Search Results for keywords:"financial institutions"

The Securities and Exchange Commission (SEC) has appointed Accenture Federal Services LLC to manage the Lost and Stolen Securities Program (LSSP) starting from January 1, 2025. This program, created in 1977, requires certain financial institutions to report and investigate securities certificates that are missing, lost, stolen, or counterfeit. Accenture's role is a result of a competitive selection process and replaces any previous entities holding the designation. The goal is to ensure securities certificates are duly accounted for and validated.

The Board of Governors of the Federal Reserve System has proposed a rule to change how Suspicious Activity Reports (SARs) are filed by certain financial institutions, like state member banks and bank holding companies. The rule aims to allow for exemptions from these requirements to help banks more effectively meet Bank Secrecy Act requirements, potentially leading to innovative ways to tackle financial crime. The Board will coordinate with FinCEN on exemption requests and is seeking public comments on the proposal until February 22, 2021. The proposal emphasizes that these exemptions won't relieve institutions from complying with FinCEN’s SAR regulations.

The Federal Reserve System has received applications from the individuals and trusts of the Maifeld Family to acquire shares in Clarkel, Inc., and indirectly Iowa State Bank in Clarksville, Iowa. This action is part of a process under the Change in Bank Control Act, which involves evaluating specific factors before approval. The public can access details about these applications at certain Federal Reserve Bank locations and online. Interested parties are invited to submit written comments on the applications, which are due by May 2, 2025, and these comments will be publicly available.

The Securities and Exchange Commission (SEC) is seeking public comments on the extension of an information collection under Regulation S-ID, which aims to safeguard investors against identity theft risks. This regulation mandates SEC-regulated financial institutions and creditors to create programs to detect and address "red flags" of identity theft and communicate with cardholders about address changes. Annually, these entities must assess their accounts and report to their boards, incurring additional costs and time. Comments on this proposal are open until May 27, 2025.

The Consumer Financial Protection Bureau (CFPB) has decided to withdraw a proposed rule that aimed to stop banks and financial institutions from charging certain non-sufficient funds (NSF) fees, like those for declined debit card purchases and ATM withdrawals. The CFPB plans to take a broader look at how to protect consumers from these fees across various transaction types. This decision was made after receiving public feedback, which highlighted potential issues with other types of transactions not initially covered by the rule. The Bureau is now considering whether a wider rule could better address abusive fee practices.

The Internal Revenue Service (IRS) is inviting comments from the public and other federal agencies regarding two forms: Form 56, which relates to fiduciary relationships, and Form 56-F, specific to financial institutions. This request is part of IRS's ongoing effort to lessen paperwork as required by the Paperwork Reduction Act of 1995. Comments on these forms, which help the IRS manage the establishment or changes in fiduciary relationships, are sought to assess their necessity, benefit, and any potential improvements. The forms are necessary for both businesses and individuals, with roughly 174,050 responses expected annually. Comments must be submitted by May 19, 2025.