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OCC overhauls community, midsize bank supervision

The agency will create a deputy comptroller position responsible for “novel” banking providers, redraw its territories and more closely align its examiner staffs for small and medium-size banks.

United statesDavis polkDaniel stipanoResources examiner developmentOffice of the comptrollerExaminer developmentRegulation and complianceAb policy amp regulation

Banks back plan to share SARs with foreign units For now

A proposal by the Financial Crimes Enforcement Network would create a pilot program allowing banks to do something they've long wanted: share suspicious activity reports with their own units in other countries. But many banks may take a pass if the agency doesn't ease the compliance requirements, experts say.

United statesCovington burlingNikhil goreHimamauli dasBriget policheneDavis polkDaniel stipanoInstitute of international bankersBank secrecyInstitute of international bankers weBank policy instituteOffice of the comptrollerFinancial crimes enforcement networkAmerican bankers associationAnti money laundering actInternational bankers

Banks Brace for Tougher Rules Under Biden on Consumer Protection, Fair Lending

Banks Brace for Tougher Rules Under Biden on Consumer Protection, Fair Lending © Ting Shen/Bloomberg News WASHINGTON After the 2008 financial crisis, regulatory reform efforts sought to make the system safer. This time, the goal will be to make it fairer. In keeping with President Biden’s focus on helping minorities and people with low and moderate incomes groups hit hardest by the coronavirus-induced downturn financial regulators are expected to emphasize racial equity as they focus on consumer protection and expanding access to financial services. That would mark a departure from the last time Democrats controlled the White House and Congress at the start of the Obama administration. Early efforts then centered on fighting the crisis, followed by a push to ensure that it would never happen again with the Dodd-Frank Act of 2010, the most sweeping financial legislation in a generation.

United statesWhite houseDistrict of columbiaJanet yellenKaren petrouMike calhounRichard huntDaniel stipanoRohit chopraAndrew ackermanOrla mccaffreyMichael barrCommunity reinvestmentFacebook incAmerica corpConsumer financial protection bureau

US to shift burden from banks in overhaul of money laundering laws

US to shift burden from banks in overhaul of money laundering laws
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