Bank Wire

Description

Abstract: This summary of recent developments in banking looks at the implications for banks of a statement issued in July 2019 by the federal banking agencies: Joint Statement on Risk-Focused Bank Secrecy Act / Anti-Money Laundering Supervision. It also points out that the Federal Deposit Insurance Corporation (FDIC) recently finalized its community bank leverage ratio framework and discusses the framework’s requirements for community banks. In addition, the article explains the importance of avoiding potential director liability in connection with individual loan approvals and notes some recent FASB-approved CECL and lease accounting delays.