Yellen resists calls to punt deadline for beneficial ownership
Republican lawmakers want the Treasury secretary to extend the deadline for U.S. businesses to submit beneficial ownership information to the agency’s Financial Crimes Enforcement Network. She emphasized that the agency is focused on penalizing willful non-compliance rather than enforcing ‘gotcha’ penalties against small businesses.
Banks may see higher office loan losses than they expect: Moody’s
The ratings firm evaluated 4,100 loans to assess the state of 41 banks’ commercial real estate risk. It found that the lenders should be holding, on average, about twice the amount of reserves they currently have for office loans.
Fed’s Barr warns of third-party risks in financial inclusion efforts
The Federal Reserve’s top regulator praised industry efforts to expand access to banking services, but warned about financial stability risks.
A look into Colorado’s pioneering AI legislation
The Consumer Protections for Artificial Intelligence bill passed in May seeks to enhance consumer protections from the potential biases in AI systems through increased transparency and accountability from developers.
Fed’s Powell says new proposal for Basel III endgame is “essential”
The Federal Reserve chair said there is a consensus within the central bank’s Board of Governors for re-proposing its capital rules, but notes that other agencies have not yet signed off on this approach.
Fifth Third settles with CFPB over fake accounts, insurance violations
The Cincinnati bank has agreed to pay a total of $20 million to settle a lawsuit by the Consumer Financial Protection Bureau over fake bank accounts and to resolve separate violations involving force-placed auto insurance.
Congress should restore market-driven debit-interchange pricing
Micromanaging the terms under which payment networks are willing to process debit-card transactions is bad for both businesses and consumers. Congress has the power to roll back intrusive regulations.
How Brex is fighting to keep B2B clients
The financial institution, which downsized earlier this year, is trying to broaden its scope to retain businesses that don’t want to use multiple providers.
TD Bank, facing AML scrutiny replaces its chief compliance officer
The Canadian bank has appointed Erin Morrow, who had served as deputy chief compliance officer for about six months, to replace Monica Kowal, who parted with TD July 2. The announcement comes as TD faces questions by U.S. and Canadian regulators about its anti-money-laundering compliance.
How Five Star Bank aims to fill gap left by San Francisco failures
The Sacramento-area institution moved quickly and decisively to fill the gap created by the loss of First Republic and Silicon Valley Bank. A first-quarter rise in Bay Area deposits is a sign of bigger gains to come, San Francisco Bay Area President DJ Kurtze says.