Transmittal Archive

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule to prohibit covered U.S. financial institutions from opening or maintaining a correspondent account for, or on behalf of Al-Huda Bank, a foreign financial institution based in Iraq found to be of primary money laundering concern pursuant to section 311 of the USA PATRIOT Act. More... The rule further requires covered U.S. financial institutions to take reasonable steps not to process transactions for the correspondent account of a foreign banking institution in the United States if such a transaction involves Al-Huda Bank. It also requires covered institutions to apply special due diligence to their foreign correspondent accounts that is reasonably designed to guard against their use to process transactions involving Al-Huda Bank. The final rule is effective August 2, 2024 (Department of the Treasury, Financial Crimes Enforcement Network) and was published in the Federal Register on July 3, 2024.

The Consumer Financial Protection Bureau (CFPB) is amending Regulation B to extend the compliance dates set forth in its 2023 small business lending rule and to make other date-related conforming adjustments in light of court orders in ongoing litigation. More... The interim final rule is effective August 2, 2024 (Consumer Financial Protection Bureau, Regulation B, Docket CFPB–2024–0018) and was published in the Federal Register on July 3, 2024.