On October 20, 2021, the Board, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) issued a joint statement to emphasize the expectation that supervised institutions with London interbank offered rate (LIBOR) exposure continue to progress toward an orderly transition away from LIBOR. More... Additionally, this statement includes clarification on the meaning of new LIBOR contracts, considerations when assessing appropriateness of alternative reference rates, and expectations for fallback language. Failure to adequately prepare for LIBOR’s discontinuance could undermine financial stability and institutions’ safety and soundness and create litigation, operational, and consumer protection risks. For more information, see the Joint Statement on Managing the LIBOR Transition on the Board’s website: https://www.federalreserve.gov/supervisionreg/srletters/SR2117a1.pdf.

The Board, the FDIC, the NCUA, and the OCC, the state financial regulators, and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued on June 30, 2021, Interagency Statement on the Issuance of the Anti-Money Laundering/Countering the Financing of Terrorism National Priorities. More... The Anti-Money Laundering Act of 2020 requires the Secretary of the Treasury, in consultation with the Attorney General, federal functional regulators, relevant state financial regulators, and relevant national security agencies, to establish and make public, priorities for anti-money laundering/countering the financing of terrorism (AML/CFT) policy.

The AML/CFT priorities are: (1) corruption; (2) cybercrime, including relevant cybersecurity and virtual currency considerations; (3) foreign and domestic terrorist financing; (4) fraud; (5) transnational criminal organization activity; (6) drug trafficking organization activity; (7) human trafficking and human smuggling; and (8) proliferation financing. More... The establishment of these priorities is intended to assist all covered institutions in their efforts to meet their obligations under laws and regulations designed to combat money laundering and counter terrorist financing (Department of the Treasury, Financial Crimes Enforcement Network at 3-1879).

For more information, see Anti-Money Laundering and Countering the Financing of Terrorism National Priorities on FinCEN’s website: https://www.fincen.gov/sites/default/files/shared/AML_CFT%20Priorities%20(June%2030%2C%202021).pdf.

Pursuant to the provisions of the Privacy Act of 1974, notice was given that the Board proposes to establish a new system of records, entitled BGFRS-44 “FRB—Public Health and Safety System.” More... This system of records maintains information collected in response to a public health emergency, such as a pandemic or disaster, or other health and safety concerns when necessary to ensure a safe and healthy environment for Board employees, contractors, and other individuals who work for the Board. The new system of records will become effective December 6, 2021, without further notice, unless comments dictate otherwise (Rules Regarding Access to Personal Information under the Privacy Act of 1974, Systems of Records of the Federal Reserve System). The new system of records was published in the Federal Register on November 5, 2021.