Temporary Relief on MBL Cap and AML Manual Updates
Wednesday, April 15, 2020
The Federal Financial Institutions Examination Council (FFIEC) today released several updates to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) examination manual. The manual is used to evaluate compliance with the Bank Secrecy Act and anti-money laundering requirements.
The agencies are aware of the uncertainty faced by financial institutions during this unprecedented time.
The manual update, which supports tailored examination work, has been in process for an extended period and should not be interpreted as new instructions or as a new or increased focus. The updates offer further transparency into the examination process and establish no new requirements.
In other news, bi-partisan legislation has been introduced in Congress that would exempt all member business loans (MBLs) made during the declared coronavirus pandemic from the MBL cap for three years. The bill was introduced by Reps. Brad Sherman (D-CA), Suzanne Bonamici (D-OR), Don Young (R-AK) and Brian Fitzpatrick (R-PA).
DCUC was an early supporter of this legislation and will continue to advocate for this bill and others as we collectively battle through the economic challenges posed by the COVID-19 pandemic.
Find the latest COVID-19 updates and resources on DCUC's COVID-19 information page.