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.
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.
The Federal Deposit Insurance Corp. has failed to stop banks from automatically severing relationships with clients that process payments for pawnshops, payday lenders and other purportedly high-risk vendors, lawmakers said Tuesday.
Finding themselves locked out of some large U.S. banks because of compliance concerns, third-party payment processors are increasingly turning to small- and mid-sized institutions for financial services, say consultants.
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