Most travelers are familiar with the requirement to report on cash or other “monetary instruments” in their possession when they cross a U.S. international border. The Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) proposes to add certain “tangible prepaid access” payment products s to the list of monetary instruments and “similar materials” subject… Continue Reading
Robert Morgan
Cash, Bearer Bonds, or … Cell Phone? FinCEN Proposes to Expand Obligations under Cross-Border Reporting Rule
Posted in Regulatory and ComplianceCFPB Releases First Version of its Supervision and Examination Manual
Posted in Regulatory and ComplianceThe Consumer Financial Protection Bureau (CFPB) recently released the first version of its Supervision and Examination Manual (Manual). Among its notable features are: Focus on Risk to Consumers The Manual states that the principle guiding the CFPB’s supervision efforts—along with being consistent and data-driven—will be evaluating risks to consumers. In short—and in accordance with its… Continue Reading
Fed Publishes Lists of Institutions Subject to and Exempted from New Durbin-Interchange-Fee Rule
Posted in Regulatory and ComplianceThe Federal Reserve Board (Fed) released a list of financial institutions that qualify for statutory exemptions from the Fed’s recently adopted debit-interchange-fee limits. The standards were mandated by amendments to the Electronic Fund Transfer Act (EFTA) that were included in last year’s landmark Dodd-Frank financial reform legislation and codified by the Fed last week in… Continue Reading
Federal Reserve Releases Final Rule to Implement the Durbin Amendment
Posted in Regulatory and ComplianceOn June 29, 2011, the Board of Governors of the Federal Reserve (Board) released its final rule (Final Rule) to implement Section 920 of the Electronic Fund Transfer Act (EFTA), as enacted by Section 1075 of the Dodd-Frank Wall Street Reform and Consumer Protection Act—generally referred to as the “Durbin Amendment.”Among other things, the Final… Continue Reading
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