A Whole New Regulatory World For Community Banking

From: PYMNTS.com

From the beginning, Dodd-Frank has drawn the criticism that instead of doing what it was supposed to and targeting banks that were too big to fail, instead it targeted thousands of community banks and credit unions and rendered them, in effect, too small to survive. It has been, according to banking advocates, a law that needed revision since it was first passed.

Amazon’s finance ambitions reportedly draw attention from Fed

From: Bloomberg News via The Seattle Times

Fed Vice Chairman Randal Quarles, the U.S.’s most influential banking watchdog, has expressed concern about how tech companies could provide financial services outside of regulators’ oversight, according to people who’ve spoken with him privately.

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Fed Vice Chairman Randal Quarles, the most influential banking watchdog in the U.S., is monitoring the potential for disruption to the industry and has expressed concern about how tech companies could provide financial services outside of regulators’ oversight, according to people who’ve spoken with him privately. Quarles hasn’t yet made any moves to intervene and the Fed’s influence would be limited.

GAO directed to review regulatory ‘gaps’ at consumer credit rating agencies

From: Inside Cybersecurity

The massive Dodd-Frank rollback bill recently signed into law includes a provision requiring the Government Accountability Office to study “gaps” in the legal and regulatory structure overseeing consumer credit rating agencies like Equifax, a step short of legislation proposed in the House that would require designation of a federal agency to supervise such firms.

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Bill easing bank regulations heads to Trump, but falls short of overhaul GOP wanted

From: Los Angeles Times

Bipartisan legislation focused on easing regulations for small and midsize banks passed the House on Tuesday and headed to President Trump for his expected signature.

Although the bill provides some significant relief for larger financial institutions, it falls short of the sweeping overhaul of the Dodd-Frank post-crisis reforms that Trump and most Republicans wanted.

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House examines Financial Crimes Enforcement Network’s anti-money laundering rule

From: Financial Regulation News

BY DAVE KOVALESKI

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“I have heard testimony from a variety of experts in the field of detecting and pursuing criminals in the financial system, and many agree that a critical component of success in these investigations is law enforcement’s timely access to beneficial ownership information,” Subcommittee Chairman Rep. Steve Pearce (R-NM) said. “However, there are legitimate concerns about the application of this rule and the impact it could have on banks already struggling with BSA compliance. Adding additional requirements will likely lead to the de-risking of legitimate business accounts because of increased regulatory burdens. It is important for our federal regulators to strike the appropriate balance between ensuring safety as well as access to the financial system.”