Category: Regulators
FinCEN seeks comments on amendments to Bank Secrecy Act
The Financial Crimes Enforcement Network is seeking comment on proposed regulatory amendments under the Bank Secrecy Act, aimed at helping financial institutions use resources more efficiently.
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Over $1 billion in fraudulent unemployment insurance claims prevented since pandemic began, DFS says
DFS announced on Thursday that it has thwarted more than $1 billion in fraudulent unemployment insurance claims during the coronavirus pandemic, identifying and stopping more than 42,200 fraudulent unemployment benefit claims since mid-March.
Guidance on CFPB’s payday rule outlined in NCUA letter to credit unions
The NCUA on Thursday issued guidance to credit unions regarding the CFPB’s July 22 changes to parts of its Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule.
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Financial regulators issue statement on managing the LIBOR transition
The members of the Federal Financial Institutions Examination Council, which includes the NCUA, yesterday highlighted the risks that will result from the transition away from the London Inter-bank Offered Rate, or LIBOR. The regulators encouraged supervised institutions to continue their efforts to transition to alternative reference rates in order to mitigate financial, legal, operational and consumer protection risks.
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