What's New


FinCEN Proposes AML Regs for Investment Advisers (8/28/15) In an effort to more effectively fight money laundering, FinCEN is proposing a rule to define investment advisers as financial institutions subject to the Bank Secrecy Act (BSA). The proposal would apply to investment advisers who must register with and are supervised by the Securities and Exchange Commission. As a result, covered investment advisers would be required to establish an appropriate anti-money laundering program, file Suspicious Activity Reports and comply with other BSA mandates. Contact ABA’s Rob Rowe for questions or to provide input for ABA’s comments to FinCEN.

Bureau Examines Credit Reporting Complaints (8/26/15) Credit reporting complaints increased 56% from June to July, according to the Consumer Financial Protection Bureau's monthly consumer complaints report. Consumers complained about incorrect information on their credit reports and trouble accessing reports. The geographic spotlight was on Los Angeles, the second largest metro area by population in the U.S.


 Compliance Due Dates