Regulation

Political wrangling likely to reignite as Mulvaney’s term ends

Leadership at the Consumer Financial Protection Bureau is likely to become a hot political topic again. Mick Mulvaney was appointed to lead the CFPB as by President Donald Trump last November after the previous leader, Richard Cordray, resigned to run for Governor of Ohio. Cordray resigned before the end of his statutory term, however, and President Trump  appointed Mulvaney as “acting director” until a permanent director could be appointed by the President and confirmed by the Senate. That temporary appointment ends June 22. [Continue]

Deadline to master ‘beneficial ownership’ reg looms

For many years, a successful Bank Secrecy Act/Anti-Money Laundering program rested on four pillars of compliance: internal policies and procedures, the designation of a BSA officer, employee training and independent review. Auditors and examiners, intimately familiar with these four requirements, have evaluated the programs at every regulated financial institution using the pillars as the benchmark for a successful BSA program.  [Continue]