Links in “Agencies”

Commerzbank will be paying a total of $1.45 billion and has also entered into a deferred prosecution agreement with the Justice Department. Why? Two words: BSA violations. [3/16/15]

FinCEN has put its sights on Banca Privada d’Andorra as a non-US money laundering concern and has implemented special measures against this institution. [3/16/15]

NCUA Board Chairman Debbie Matz has identified five areas in which the NCUA will strive to offer regulatory relief: supplemental capital, fields of membership, fixed assets, asset securitization, and member business lending. [3/10/15]

NCUA board member Mark J. McWatters stressed to members of the CUNA the importance of transparent regulation. McWatters urged the NCUA to establish at least three advisory committees, with the task to advise the NCUA board on budgets, examination procedures, and regulatory relief. [3/10/15]

Even the best kitchen in the world—equipped with a brick oven, top-of-the-line equipment, and the sharpest knives—can’t turn a bad cook into a great one (even though it could help). The substandard cook still needs to learn some critical cooking skills before the dream kitchen can produce the pièce de résistance. So it makes sense that even the best anti–money laundering (AML) monitoring system in the world—perfectly optimized with no expense spared for the most current technology and automation—can’t guarantee effective AML (even though it helps). [3/10/15]

Morrison and Foerster released its Spring 2015 issue of the "Financial Services Report" newsletter, which outlines regulatory developments affecting the financial services industry. [3/10/15]

The CFPB recently released a study showing that arbitration clauses hinder consumer relief from disputes. The study shows that while millions of consumers are eligible for class action lawsuits each year, very few seek individual restitution through arbitration methods. The report also showed that more than 75% of consumers did not know whether they were subject to an arbitration clause.  [3/10/15]

The Taj Mahal Casino Resort was fined $10 million dollars for failing to maintain and implement an effective AML program. [3/9/15]

The OCC has released a "Deposit-Related Credit" booklet; which replaces the previous "Deposit-Related Consumer Credit". [3/9/15]

The new TILA-RESPA integrated mortgage disclosure rule is shaking things up across the board for financial institutions. How will it impact your organization’s record retention program? Receive a complimentary copy of the AdvisX Record Retention Schedule when you sign up for a free two-week trial to My Risk Inbox. Follow this link and click “Subscription Options” in the top right corner. [3/6/15]