Search Results for keywords:"First Bank

The National Credit Union Administration (NCUA) Board is proposing a rule change that would allow federally insured credit unions to request exemptions from certain requirements for filing Suspicious Activity Reports (SARs). This rule is aimed at providing relief to credit unions that develop innovative ways to comply with the Bank Secrecy Act while ensuring safe and sound practices. The proposal includes a 30-day comment period for public feedback and outlines that exemptions may be granted conditionally or unconditionally after consulting with relevant agencies. This change aims to support financial institutions in using new technologies and approaches for monitoring and reporting financial crimes.

The Office of the Comptroller of the Currency (OCC) is proposing a new rule that aims to change the requirements for national bank and Federal savings association properties. This rule includes standards for acquiring and holding real estate and considers modern needs, like mixed-use developments and virtual workspaces. The OCC is seeking public comments on the proposal to apply these standards consistently while addressing recent changes in real estate and banking operations. The comments must be submitted by March 22, 2021.

In Executive Order 14247, the U.S. President outlines plans to modernize government payment systems by eliminating paper checks and transitioning to electronic payments, starting on September 30, 2025. This change aims to reduce costs, fraud, and inefficiencies while increasing the security of federal payments. The order mandates that all federal payments, including benefits, tax refunds, and vendor payments, be processed electronically, with exceptions for certain situations like emergencies or national security. The Secretary of the Treasury, along with other agencies, is tasked with ensuring a smooth transition by supporting affected individuals and promoting public awareness of the new system.

The Executive Order titled "Protecting America's Bank Account Against Fraud, Waste, and Abuse" aims to improve financial integrity within the federal government. It instructs the Department of the Treasury to enhance systems and guidance for verifying government payments to prevent fraud and improper payments. The order mandates federal agencies to consolidate their financial management systems and work with the Treasury to ensure funds are properly managed. Additionally, it focuses on increasing the transparency and efficiency of financial transactions to safeguard taxpayer dollars.

The Federal Reserve System announced a notice regarding applications for approval to form or acquire bank holding companies. The applications are in accordance with the Bank Holding Company Act of 1956 and related regulations. This notice lists UIR Acceptance Corporation, based in Lemont, Illinois, applying to become a bank holding company by acquiring Easton Bancshares, Inc., and Community Bank of Easton, both located in Easton, Illinois. The public can view these applications and submit comments to the responsible Federal Reserve Bank or the Board of Governors.

The Consumer Financial Protection Bureau (CFPB) announced a public meeting for the Community Bank Advisory Council and the Credit Union Advisory Council, scheduled for February 12, 2025. This virtual meeting is open to the public and will discuss policy matters such as the Bureau's Unified Regulatory Agenda. Members of the public are encouraged to RSVP and may submit written comments in advance. The agenda and meeting details will be available on the CFPB's website, and a recording of the meeting will be posted afterward.

The Securities and Exchange Commission issued a temporary order and notice regarding an application from The Toronto-Dominion Bank and others for exemption from certain provisions of the Investment Company Act due to guilty pleas by TD Bank US Holding Company and TD Bank, N.A., related to anti-money laundering failures. The application seeks to exempt Epoch Investment Partners and other affiliated entities from disqualification rules that would negatively impact their ability to provide investment services to funds. The applicants argue that the misconduct was limited to certain entities and didn't involve Epoch, and they have taken steps to improve compliance practices. The temporary order allows them to continue services until a decision on a permanent order is made.

The proposed rule requires banking organizations to notify their primary federal regulator within 36 hours of determining in good faith that a "computer-security incident" has occurred that could cause significant disruptions to operations. A "notification incident" is an incident deemed serious enough to impact banking services or financial stability. Additionally, bank service providers must alert at least two individuals at affected banking organization customers immediately upon experiencing a significant disruption lasting four or more hours. This rule aims to ensure timely and effective responses to potential cybersecurity threats impacting the banking sector.

The Federal Reserve Board has announced the 2024 global indicator amounts used to determine risk-based capital surcharges for bank holding companies considered globally significant. These surcharges are calculated using a formula that considers various factors like size and interconnectedness. The Board uses data collected by the Basel Committee on Banking Supervision and converts these figures from euros to U.S. dollars for their calculations. The notice provides a methodology for identifying such banks based on their potential impact on the financial system.

The Financial Crimes Enforcement Network (FinCEN), part of the Treasury Department, is asking for public comments on their plan to renew a rule without changes. This rule requires U.S. banks to gather and report information about financial dealings with specific foreign banks that may do business with Iranian-linked institutions or people associated with the Islamic Revolutionary Guard Corps (IRGC). FinCEN's aim is to continue enforcing these information collections to help monitor and regulate financial activities, with the ultimate goal of preventing money laundering and terrorism financing. The request for comments is in line with efforts to reduce paperwork and examine the burden these regulations place on both U.S. and foreign banks.