Weekly Topic Update (Apr 8 to Apr 14)

PayPal quietly offering traditional banking features


PayPal is said to have reached out to customers in recent months with an offer to add basic banking features to their PayPal digital wallet. These include FDCI insurance for balances, a debit card that can be used to withdraw cash at ATMs and the option to use direct deposit for paychecks.

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Source: Wall Street Journal

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Treasury to review rules governing lending to the poor

Wall Street Journal • Lending • Industry News

The Trump administration's planned changes to lending rules in lower-income communities would make it easier for banks to comply with a decades-old law that has long confounded the industry. The 1977 Community Reinvestment Act hasn't kept pace with the evolving banking sector, the Treasury Department said. The law is meant to stop "redlining," a form of lending discrimination, and is enforced by a complicated series of regulations.

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Treasury's customer due diligence legislation will protect against more than AML violations

MoneyLaundering.com (sub. req.) • AML BSA CTF • Industry News

Sources say the Treasury Department’s due diligence rule will not only impact AML obligations but sanctions and anti-bribery compliance as well. The rule is expected to go into effect next month.

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