Financial Institutions, U.S. Treasury, Regulatory Agencies

FinCEN Delays And Intends To Revisit Investment Adviser Final Rule

Ballard Spahr LLP on 7/25/2025

We blogged last year about the Final Rule issued by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) extending Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT)...more

Financial services industry trade groups pen letter to Treasury Secretary Bessent on cybersecurity risks

Orrick, Herrington & Sutcliffe LLP on 6/16/2025

On June 9, multiple financial services trade associations sent a letter to Treasury Secretary Scott Bessent expressing concerns about cybersecurity risk management practices at federal regulatory agencies following the OCC’s...more

CFPB Director Nominee to Move to Treasury Finance Role

Sheppard Mullin Richter & Hampton LLP on 5/16/2025

On May 9, the U.S. Department of the Treasury announced that President Trump intends to nominate Jonathan McKernan to serve as the Undersecretary of Domestic Finance. McKernan had been awaiting Senate confirmation to lead the...more

Trump to nominate CFPB nominee to Treasury Department position

Ballard Spahr LLP on 5/12/2025

Treasury Secretary Scott Bessent announced May 9 that President Trump intends to nominate Jonathan McKernan, his nominee to head the CFPB, as the Undersecretary of Domestic Finance at Treasury....more

Treasury Secretary Bessent to Appoint Rodney E. Hood as First Deputy Comptroller of the OCC

Troutman Pepper Locke on 2/12/2025

On February 7, Secretary of the Treasury Scott Bessent announced that he will appoint Rodney E. Hood as a Deputy Comptroller and designate him as the First Deputy Comptroller of the Office of the Comptroller of the Currency...more

FSOC Votes Unanimously to Finalize Process for Designating Nonbanks for Federal Reserve Supervision

Troutman Pepper Locke on 11/8/2023

On November 3, the Financial Stability Oversight Council (FSOC) voted unanimously to finalize the procedures for designating a nonbank financial company for Federal Reserve supervision. FSOC’s Interpretive Guidance aims to...more

Federal agencies clarify SAR filing requirements for financial services provided to hemp-related businesses

Eversheds Sutherland (US) LLP on 12/12/2019

On December 3, 2019, four federal agencies, in consultation with state banking regulators, clarified the legal status of hemp growth and production under the Bank Secrecy Act (BSA) for banks providing financial services to...more

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