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Agencies Emphasize Risk-Based Due Diligence Approach for Charities and Nonprofits

USA - November 20 2020 The Agencies issued a joint Fact Sheet that lists considerations for a risk-based approach when it comes to charities and nonprofits. While the Fact...

Kenneth J. Nunnenkamp.

OCC Issues Final ‘True Lender’ Rule

USA - October 28 2020 The Office of the Comptroller of the Currency (OCC) issued a final rule on October 27 that determines when a National Bank or federal savings...

Charles A. Sweet, Susan F. Dicicco, Steve Levitan, David I. Monteiro, Reed D. Auerbach, Eamonn K. Moran, Donald S. Waack.

Banking Agencies Release Proposed Rule on the Nonbinding Role of Guidance

USA - October 23 2020 The five federal banking agencies (Federal Reserve, CFPB, FDIC, NCUA, and OCC - collectively Agencies) issued a proposed rule on October 20 on the...

Nicholas M. Gess, Martin Hirschprung, Eamonn K. Moran.

Bank Lessons From OCC's Stablecoin Custody Go-Ahead, Law360

USA - September 25 2020 On the heels of an interpretive letter this summer allowing national banks and federal savings associations to provide cryptocurrency custody...

Eamonn K. Moran, Sarah V. Riddell.

FinCEN Expands AML, Customer Identification Programs, and Beneficial Ownership Requirements to Banks Lacking a Federal Functional Regulator

USA - September 24 2020 The Financial Crimes Enforcement Network (FinCEN) issued a final rule that requires minimum standards for anti-money laundering (AML) programs for...

Martin Hirschprung, Ignacio A. Sandoval.