November 2024Transmittal 525
Effective: 11/1/2024
The
Board, the Federal Deposit Insurance Corporation (FDIC), the National
Credit Union Administration (NCUA), the Office of the Comptroller
of the Currency (OCC), and state regulators recognize the serious
impact of Hurricane Helene and Hurricane Milton on the customers and
operations of many financial institutions and will provide appropriate
regulatory assistance to affected institutions subject to their supervision.
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The agencies encourage
institutions operating in the affected areas to meet the financial
services needs of their communities. For more information, see the
press releases and related information on the Board’s website: https://www.federalreserve.gov/newsevents/pressreleases/other20241002a.htm and https://www.federalreserve.gov/newsevents/pressreleases/other20241015a.htm.Banks and Banking
Policy Statements
On July 25, 2024, the Board, the FDIC, and the
OCC released a
Joint Statement on Banks’ Arrangements with Third Parties to
Deliver Bank Deposit Products and Services to note potential
risks related to these arrangements.
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The statement also highlights
examples of effective risk-management practices a bank may consider
when participating in such arrangements based on existing requirements
and supervisory guidance. The statement does not establish new supervisory
expectations (Guidance, Risk Management
at 3-1579.246).Bank Secrecy
Act Regulations
The U.S. Department of the
Treasury’s Financial Crimes Enforcement Network (FinCEN) issued
a final order, pursuant to the Combating Russian Money Laundering
Act, as amended by the National Defense Authorization Act for Fiscal
Year 2022, to prohibit certain transmittals of funds by any covered
financial institution involving PM2BTC, a financial institution operating
outside of the United States determined to be of primary money laundering
concern in connection with Russian illicit finance.
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The final order is effective
October 11, 2024 (Department of the Treasury, Financial Crimes Enforcement Network), the same day it was published in the Federal Register.