Weekly Topic Update (Dec 03 – 09)
San Francisco may be the first city in the U.S. to launch a public bank. The city’s project supervisors Malia Cohen and Sandra Fewer released a detailed report on the idea to the city last week and a task force to examine the idea further is expected to be formed early in the new year. The only public bank in the U.S. is the state-owned and operated Bank of North Dakota. However, others may follow suit as Wall Street financial institutions are coming under increased criticism for unethical banking practices and investments in fossil fuels.
Source: San Francisco Examiner
FRS | Deposits | Rule | 11/08/2017
FINCEN | AML BSA CTF | Rule | 11/08/2017
CFPB | Lending | Mortgage Lending | Rule | 10/28/2017
OCC, FDIC, FRS | Lending | Mortgage Lending | Rule | 11/24/2017
CFPB | Lending | Mortgage Lending | Rule | 10/02/2017
CFPB | Lending | Rule | 08/30/2017
OCC | Lending | Commercial Lending | Mortgage Lending | Rule | 11/29/2017
BankingExchange • AML BSA CTF • Industry News
If properly targeted, technology will help improve financial services’ functions and ensure efficiencies at the same time. A prime example where technological solutions are needed, according to the CEO of Promontory Financial Group, an IBM Company, is transaction monitoring in the AML space. Eugene Ludwig says giving compliance professionals advanced technology-driven tools will not only increase their accuracy, but also allow them to be quicker.