The Federal Financial Institutions Examination Council (FFIEC) issued guidance today for examiners, financial institutions, and technology service providers to identify risks, evaluate controls, and assess risk management practices related to remote deposit capture (RDC) systems.
The U.S. Treasury Department announced details this week of a $14.77 billion investment in 43 banks made through its Capital Purchase Program.
Treasury created the Capital Purchase Program, a part of the Troubled Asset Relief Program, to help to stabilize and strengthen the U.S. financial system. Treasury...
Chairman Frank, Ranking Member Bachus and members of the Committee, I appreciate the opportunity to testify on behalf of the Federal Deposit Insurance Corporation (FDIC) regarding the use of funds under the Emergency Economic Stabilization Act of 2008 (EESA). The incoming Administration will face a number of serious...
Good morning. Thank you, Dean Daly, for that kind introduction. I would also like to thank the McDonough School of Business at Georgetown for hosting us today.
Today, I will provide a review of the financial market crisis and Treasury's strategy to implement the Troubled Assets Relief Program (TARP) to promote...
On December 24, 2008 the Board of Governors of the Federal Reserve System Adopted Revisions to Part II of its Policy on Payment System Risk (PSR) that are Designed to Improve Intraday Liquidity Management and Payment Flows for the Banking System.
On December 23, 2008 the Board of Governors of the Federal Reserve System published a final rule amending the staff commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure).
On December 19, 2008 the Board of Governors of the Federal Reserve System extended the public comment period for the December 10, 2008 proposal to amend Regulation Z. This amendment would conform the regulation to reflect recent amendments to the Truth in Lending Act (73 FR 74989).
On December 5, 2008 FinCEN issued a final rule to amend the Bank Secrecy Act regulation that allows depository institutions to exempt transactions of certain persons from the requirement to report transactions in currency in excess of $10,000.
Administrative Ruling on Whether a Company that Offers a Loan Acceleration Product for Consumer Financing is a Money Services Business:
I am responding to your letter, dated September 11, 2007, to the Financial Crimes Enforcement Network ("FinCEN"). You have asked us to determine whether [ ] (the "Company") is a...
State nonmember institutions should implement a process to monitor their use of capital injections, liquidity support and/or financing guarantees obtained through recent financial stability programs established by Department of the Treasury, the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve.
If your business is registered as a money services business (MSB), and you have continued to operate as an MSB, you must renew your registration by December 31 every two years (after your initial registration period).
National Conference Call January 27 on BSA/AML Examination Manual for Money Services Businesses
Learn about the newly released MSB BSA/AML Examination Manual, which will be used by IRS and State examiners.
The United States and other countries are in the midst of the worst financial crisis in more than 75 years. While much of the attention of policymakers understandably has been focused on taking short-term steps to address the immediate nature of the crisis, these events have served to strikingly demonstrate that the...
Good afternoon. Thank you, David and thanks to the Washington Economic Club for this opportunity to provide my thoughts on long-term reform of the housing Government Sponsored Enterprises, the GSEs, Fannie Mae and Freddie Mac.