Bank Regulation

Changes are coming to the suspension and debarment practices of the Small Business Administration (SBA), and contractors should ready themselves for an uptick in suspension and debarment activity as a result.  That’s the takeaway from a new audit report released last week by the SBA’s Office of the Inspector General (OIG) criticizing aspects of the

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On May 9, 2019, the House Financial Services Committee (“HFSC”) unanimously approved an amendment in the nature of a substitute to H.R. 2514, the Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act (the “COUNTER Act” or the “Act”).  The COUNTER Act, introduced by Representative Emanuel Cleaver (D-MO) would be the first major reform of the Bank Secrecy Act, 31 U.S.C. §§ 5311 et seq. (“BSA”) and related anti-money laundering (“AML”) regulations since 2001.  The COUNTER Act will now move to the House floor for debate.  The HFSC postponed a vote on a related bill that is aimed at combating illicit financial activity in anonymous shell companies and that would require most corporations and limited liability companies to disclose beneficial ownership information at the time of incorporation.
Continue Reading House Financial Services Committee Passes BSA/AML Overhaul Legislation

FEC audit reports often address obscure topics, but today one touched on an important issue for banks.  At an open meeting, a majority of FEC Commissioners would not support a staff recommendation that a bank violated the campaign finance laws when it made a loan based on collateral that was commercially reasonable under the banking…

Bank-fintech partnerships are good for consumers and banks, as I recently explained in testimony to Congress during a hearing on the opportunities and challenges in the fintech marketplace.

Consumers benefit because banks are able to use fintech to deliver safer, more transparent, lower cost and more convenient financial products and services to consumers over the…

The G20 Finance Ministers and Central Bank Governors met last weekend in DC during World Bank/IMF meetings to discuss global economic conditions.  OECD Secretary General Gurria and UN Secretary General Ban Ki Moon also attended as did IMF Managing Director LaGarde and World Bank President Kim.

The US came in for heavy criticism for failing…

The recently completed annual BRICS (the collective name for Brazil, Russia, India, China and South Africa) summit generated three agreements which demonstrate the ongoing move towards self-reliance and strategic cooperation amongst emerging and developing economies.

The Agreement on the New Development Bank and the Treaty for the Establishment of a BRICS Contingent Reserve Arrangement have…