Regulatory & Compliance

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%.

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.

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.

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.

Jesse O. Villarreal Jr. began serving as chief of staff to FDIC Chairman Sheila Bair Oct. 24, the agency announced.

The FDIC was scheduled to pass several final rules last week after press time to implement a handful of provisions from the Federal Deposit Insurance Reform Act signed into law this spring.