Regulation

Too often, banks confronting a problem with their anti-money-laundering compliance opt for quick fixes that fail to address the root of the problem. Building a good corporate risk culture takes time and investment.

Acting Comptroller of the Currency Rodney Hood suggested Tuesday that regulators should consider raising the dollar amount for mandatory suspicious activity reporting and revising the Herfindahl-Hirschman Index to advance bank mergers.

The rule requiring businesses to report their beneficial ownership is deeply flawed. Enforcement should be suspended until it can be revised to place fewer burdens on law-abiding people and companies.

Hester Pierce, a Republican SEC appointee, said industry watchdogs had previously been practicing regulation by enforcement with digital assets.

The superregional in Pittsburgh said banks large enough to attract its attention have yet to put themselves on the sale block. PNC's finance chief said, "We just have to be ready if and when those windows open."

The Canadian bank plans to exit its 10.1% interest in the brokerage firm, allowing it to shore up capital and strategically shrink to adhere to penalties related to its historic compliance failures.

After nearly 10 years of banking my business, BofA debanked it because of overzealous anti-money-laundering enforcement. The Trump administration must bring back common sense to Bank Secrecy Act compliance.

A group of 19 state attorneys general have sued the Trump administration, alleging the Department of Government Efficiency's move is illegal. The injunction is pending a hearing Feb. 14.

More state legislatures are exploring how to regulate earned wage access products, and interest rate caps are central to that discussion. New York state's pending legislation is taking a novel approach.