Bank of America said its profits fell in the second quarter, as higher interest rates ate into BofA's expenses, including its large consumer banking franchise. But like Goldman Sachs, Bank of America saw a resurgence of activity in its investment banking division which helped make up for some of the weakness in other parts of the bank.
On July 3, the Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (NPRM) as part of a broader initiative to “strengthen, modernize, and improve” financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs.
Myriam Valdez-Singh Appointed DFPI Deputy Commissioner for Legislation. Jerry Twomey Selected DFPI Deputy Commissioner for BDIA, 2024-25 Assessment Rates for Credit Unions and Money Transmitters and more.
In the first half of 2024, seven new states—Kentucky, Maryland, Minnesota, Nebraska, New Hampshire, New Jersey, and Rhode Island—all enacted their takes on comprehensive privacy laws, bringing the total number of states with such laws up to 19 (20, if counting Florida1). At a high level, most of these laws substantively mirror the provisions in previously enacted state comprehensive privacy laws, including continuing the trend of not providing a private right of action and affording covered entities an opportunity to cure alleged violations.
Prudent regulation is needed in helping to define the risks and rewards in emerging partnerships between financial institutions and banks — but current regulatory efforts may be too vague, critics charged at a Congressional hearing held Friday (July 12). A “field hearing” held by the House Financial Services Subcommittee on Financial Institutions and Monetary Policy — “field” hearings take place outside of Washington, D.C., and in this case was held in Kentucky — included testimony from banking and FinTech executives who noted that the partnerships have the potential to transform financial services and boost financial inclusion.
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