A recent update to the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) FAQs clarifies the application of the know-your-customer and beneficial ownership requirements under the Bank Secrecy Act (BSA). Previous SBA FAQs merely stated… Read more
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) included several provisions affecting financial institutions. Debt Guaranty Authority (Applicable to Insured Depository Institutions) The CARES Act amended provisions of the Dodd-Frank Wall Street Reform… Read more
The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) was signed into law on March 27, 2020. The CARES Act, a stimulus package providing $2 trillion in economic aid to individuals and businesses,… Read more
As the COVID-19 pandemic continues to impact how we live and work, banks have been confronted with a host of regulatory and legal issues to address. Here are some of the more important: Customers Affected… Read more
The Bank Watch report from the Woods Rogers Financial Services Practice Group is a quarterly review of regulatory and technology news affecting the financial services industry. In this issue: Banking the Cannabis Business in Virginia… Read more
On January 9, proposed changes to the Community Reinvestment Act (CRA) regulations by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation were published in the Federal Register. The… Read more
Because the possession and sale of marijuana, or cannabis, is generally illegal under the federal Controlled Substances Act[1], depository institutions have been reluctant to provide financial services to cannabis-related businesses, even in states where the… Read more
Considerations for Prevention and Recovery The U.S. Treasury’s Financial Crimes Enforcement Network (FinCen) reported on July 16, 2019, that Business Email Compromise (BEC) fraud has increased dramatically over the past couple of years. (Read the… Read more
Among the bills considered by the Virginia legislature this year were a number affecting financial services. The 2019 Virginia General Assembly concluded its “short” 47-day session on February 24, 2019. Here is a look at the more… Read more
The announcement last week by the Consumer Financial Protection Bureau (CFPB) that it is proposing to rescind the “ability-to-repay” requirement in the payday lending rule proposed during the Obama administration was welcome news to the… Read more
