Headlines
CFPB Expands the Definition of a Qualified Mortgage for Truth in Lending Purposes
FDIC Adopts New Rules Regulating Parent Companies of Insured Industrial Banks
Joint Guidance on Fintech Due Diligence Requirements for Community Banks to Come
Other Developments: LIBOR Transition, Branch Applications, and SAR Filing Requirements
1. FDIC Modernizes Brokered Deposit Rule and Amends Interest Rate Restrictions
The FDIC has adopted a final rule that establishes new standards for determining whether deposits made through certain kinds of arrangements with third parties qualify as brokered deposits, such as those between banks and financial technology (“fintech”) companies. The final rule approved on December 15 also amends the methodology for calculating the interest rate restrictions that apply to less than well capitalized banks by defining the “National Rate” as the weighted average of rates paid by all banks and credit unions on a given deposit product based on eac
Czech Business Empire with an Unsavoury Political Tinge
PPF Group’s Media Expansion in Europe
21 December 2020
Private corporations are changing the media and political landscape of Central and South-Eastern Europe in their pursuit of business interests. It is increasingly difficult to talk about the television market when national communication networks go private and business entities deliver services to a range of offline and online communication channels. For now, the EU does not seem to have an active response to the growing media concentration in corporations that also have political and corporate ties to Russia and China. Could a European public broadcaster be a silver bullet or can the privatisation of domestic politics be contained by other means?
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The Corporate Transparency Act, found within the National Defense Authorization Act, directs the Financial Crimes Enforcement Network to establish and maintain a national registry of beneficial ownership information. The legislation is designed to crack down on the use of shell companies to facilitate the laundering of criminal proceeds, but it remains to be seen how implementation of the new law enforcement tool will affect financial institutions’ customer due diligence requirements.
THE NATIONAL DEFENSE AUTHORIZATION ACT AND THE ANTI-MONEY LAUNDERING ACT OF 2020
The US Senate passed the National Defense Authorization Act (NDAA) for fiscal year 2021 on December 11; it was previously passed by the US House of Representatives. The NDAA now goes to President Donald Trump for his signature. Although President Trump has threatened to veto the NDAA, the House and Senate vote margins were large enough to overcome a veto.