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Inside Washington (07/17/2012)
  • WASHINGTON (7/18/12)--Global banking giant HSBC and its U.S. affiliate exposed the U.S. financial system to a wide array of money laundering, drug trafficking, and terrorist financing risks due to poor anti-money laundering (AML) controls, a Senate Permanent Subcommittee on Investigations probe has found. The subcommittee conducted a year-long investigation into HSBC and has detailed its findings in a 330-page report released yesterday, along with more than 100 documents, including bank records and internal emails. The bank's federal bank regulator, the Office of the Comptroller of Currency, tolerated HSBC's weak AML system for years, said Sen. Carl Levin, D-Mich., the subcommittee chairman. "If an international bank won't police its own affiliates to stop illicit money, the regulatory agencies should consider whether to revoke the charter of the U.S. bank being used to aid and abet that illicit money," Levin said …
  • WASHINGTON (7/18/12)--The Federal Reserve said staff will review submitted questions about potential filings, otherwise known as pre-filings, before the submission of formal filings on potential bank acquisitions. Pre-filings may include information such as business plans, presentations outlining potential proposals, or other items about which potential applicants may have questions. The process is expected to benefit community banking organizations that do not file applications frequently and also pre-filers with novel proposals, the Fed said. The review of pre-filings is expected to take about 60 days …
  • WASHINGTON (7/18/12)--U.S. Treasury Secretary Timothy Geithner today will preside over a meeting of the Financial Stability Oversight Council (FSOC), and there will be a live webcast of the open session. The FSOC was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act and is intended to provide comprehensive monitoring of the country's financial system to ensure stability. National Credit Union Administration (NCUA) Chairman Debbie Matz is one of the council's 10 voting members. There are also five non-voting members …
  • WASHINGTON (7/18/12)--The Office of the Comptroller of the Currency (OCC) announced Tuesday that Donna Deale has been named deputy comptroller for thrift supervision. Deale will lead the OCC's ongoing effort to integrate the supervision of federal savings associations into its mission while working to ensure a "balanced, consistent interpretation and application of supervisory policies to the thrift industry." Deale was with the Federal Home Loan Bank Board in 1986 and moved to the Office of Thrift Supervision (OTS) when it was established in 1989. Last year Deale transferred to the OCC's Chief National Bank Examiner's Office as a senior operations risk expert. The OCC announcement said Deale, in that role, provided critical leadership to the effort to integrate OCC and OTS supervision policies, while accommodating the regulatory and statutory differences that are unique to the thrift industry  …
  • WASHINGTON (7/18/12)--The Consumer Financial Protection Bureau has released a semiannual update of its rulemaking agenda... .


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