The Federal Deposit Insurance Corporation (“FDIC”) proposed in its Notice of Proposed Rulemaking (“NPR”) that insured IDIs keep records of individual accounts that are typically held in pooled custodial accounts that support...more
9/24/2024
/ Bank Secrecy Act ,
Certification Requirements ,
Comment Period ,
Compliance ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Deposit Accounts ,
Depository Institutions ,
FDIC ,
FinTech ,
Insured Depository Institutions ,
NPRM ,
Prepaid Payment Products ,
Recordkeeping Requirements ,
Sponsors
Today, Michigan's "agent of payee" exemption to its money transmitter law is effective and West Virginia also passed an agent of payee exemption earlier this month that will be effective soon. These developments are part of a...more
The Consumer Financial Protection Bureau has issued a brief press announcement that the Prepaid Card Rule would be further revised and that the effective date for compliance will be further postponed from the current deadline...more