WASHINGTON - (07/05/05) Federal regulators have releasedclearer guidelines on when to file suspicious-activity reports. Theguidelines follow complaints primarily from the banking industrythat examiners were second-guessing their decisions on when to fileSARS and when not to. "Examiners should focus on whether the bankhas an effective SAR decision-making process, not individual SARdecisions," said the manual on compliance. "The bank should not becriticized for the failure to file a SAR unless the failure issignificant or accompanied by evidence of bad faith." The 330-pagemanual was the work of multiple agencies.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3