On June 27, 2025, FinCEN issued an order permitting banks to collect Tax Identification Number (TIN) information from a third party rather than from the bank’s customer. FinCEN said that this action is aimed at providing banks with greater flexibility in fulfilling compliance obligation without presenting a heightened risk of money laundering, terrorist financing, or other illicit finance activity.

Jun 30
Jun 30 FinCEN Issues Orders Against Mexico-based Financial Institutions For Money Laundering

Adam Witmer

BSA, Regulatory Update

On June 25, 2025, FinCEN issued unprecedented orders identifying three Mexico-based financial institutions as being of primary money laundering concern in connection with illicit opioid trafficking, and prohibit, respectively, certain transmittals of funds involving the institutions. The named instituiosn include CIBanco S.A., Institution de Banca Multiple, Intercam Banco S.A., Institución de Banca Multiple, and Vector Casa de Bolsa, S.A. de C.V.

Jun 26
Jun 26 2025 List of Distressed or Underserved Geographies

Adam Witmer

CRA, Regulatory Update

On June 25, 2025, the agencies released the 2025 list of distressed or underserved nonmetropolitan middle-income geographies. These are geographic areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration under the community development definition.

Jun 24
Jun 24 FATF Updates List of Deficient Countries (6/23/25)

Adam Witmer

BSA, Regulatory Update

On June 23, 2025, FinCEN issued a press release to inform U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering, counter the financing of terrorism, and combat weapons of mass destruction proliferation financing (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with strategic AML/CFT/CPF deficiencies following its plenary meeting last month. U.S. financial institutions should consider the FATF’s stance toward these jurisdictions when reviewing their obligations and risk-based policies, procedures, and practices.

Jun 24
Jun 24 FRB Removes Reputational Risk From Examination of Banks

Adam Witmer

Regulatory Update

On June 23, 2025, the Federal Reserve Board announced that reputational risk will no longer be a component of examination programs in its supervision of banks. While this change is meant to streamline the process, the Fed still expects banks to manage risks effectively and will not affect how banks handle their own reputational risk.

Jun 23
Jun 23 Treasury’s Deputy Secretary Discusses Guiding Principles for BSA Modernization

Adam Witmer

BSA, Regulatory Update

On June 18, 2025, Deputy Secretary of the Treasury Michael Faulkender spoke at the 62nd Bank Secrecy Act Advisory Group (BSAAG) plenary meeting where he discussed the Trump Administration’s guiding principles for BSA modernization.

Jun 23
Jun 23 FinCEN Publishes Its 2024 Year in Review

Adam Witmer

BSA, Regulatory Update

On June 18, 2025, FinCEN published its FinCEN Year in Review for FY 2024. The Year in Review is intended to help stakeholders gain insight into both FinCEN’s efforts to support law enforcement and national security agencies and how financial information is used.

Jun 19
Jun 19 CFPB Extends 1071 Rule Compliance Date

Adam Witmer

Regulatory Update

On June 18, 2025, the CFPB issued an interim final rule to extend the compliance dates for the small business lending rule and to make other date-related conforming adjustments. This adjustment is made in light of ongoing litigations concerning the final rule.

Jun 17
Jun 17 Judge Denies CFPB’s Bid to Vacate Redlining Settlement with Townstone

Adam Witmer

Regulatory Update, Fair Lending

On June 12, 2025, Reuters reported that a federal judge in Chicago refused to allow the CFPB to vacate a racial discrimination settlement reached last year with Townstone Financial. The court found that there was no basis for granting an extraordinary request.

Jun 16
Jun 16 Bowman’s Approach to Supervision and Regulation

Adam Witmer

Regulatory Update

On June 6, 2025, Michelle W. Bowman spoke at the Georgetown University McDonough School of Business Psaros Center for Financial Markets and Policy where she described her approach to leading the Fed's Division of Supervision and Regulation as the Vice Chair for Supervision. In her speech, the new Vice Chair of Supervision outlined the principles she said are designed to enhance the Fed’s supervision and regulatory efforts and how they will be incorporated into the agency’s work.

Jun 30
Jun 30 FinCEN Allows Banks Alternative TIN Collection Method

Jun 30
Jun 30 FinCEN Issues Orders Against Mexico-based Financial Institutions For Money Laundering

Jun 26
Jun 26 2025 List of Distressed or Underserved Geographies

Jun 24
Jun 24 FATF Updates List of Deficient Countries (6/23/25)

Jun 24
Jun 24 FRB Removes Reputational Risk From Examination of Banks

Jun 23
Jun 23 Treasury’s Deputy Secretary Discusses Guiding Principles for BSA Modernization

Jun 23
Jun 23 FinCEN Publishes Its 2024 Year in Review

Jun 19
Jun 19 CFPB Extends 1071 Rule Compliance Date

Jun 17
Jun 17 Judge Denies CFPB’s Bid to Vacate Redlining Settlement with Townstone

Jun 16
Jun 16 Bowman’s Approach to Supervision and Regulation

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