The two agencies proposed amending the Bank Secrecy Act to lower the threshold for transfers occurring outside the U.S. that trigger recordkeeping requirements.
Just as legal limbo has threatened the agency’s long-running effort to create a fintech license, a charter unique to payments companies could face a court challenge, observers say.
Partisan differences get in the way of new aid program for small businesses as SBA program runs out of money; loan servicers want a bailout as defaults expected.
The COVID-19 pandemic has already given rise to false marketing of test kits and criminals impersonating the FDIC. Consumer advocates say the bureau could issue alerts as well as empower banks to help safeguard their customers’ funds.
The agency announced changes meant to reduce compliance costs and allow some institutions to provide estimates rather than disclose exact prices for international money transfers.
