AML

A U.S. alcohol maker's $191 million investment in Canadian cannabis could raise difficult questions for the banks that have lent big sums of money to the company.

Sens. Elizabeth Warren, D-Mass., and Chris Van Hollen, D-Md., sent a letter to OCC officials suggesting that Bank of Tokyo was trying to avoid an investigation by New York examiners when it switched to a federal charter.

The federal banking regulators should create a working group that, rather than propose new rules and regulations, would clarify the application of existing rules to blockchain technology.

CFPB director’s departure gives President Trump the chance to revamp the agency; the bank regulator is reverting to its industry-friendly ways.

The Fed’s new chief bank regulator wants to change “the tenor of supervision”; Ron O’Hanley, who was named president this week, will also take over as CEO by the end of 2018.

The proposed 20% corporate tax rate would benefit banks more than other industries; online lenders made nearly a third of new personal loans in the first half.

As more startups turn to initial coin offerings to raise capital, financial institutions will seek reassurance that their blockchain and other fintech partners are aboveboard.

Many standard procedures are possible as there are significant similarities in the information requirements across the globe, writes Zac Cohen, general manager for Trulioo.

The OCC has terminated orders against three of Fulton's banks. The company and two other banks still have BSA-related orders.

President Trump is expected to announce his Fed chair nominee this week; three deals earned JPM's boss almost $100 million.