FinCEN to Develop ‘No Action Letter’ Program

The Financial Crimes Enforcement Network intends to develop a program that allows it to issue “no action letters” to financial institutions that request them, agency officials said recently.

Under such a program, a financial institution may submit details of an activity for evaluation by a federal regulator. If a “no action letter” is released, the regulator states that it will not sanction the institution for the activities.

House to Vote on ‘Rent-A-Bank’ Rule Repeal

The House next week will consider a resolution that would rescind a Trump Administration rule by the Office of the Comptroller of the Currency that credit union trade groups contend allows predatory online lenders to “rent” a bank to evade consumer protection laws. “In order to rein in predatory lenders and ‘rent-a-bank’ schemes, S.J. Res. 15 would overturn a rule by the Office of the Comptroller of the Currency and allow states once again to regulate these lenders and protect consumers,” House Majority Leader Steny Hoyer (D-Md.) wrote in a letter to colleagues outlining the June House agenda. Republicans have