Compliance News

The Treasury Department’s Office of Foreign Assets Control announced sanctions on nearly 300 Russian individuals and entities, including the operator of the Mir National Payment System.

With Senate Judiciary Committee Chair Dick Durbin (D-Ill.) announcing a hearing on ICBA-opposed legislation to impose credit card routing restrictions, ICBA is calling on community bankers to urge their members of Congress to oppose the bill.

The Financial Crimes Enforcement Network issued a proposed rule to add investment advisers to the list of businesses classified as “financial institutions” under the Bank Secrecy Act.

The Federal Financial Institutions Examination Council issued a statement of principles related to valuation discrimination and bias for member agencies to consider when examining financial institutions.

ICBA, the Independent Bankers Association of Texas, Texas Bankers Association, Amarillo Chamber of Commerce, American Bankers Association, U.S. Chamber of Commerce, and Longview Chamber of Commerce filed a lawsuit against the federal banking regulators for exceeding their statutory authority with their recent Community Reinvestment Act final rule.

The Financial Crimes Enforcement Network published a 60-day notice to renew the Office of Management and Budget control numbers assigned to Currency Transaction Reports.

The Cybersecurity and Infrastructure Security Agency and other national and international agencies released joint guidance on using artificial intelligence systems securely.

A new Consumer Financial Protection Bureau proposed rule to restrict the use of non-sufficient-funds fees is another example of the bureau imposing arbitrary price controls that would distort market discipline, ICBA said.