NBA Opposes Proposed Board Governance Rule
The NBA recently sent a letter raising concerns about a Federal Deposit Insurance Corporation (FDIC) proposal to establish new governance and risk management guidelines for banks over $10 billion in assets. The NBA said the FDIC has provided "little to no justification" for the guidelines and noted the "existing regulatory authority of the FDIC is adequate to achieve its stated policy objectives and to guard against potential bank failures." The NBA also joined the American Bankers Association and 51 other state bankers associations in a similar letter. The proposal has also drawn opposition from the Conference of State Banking Supervisors (CSBS) who said the proposal would "create confusing and conflicting mandates at the federal and state level."
NBA Letter
State Association Letter
CSBS Letter
FinCEN Reports Surge in BSA Filings on Virtual Currency in Online Child Exploitation Cases
The Financial Crimes Enforcement Network (FinCEN) has reported a rise in Bank Secrecy Act (BSA) filings related to the use of convertible virtual currency in cases of online child sexual exploitation and human trafficking. The analysis also outlined four typologies detailing common trends observed in BSA reports linked to child exploitation and human trafficking.
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FFIEC Releases Examination Principles on Bias in Residential Lending
The Federal Financial Institutions Examination Council (FFIEC) has introduced a set of principles aimed at providing guidance to banking regulators in their oversight of discrimination in residential property appraisals and evaluations during examinations of supervised institutions. These guidelines are designed to ensure that regulatory compliance and risk management practices are well-suited to identify and address bias in the valuation of residential properties.
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