The Office of the Comptroller of the Currency’s semiannual report on industry risk said tougher competition between banks, leading to looser underwriting, could arise from the economic expansion.
Attorney General Jeff Sessions did not keep the rest of Washington apprised of his plan to rescind an Obama-era memo on pot. Now Fincen and other federal banking agencies are dealing with the backlash from that decision.
Treasury Secretary Steven Mnuchin on Friday warned traders and firms offering services related to cryptocurrencies like bitcoin that anti-money-laundering and know-your-customer rules apply to them — and regulators are watching closely.
Sen. Mark Warner, D-Va., said Tuesday that policymakers need to take a hard look at cryptocurrencies. Senate Banking Chairman Mike Crapo agreed the issue was ripe for a hearing.
The Dodd-Frank Act gets more attention when it comes to regulatory burden, but the Bank Secrecy Act and other anti-laundering statutes arguably present even more of a compliance challenge for bankers.
A U.S. alcohol maker's $191 million investment in Canadian cannabis could raise difficult questions for the banks that have lent big sums of money to the company.
The Treasury Department on Wednesday named Kenneth A. Blanco, a longtime criminal prosecutor with the Justice Department, the director of the Financial Crimes Enforcement Network.
The Florida bank started researching the business after Ken LaRoe, its chairman, saw how medical marijuana had helped his wife cope with a severe injury. First Green is now turning a profit a year after adding its first pot-related client.
