Links in “Agencies”

Reports are emerging that Benjamin Lawsky, New York's tough, top regulator, may step into the private sector in 2015. Lawsky is noted for coming down hard on financial institutions and coming up with big settlements for New York. [11/11/14]

The AML Task Force, made up of eight government agencies, has taken upon itself the task of bettering the world of AML. During the ABA Conference, Under Secretary Cohen detailed the efforts that have been taken as well as future efforts, with an emphasis on the handling of money services businesses. [11/10/14]

Ever since the increased regulatory scrutiny on money services businesses, financial institutions everywhere have been shutting down MSB accounts or refusing to open accounts in the first place. This has not gone unnoticed as FinCEN made an official statement today in favor of MSBs. [11/10/14]

Comptroller of the Currency, Thomas J. Curry, discussed the rising issue of cyber threats and what financial institutions can do to combat these threats, stating that “All of these risks are manageable, but they must be well understood and they must be managed.” [11/10/14]

The OCC understands that people want more guidance on the topic of leveraging lending and have published an FAQ to combat the growing number of questions. [11/10/14]

Democrats are circling the wagons to protect the CFPB from changes from the newly emboldened Republican party, which is expected to make CFPB reform a top priority. [11/10/14]

Its time for EGRPRA (aka Economic Growth and Regulatory Paperwork Reduction Act of 1996). The every decade process of reviewing regulations will begin with the first meeting in Los Angeles on December 2, 2014 and continue throughout 2015. The meeting gives interested parties an opportunity to present their views on any of the 12 categories of regulations that covers safety and soundness areas, money laundering, consumer protection, etc. Need more? Go to http://egrpra.ffiec.gov/. [11/7/14]

Speech by Treasury Secretary Raskin at the National Consumer Law Center's Annual Consumer Rights Litigation Conference highlights the significant growth of student loans in default (7.1 million with a rise of 200,000 in the first six months of 2014), potential problems behind this rise, and efforts to try and resolve some of the issues. [11/7/14]

Speech highlights efforts of the CFPB to promote banking and bank education through targeted initiatives and programs of the CFPB. [11/7/14]

The FY 2013 Report with a April 2014 date is released presenting hiring statistics at the Bureau as well as key insights into the goals of the CFPB. The 109-page report also presents statistics and insights into issues raised in the hiring practices and the efforts of the Bureau to respond to those issues through initiatives. [11/7/14]