A long-anticipated financial rule could help law enforcement root out illegal activity, but it requires banks to keep extra-close tabs on certain business clients. That won't be easy.
Bankers have long complained that anti-money-laundering regulations impose an extra burden without really stopping major crime. D.C. is finally listening.
Dan Rollins engineered nearly a dozen deals while at Prosperity Bank. Now CEO at BancorpSouth, he has returned to M&A after spending four frustrating years dealing with compliance issues.
Comptroller of the Currency Joseph Otting took office only late last year, but he is wasting little time in tackling a series of hot-button topics, including easing anti-money laundering regulations and lowering national bank fees.
The Seattle bank's improved loan yields offset higher expenses tied to Bank Secrecy Act remediation. Washington Federal had to delay a pending acquisition after issues emerged with its anti-money-laundering compliance.
The comptroller said he is looking to capitalize on the industry's strong profits and high capital reserves to reduce costs and lower exam fees next year.
Comptroller of the Currency Joseph Otting laid out an ambitious regulatory reform agenda Monday, telling a group of community bankers that he is committed to CRA upgrades, new flexibility in BSA compliance and other measures.
GSE reform a likely scratch from this year’s to-do list; banks’ difficulties in speaking emoji; reactions to Mick Mulvaney’s plans for the CFPB; and more.
