Santa Cruz County Bank Announces Promotion of Jon Sisk
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SANTA CRUZ, Calif., May 14, 2021 /PRNewswire/ Santa Cruz County Bank (OTC: SCZC), with assets over $1.5 billion, is a top-rated community bank headquartered in Santa Cruz County. The Bank is pleased to announce the promotion of Jon Sisk from Regional President to Regional President/Chief Banking Officer. In his new role Jon will expand his leadership in the planning, development and execution of the Bank s business development strategy for lending, deposits, and will lead the Bank s growth in new markets.
Jon Sisk, Regional President/Chief Banking Officer, Santa Cruz County Bank
As we recently
blogged, the Financial Crimes Enforcement Network (“FinCEN”) issued an advance notice of proposed rulemaking (“ANPRM”) on April 5, 2021 to solicit public comment on the implementation of the Corporate Transparency Act (“CTA”). In response, FinCEN received over 200 letters from industry stakeholders. This post will focus on one such letter, from the American Bankers Association (“ABA”), which highlights the industry perspective of large financial institutions.
The
CTA, passed as part of the Anti-Money Laundering Act of 2020 (“AMLA”), requires certain legal entities to report their beneficial owners to a database accessible by U.S. and foreign law enforcement and regulators, and to U.S. financial institutions seeking to comply with their own Anti-Money Laundering (“AML”) compliance obligations, particularly FinCEN’s existing BO regulation which is part of the
Sandy Spring Bank Announces Executive and Senior Leadership Appointments
Company Reorganizes and Prepares for Future Growth
OLNEY, Md., May 14, 2021 (GLOBE NEWSWIRE) Sandy Spring Bank today announced a series of leadership appointments and promotions. The individuals stepping into these executive and division executive roles will play a critical role in helping to develop future talent, build the Bank’s capacity, improve operational processes and grow the company.
“We have enjoyed an extended period of rapid growth and tremendous success. We know our market well, we have top talent and we offer a broad range of sophisticated services,” said Daniel J. Schrider, President and Chief Executive Officer of Sandy Spring Bank. “These leadership appointments will help us capitalize on our strengths and ensure that we are prepared to continue to grow organically and thrive as a larger, more complex institution.”
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The Fed’s final rule implementing the Durbin Amendment (Regulation II) went into effect in October 2011. Nearly ten years later, the final rule is still provoking controversy in the form of a new lawsuit and proposed amendments to the rule and its official commentary.
The Durbin Amendment (Section 1075 of Dodd-Frank) authorized the Fed to issue regulations to ensure that the amount of any interchange fee received by a large debit card issuer (one with at least $10 billion of assets, together with its affiliates) is reasonable and proportional to the cost incurred by the issuer. It also limited the restrictions that issuers and payment card networks can place on the processing of an electronic debit card transaction.