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

California is poised to become the second state in the country to have a law in place that would move the card industry's data standards into state law. The law would also provide card issuers a way to recover losses from when retailers in violation of data security standards have...

Assuming the city's mayor and the U.S. Congress goes along, Washington, D.C. will have capped the interest payday lenders in the city can charge to no more than 24%, the same cap that other financial institutions chartered by the city face.