Independent Banker - December 2024 - 16

PORTFOLIO
◎FOCUS COMPLIANCE
The year in compliance:
6 notable updates
New guidance and proposed rules from regulatory agencies in 2024
have kept community banks on the alert for forthcoming changes to
compliance processes. By Katie Kuehner-Hebert
ICBA senior vice president and senior
regulatory counsel.
FinCEN's new beneficial ownership
rule implements Corporate
Transparency Act requirements that
businesses report basic information to
the federal government about the real
people who ultimately own or control
them; it includes changes to several
definitions of terms, with fewer items
required than under the CDD rules.
" ICBA is still against financial
institutions having to collect beneficial
ownership information, especially
now that FinCEN is collecting
that information directly from
reporting companies, " Whitley says.
" Nevertheless, we want the CDD rule
to be congruent with the new rule. "
Separately, if a reporting company
submits incomplete information to
FinCEN's registry, banks should not
be compelled to then provide the
complete information on behalf of
FinCEN, she says. " Now, a bank may
choose to obtain beneficial ownership
information from FinCEN's registry to
fulfill its own collection requirements
for due diligence purposes, but that
shouldn't mean they must also make
sure FinCEN gets the right information
from the reporting company, " Whitley
says. " Under no circumstances
should FinCEN expect banks to help
facilitate, train or execute any of the
requirements between the reporting
company and FinCEN. "
2
1
FinCEN's beneficial
ownership rule
The Financial Crimes
Enforcement Network's beneficial
ownership rule for reporting
companies became effective at the
beginning of the year. The rule aims
to " make it harder for bad actors to
hide or benefit from their ill-gotten
gains through shell companies or
other opaque ownership structures, "
according to FinCEN.
At the time of writing, FinCEN has
yet to align the rule's requirements
with those for banks under FinCEN's
2018 customer due diligence (CDD)
rule-an alignment Congress has
mandated, says Rhonda R. Whitley,
CFPB's guidance
on 'phantom' opt-in
overdraft agreements
The Consumer Financial Protection
Bureau in September published a
circular to help federal and state
consumer protection enforcers
stop banks from charging overdraft
fees based on " phantom " opt-in
agreements, which is when banks
claim they have customers' consent to
charge overdraft fees but have no proof
16 // ICBA Independent Banker // December 2024
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Independent Banker - December 2024

Table of Contents for the Digital Edition of Independent Banker - December 2024

Contents
Independent Banker - December 2024 - Cover1
Independent Banker - December 2024 - Cover2
Independent Banker - December 2024 - Contents
Independent Banker - December 2024 - 2
Independent Banker - December 2024 - 3
Independent Banker - December 2024 - 4
Independent Banker - December 2024 - 5
Independent Banker - December 2024 - 6
Independent Banker - December 2024 - 7
Independent Banker - December 2024 - 8
Independent Banker - December 2024 - 9
Independent Banker - December 2024 - 10
Independent Banker - December 2024 - 11
Independent Banker - December 2024 - 12
Independent Banker - December 2024 - 13
Independent Banker - December 2024 - 14
Independent Banker - December 2024 - 15
Independent Banker - December 2024 - 16
Independent Banker - December 2024 - 17
Independent Banker - December 2024 - 18
Independent Banker - December 2024 - 19
Independent Banker - December 2024 - 20
Independent Banker - December 2024 - 21
Independent Banker - December 2024 - 22
Independent Banker - December 2024 - 23
Independent Banker - December 2024 - 24
Independent Banker - December 2024 - FIS1
Independent Banker - December 2024 - FIS2
Independent Banker - December 2024 - FIS3
Independent Banker - December 2024 - FIS4
Independent Banker - December 2024 - 25
Independent Banker - December 2024 - 26
Independent Banker - December 2024 - 27
Independent Banker - December 2024 - 28
Independent Banker - December 2024 - 29
Independent Banker - December 2024 - 30
Independent Banker - December 2024 - 31
Independent Banker - December 2024 - 32
Independent Banker - December 2024 - 33
Independent Banker - December 2024 - 34
Independent Banker - December 2024 - 35
Independent Banker - December 2024 - 36
Independent Banker - December 2024 - 37
Independent Banker - December 2024 - 38
Independent Banker - December 2024 - 39
Independent Banker - December 2024 - 40
Independent Banker - December 2024 - 41
Independent Banker - December 2024 - 42
Independent Banker - December 2024 - 43
Independent Banker - December 2024 - 44
Independent Banker - December 2024 - 45
Independent Banker - December 2024 - 46
Independent Banker - December 2024 - 47
Independent Banker - December 2024 - 48
Independent Banker - December 2024 - 49
Independent Banker - December 2024 - 50
Independent Banker - December 2024 - 51
Independent Banker - December 2024 - 52
Independent Banker - December 2024 - 53
Independent Banker - December 2024 - 54
Independent Banker - December 2024 - 55
Independent Banker - December 2024 - 56
Independent Banker - December 2024 - 57
Independent Banker - December 2024 - 58
Independent Banker - December 2024 - 59
Independent Banker - December 2024 - 60
Independent Banker - December 2024 - 61
Independent Banker - December 2024 - 62
Independent Banker - December 2024 - 63
Independent Banker - December 2024 - 64
Independent Banker - December 2024 - 65
Independent Banker - December 2024 - 66
Independent Banker - December 2024 - 67
Independent Banker - December 2024 - 68
Independent Banker - December 2024 - Cover3
Independent Banker - December 2024 - Cover4
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