We have heard a lot of noise from the new administration about regulatory reform, including deregulation and consolidation or even the elimination of regulatory agencies. On January 20, 2025, Travis Hill became Acting Chairman of the FDIC and issued a statement that included a list of matters that he expects the FDIC to focus on in the coming weeks and months.
Among those are:
Conduct a wholesale review of regulations, guidance, and manuals to ensure our rules and approach promote a vibrant, growing economy.Improve the supervisory process to focus more on core financial risks and less on process, and reevaluate the supervisory appeals process.Work to ensure law-abiding customers have, and do not lose, access to bank accounts and banking services.Modernize implementation of the Bank Secrecy Act.
In the first 2025 episode of our podcast FIBA ON COMPLIANCE EXCELLENCE (“THE F.O.R.C.E”), I sit down with Jera Bradshaw, partner at Greenberg Traurig, and former Senior Counsel at the FDIC, to dive into the potential impacts of eliminating or restructuring agencies like the FDIC and FinCEN, some of the challenges of fintech regulation, and how agencies struggle to keep up with innovation. Click on the episode banner below to listen in.
In the coming weeks, I will be traveling to Washington DC, and Tallahassee with members of the LARA and AML Compliance committees to “take the temperature” of the regulatory agencies and legislators on these issues.
We will be holding a “briefing” on what we have learned in the FIBA Training Room, on Tuesday, March 4th from 10:00 AM – 11:30 AM, so save the date for what I am sure will be a very interesting discussion!
And don’t forget, you can hear more about this and much, much more from industry experts and regulators at our 25th Annual AML Compliance conference this March 24th – 27th.
If you have not registered yet, please do so now as space is limited!
Regards,
David Schwartz
CEO & President
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