NYLIB Banking Industry Update Vol. 2

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Banking Industry Updates


NYLIB Kicks Off 2019 with Spring Meeting

On Thursday, April 11, 2019, the New York League of Independent Bankers (“NYLIB”) held its Spring Meeting, featuring two distinguished speakers. The evening began as the new president of NYLIB, Ms. Casey Christopher, introduced herself. Ms. Christopher provided her vision for NYLIB to grow both as a think tank for community bankers to share experiences and ideas, and as an advocacy force for local, independent financial institutions. [READ MORE]


Marijuana Banking: The Prospects for Legal Protection

By Contributing Author, John W. Vardaman, General Counsel of Hypur

As New York considers legalizing the recreational use of marijuana, Congress is taking steps to address the issue of marijuana banking. Regardless of one’s views about the merits of marijuana legalization, this should come as welcome news to the New York financial industry. [READ MORE]

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FinCEN Director Encourages Innovation and Resource Sharing for BSA Compliance

On February 4, 2019, FinCEN Director Kenneth A. Blanco delivered his remarks at the SIFMA Anti-Money Laundering & Financial Crimes Conference. Mr. Blanco reiterated FinCEN’s dedication to streamlining BSA compliance through innovation and information sharing.

Last December, the regulatory agencies had issued a Joint Statement . . . [READ MORE]

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OCC Fintech Charter in Limbo

Since the OCC first announced its intentions to offer special purpose national bank charters to Fintech companies (“Fintech Charters”) in December 2016, there has been a slew of legal controversy surrounding the OCC’s authority to grant such charters. In 2017, the Conference of State Banking Supervisors (“CSBS”) and the New York State Department of Financial Services (“DFS”) brought suit challenging the OCC’s authority . . . [READ MORE]

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Developments Regarding the Fifth Pillar

FinCEN's new "fifth pillar" requirement became effective on May 11 of last year and had initially raised some concerns with its implementation. Previously, the four pillars were 1) policies and procedures, 2) a designated compliance officer, 3) employee training, and 4) independent testing. The new beneficial ownership rule added customer due diligence as a fifth pillar . . . [READ MORE]

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CRA Reform May be Completed Within Next Year

Last year, the OCC issued an advance notice of proposed rulemaking to reform the Community Reinvestment Act (“CRA”). The notice sought input on modernizing the implementation of the CRA and invited comments that would modify and streamline the existing CRA performance tests . . . [READ MORE]

To learn more about NYLIB, email info@NYLIB.org.