Republican lawmakers have asked a governmental watchdog to investigate the U.S. Treasury Department's anti-money laundering and sanctions enforcement efforts in light of allegations that bank examiners may have improperly requested account closures. In a letter sent Tuesday, the 11 lawmakers asked that the department's Office of the Inspector General (OIG) determine whether the Office of the Comptroller of the Currency (OCC) has "indirectly or directly" instructed depository institutions to close correspondent and customer accounts despite its stated plan to prevent "unnecessary de-risking." "It is our understanding that OCC staff has made clear to banks that the institution is on notice...
The Federal Deposit Insurance Corp. did not play a substantive part in the U.S. Justice Department's controversial crackdown on third-party payment processors, the agency's watchdog office said Thursday.
A group of Republican lawmakers are petitioning regulators to more thoroughly distance themselves from a federal strategy that reportedly pressured financial institutions to terminate their relationships with third-party payment processors.
In a rare gesture last week, a federal regulator signaled to banks that they might relax when it comes to implementing certain anti-money laundering policies. There was only one problem: no one is likely to listen.
A number of large U.S. and international banks are dropping customer accounts and services tied to high-risk geographical regions and lines of business in response to regulatory pressure, including enforcement actions.