The Financial Crimes Information Network (FinCEN) has released a final rule requiring banks and credit unions that are not regulated by the federal government to comply with Anti-Money Laundering regulations. “Banks without a Federal functional regulator are at least as vulnerable to the risks of money laundering and terrorist financing as banks with one,” FinCEN said, in releasing the rule. The network, a division of the Treasury Department, added, “FinCEN expects that uniform regulatory requirements for all banks will reduce the opportunity for criminals to seek out and exploit banks subject to less rigorous AML requirements.” Those regulations include obtaining
As if Congress does not have enough on its plate, the National Flood Insurance Program is set to expire once again on Sept. 30.
The expiration threat is nothing new for the NFIP. Since the end of FY17, the program has operated under 15 short-term extensions. Continuing Resolutions keeping the government funded often also contain an NFIP extension.
The Democratic staff of the House Coronavirus Crisis Subcommittee issued a report on the Paycheck Protection Program. The report says the PPP has been plagued by waste and fraud and that both lenders and a lack of oversight from the Small Business Administration and the Treasury Department are to blame.
Many credit unions will not implement the recent Executive Order giving employees a deferral of their payroll taxes, the National Association of Federally-Insured Credit Unions and many other groups warned Tuesday.
The Senate late last week passed legislation that would protect federal pandemic economic stimulus payments to individuals from garnishment—an issue that may gain importance now that Congress is considering another round of payments.
Small Business Administrator Jovita Carranza Friday blamed lenders for information that Paycheck Protection Program borrowers contend is inaccurate.
A broad coalition of financial services trade groups, including the Credit Union National Association and the National Association of Federally-Insured Credit Unions, is urging the Senate to include bipartisan Anti-Money Laundering and Bank Secrecy Act legislation in the massive defense authorization bill the Senate will continue debating next week.
Senate Banking Chairman Mike Crapo (R-Id.) and the panel’s ranking Democrat, Sherrod Brown of Ohio, along with several other committee members, have offered an amendment to the defense authorization bill that would update AML/BSA rules.
The Trump Administration’s poor oversight of the Paycheck Protection Program has placed billions of dollars at risk, left lenders confounded and invited fraud, the Government Accountability Office said Thursday.
The specific information that the Small Business Administration will disclose for the Paycheck Protection Program loans will not include the name of the lenders making the loan.
The Trump Administration is violating federal law by refusing to provide the Government Accountability Office with information concerning the Coronavirus Aid, Relief, and Economic Security (CARES) Act, five House committee chairs charged Wednesday.