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Inside Washington (02/01/2012)
  • WASHINGTON (2/2/12)—U.S. Reps. Spencer Bachus (R-Ala.) and Shelley Moore Capito (R-W.Va.) sent a letter to the Consumer Financial Protection Bureau Tuesday requesting the agency to stop collected privileged information from financial institutions until Congress can determine if that information is protected (American Banker Feb. 1). The House Financial Services subcommittee on financial institutions and consumer credit will hold a hearing to address the issue, the letter said. Bachus chairs the House Financial Services Committee and Capito chairs the financial institutions subcommittee. Disclosing information could be considered a waiver of attorney-client privilege, and expose financial institutions to third-party subpoenas, Bachus and Capito said in the letter …
  • WASHINGTON (2/2/12)--The Federal Deposit Insurance Corp. Tuesday issued guidance on potential risks associated with third-party payments processors. The letter to financial institutions said certain types of payment processors may pose heightened money laundering and fraud risks if merchant client identities are not verified and business practices are not reviewed. Banks should evaluate their risk assessment program, be alert to consumer complaints, and act promptly when fraudulent or improper activities occur. "At a minimum, board-approved policies and programs should assess the financial institution's risk tolerance for this type of activity, verify the legitimacy of the payment processor's business operations, determine the character of the payment processor's ownership, and ensure ongoing monitoring of payment processor relationships for suspicious activity," the letter said …


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