Compliance

Treasury Secretary-designate Steven Mnuchin wasted no time Wednesday wading into one of the thorniest debates in the financial services arena, saying the Trump administration would seek to end government control of Fannie Mae and Freddie Mac.

Heritage Oaks Bancorp in Paso Robles, Calif., has been freed from a consent order tied to Bank Secrecy Act and anti-money-laundering compliance.

As President-elect Donald Trump publicly weighed his choices for Treasury secretary, several names floated were well known to the banking industry, and would have taken the job with a host of clear priorities and positions.

President-elect Donald Trump’s choice for Commerce secretary is a billionaire investor who swooped in to prop up troubled banks after the financial meltdown. Some members of the banking world, including regulators, may be glad he was picked for Commerce chief instead of Treasury secretary.

With access to financial transaction data under threat by hurdles imposed by certain financial institutions, it should be up to consumers to decide how their data is used to improve their financial well-being,

At the California and Nevada Credit Union Leagues’ Annual Meeting and Convention in Las Vegas earlier this month, attendees cheered the National Credit Union Administration for making several changes to field of membership rules that expanded options for Americans to join a credit union. NCUA finalized some rules and proposed further changes. Meanwhile, the Independent Community Bankers of America have made noises about a lawsuit. ICBA already filed suit against NCUA for its recent member business lending rule.

Financial industry groups have rolled out a plan for keeping bank customers' data safe if a mega-disaster, like a massive attack or a natural disaster, strikes.

The credit union had asset of just over $76,000, and NCUA determined it was insolvent with no prospect for restoring viable operations.

A request by the IRS for user data from a bitcoin exchange highlights simmering tensions between compliance and customer privacy for financial institutions and will test how those demands are balanced in the young field of cryptocurrency.

John Allison, a contender for President-elect Donald Trump’s Treasury secretary, is a staunch opponent of the Federal Reserve Board, the Basel international accords, the government’s support of the housing finance industry and the Dodd-Frank Act of 2010.