control by removing a notification exemption in the current rule when the Federal Reserve Board reviews a notice under the CBCA. It would have been open to comment and sought feedback on other issue areas related to the rule.
But the proposal did not advance, after receiving criticism from FDIC Board Vice Chairman Travis Hill and Michael Hsu, the acting head of the Treasury Department’s Office of the Comptroller of the Currency. FDIC Chairman Martin Gruenberg supported the rule change.
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Federal regulators adopted a notice of proposed rulemaking on incentive-based compensation requiring large banks to make their executive compensation arrangements “more sensitive to risk.”
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency combined to provide guidance on third-party risk management focused on the unique risks faced by community banks in their third-party relationships.
The Federal Deposit Insurance Corporation proposed to strengthen its approach to evaluating bank mergers under the Bank Merger Act, particularly how it would address factors like competition, financial resources, the convenience and needs of communities, financial stability, and money laundering.
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.
