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Another Bank Hit with BSA Fine

By Staff Writer

The Financial Crimes Enforcement Network has announced that it assessed a $2 million fine on Foster Bank in Chicago for Bank Secrecy Act violations.

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NASCUS Alerts State Agencies to Federal Computer Inventory Request

NCUA: Boat Construction Loan Applies to Additional MBL Requirements

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Regulatory & Compliance Stories

December 05, 2006

Fed Approves Reg E Revisions, Requests Public Comment on Proposal

The Federal Reserve Board recently adopted a final amendment to Regulation E regarding consumer authorization requirements for electronic fee collection for items returned as unpaid. In related news, the board has also asked for comment on a proposal that would eliminate a requirement for receipts for small dollar transactions.

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December 05, 2006

IRS Announces a Formula for Business, Tax-Exempt Groups to Calculate Telephone Tax Refund

The IRS recently announced a formula that business and tax-exempt organizations can use to estimate their federal telephone excise tax refunds.

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November 07, 2006

Three Bankers With Ties to Trades Up for Open Fed Governor Seat

Three prominent female bankers associated with the three major banking trade associations have been named to fill an open spot on the Federal Reserve Board.

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November 07, 2006

ACB, NAFCU Seek Greater Banking Regulator Involvement In DoD Interest Rate Cap, CUNA Not Alarmed

Even before there has been much time to discuss implementing regulations, America's Community Bankers is raising concerns about the provision in the Department of Defense reauthorization to cap interest rates to military personnel at 36%.

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November 07, 2006

OCC Permits Bank to Lease Branch it Occupied for 30 Years

Amongst all the hoopla over banks venturing into real estate, the Office of the Comptroller of the Currency issued an interpretive letter (#1072) last month, permitting an undisclosed bank to lease out a branch it is replacing.

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November 07, 2006

NAFCU to Host December Reg Relief, SAR Webcast

NAFCU is preparing to host a Webcast on Dec. 6 covering the Financial Services Regulatory Relief Act, NCUA's Final Suspicious Activity reporting rule, and taking "A Look Ahead" to 2007.

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November 07, 2006

Regulators Fine Bank $12M for BSA/Anti-Money Laundering Compliance Violations

The Financial Crimes Enforcement Network, FDIC, and the New York State Banking Department last week announced a civil money penalty of $12 million against Israel Discount Bank of New York for violations of federal and state anti-money laundering laws and regulations.

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