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ARTICLE · 31 AUGUST 2004

Financial Services Report - August 2004

Vedder, Price P.C.
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A report designed to provide news and analysis of recent legal and regulatory developments in the financial services industry.

United StatesGovernment, Public Sector
James Kane
James Kane

Contents

  • BSA Compliance Remains Top Regulatory Priority
  • The Future of Anti-Tying Regulation
  • Changes Coming in FHLB Capital Structure
  • Consumer Litigation Report

BSA Compliance Remains Top Regulatory Priority

The financial press is no longer reporting daily stories about Riggs National Bank. The $25 million civil money penalty and allegations of international political corruption are gradually fading from the spotlight. Do not let the absence of headlines mislead anyone. Bank Secrecy Act ("BSA") compliance is and will remain the dominant issue on the regulatory agenda for the foreseeable future. Moreover, it is a significant issue for banks of all sizes, regardless of location. Just as the bank regulators must take into account Community Reinvestment Act performance when considering various applications by banks, so too must bank regulators now take into account BSA compliance when considering applications by banks.

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