On December 24, 2008 the Board of Governors of the Federal Reserve System Adopted Revisions to Part II of its Policy on Payment System Risk (PSR) that are Designed to Improve Intraday Liquidity Management and Payment Flows for the Banking System.
On December 23, 2008 the Board of Governors of the Federal Reserve System published a final rule amending the staff commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure).
On December 19, 2008 the Board of Governors of the Federal Reserve System extended the public comment period for the December 10, 2008 proposal to amend Regulation Z. This amendment would conform the regulation to reflect recent amendments to the Truth in Lending Act (73 FR 74989).
On December 5, 2008 FinCEN issued a final rule to amend the Bank Secrecy Act regulation that allows depository institutions to exempt transactions of certain persons from the requirement to report transactions in currency in excess of $10,000.
Administrative Ruling on Whether a Company that Offers a Loan Acceleration Product for Consumer Financing is a Money Services Business:
I am responding to your letter, dated September 11, 2007, to the Financial Crimes Enforcement Network ("FinCEN"). You have asked us to determine whether [ ] (the "Company") is a...
State nonmember institutions should implement a process to monitor their use of capital injections, liquidity support and/or financing guarantees obtained through recent financial stability programs established by Department of the Treasury, the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve.
If your business is registered as a money services business (MSB), and you have continued to operate as an MSB, you must renew your registration by December 31 every two years (after your initial registration period).
National Conference Call January 27 on BSA/AML Examination Manual for Money Services Businesses
Learn about the newly released MSB BSA/AML Examination Manual, which will be used by IRS and State examiners.
The United States and other countries are in the midst of the worst financial crisis in more than 75 years. While much of the attention of policymakers understandably has been focused on taking short-term steps to address the immediate nature of the crisis, these events have served to strikingly demonstrate that the...
Good afternoon. Thank you, David and thanks to the Washington Economic Club for this opportunity to provide my thoughts on long-term reform of the housing Government Sponsored Enterprises, the GSEs, Fannie Mae and Freddie Mac.
On Wednesday December 31, 2008 the Federal Deposit Insurance Corporation (FDIC) signed a letter of intent to sell the banking operations of IndyMac Federal Bank, FSB, Pasadena, California, to a thrift holding company controlled by IMB Management Holdings LP, a limited partnership.
The attached material pertains to the Consolidated Reports of Condition and Income (Call Report) for the December 31, 2008, report date. Please plan to complete the preparation, editing, and review of your bank's Call Report data and the submission of these data to the agencies' Central Data Repository (CDR) as early...
The Federal Reserve on Tuesday announced that it expects to begin operations in early January under the previously announced program to purchase mortgage-backed securities (MBS) and that it has selected private investment managers to act as its agents in implementing the program.