Regulatory & Compliance

Following the death of House Financial Services Committee Member Paul Gillmor (R-Ohio), Committee Ranking Member Spencer Bachus (R-Ala.) announced two new ranking member positions.

Community banks and credit unions that use technology as part of their Bank Secrecy Act and anti-money laundering programs are much more confident in their compliance with BSA requirements than those financial institutions that rely on more manual approaches, according to a recent survey conducted by Wolters Kluwer Financial Services.

The Washington Credit Union League is going high-tech with compliance and in three months has more than 330 subscribers to an online service in which CU executives are promised answers to common regulatory questions "within eight business hours."

CURIA catapulted past its peak co-sponsorship from the 109th Congress reaching 127 with primary co-sponsor Paul Kanjorski (D-Pa.) just seven months into the 110th.

House Financial Services Committee Chairman Barney Frank (D-Mass.) has had a good relationship with credit unions, but that will not shield them from consideration under an expansion of the Community Reinvestment Act.

Regulatory and Compliance Page 09/19/07 Issue