Weekly Topic Update (Mar 11 to Mar 17)
Ahead of the Senate vote on Dodd-Frank revisions, which were approved March 12, Senate Banking Chairman Mike Crapo proposed some last-minute changes to his overhaul of the bill, denying some of what the big banks were looking for. He specified that foreign banks such as Deutsche Bank and Barclays won’t benefit from a reprieve in his legislation, which is intended to help regional U.S. lenders. The revisions also make clear only custody banks, including State Street and Bank of New York Mellon Corp., will win relief from a key post-crisis capital requirement. Citigroup and other lenders were pushing to expand a provision in the original bill so they would also get a break.
Agency Information Collection Activities; Comment Request; Renewal Without Change of Bank Secrecy Act Currency Transaction Reporting Requirements Regulations
FINCEN | AML BSA CTF | Register Notice | 02/09/2018
The Financial Brand • Deposits • Lending • Industry News
Citibank is developing the technology and tools for a planned launch of a digital consumer bank sometime within the next three years. However, experts say this timeframe is exceedingly long and technological advances will disrupt the planning. According to sources, the bank doesn’t want to promote a national digital bank to consumers until it can digitally open and service accounts over smart devices. Additionally, the bank is in a position to leverage a large credit card base in the U.S. to jump-start a full digital endeavor should it do so sooner rather than later.
MoneyLaundering.com (sub. req.) • AML BSA CTF • Industry News
The New York State Department of Financial Services and The Bank of Israel signed an agreement to enhance cooperation and the exchange of information and assistance on anti-money laundering and counterterrorist financing issues.