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FinCEN Issues Final Rule on CTR Exemptions (12/4/08) The Financial Crimes Enforcement Network (FinCEN) released final rule that simplifies the current requirements for depository institutions to exempt their eligible customers from currency transaction reporting. FinCEN is amending, in accordance with the Government Accountability Office's (GAO's) recommendations and the public comment process, the Bank Secrecy Act (BSA) regulation that allows depository institutions to exempt certain persons from the requirement to report transactions in currency in excess of $10,000. The new rules take effect 30 days after publication in the Federal Register.
FDIC Chair says CRA Did Not Cause Financial Crisis (12/4/08) FDIC Chairman Sheila C. Bair in her speech to the Consumer Federation of America stressed that the Community Reinvestment Act (CRA) did not cause the financial crisis. "CRA isn't perfect" said Bair. "But it has stayed around more than 30 years because it encourages FDIC-insured banks to lend in low- and moderate-income (or LMI) areas and, I quote, "consistent with the safe and sound operation of such institutions" she added. "Instead of playing "catch up," we need to keep pace with the times, making the way we operate flexible and nimble enough to respond quickly to changing, and often unpredictable, market demands" Bair concluded.
