STATE GOVERNMENT RELATIONS
Indiana Senate reorganizes committee leadership
Senate President Pro Tem-elect Chris Garten announced a significant reorganization of Senate committee leadership, naming 14 new committee chairs. The most notable change for the banking industry is that Sen. Scott Baldwin, who previously chaired the Insurance & Financial Institutions Committee, will now lead the Tax & Fiscal Policy Committee, which oversees tax-related legislation. Former Senate President Pro Tem Rodric Bray will transition into the role of Chair of the Insurance & Financial Institutions Committee.
FEDERAL GOVERNMENT RELATIONS
BIS extends suspension of ‘affiliates rule’ for entity list enforcement
The Bureau of Industry and Security has extended the suspension of an interim rule that would effectively extend the same restrictions to affiliates of U.S. Department of Commerce-listed entities.
FinCEN severs MEXC crypto exchange from US financial system
FinCEN labeled a convertible virtual currency exchange as a financial institution of primary money laundering concern, effectively severing its ties to the U.S. financial system.
FinCEN, Fed withdraw proposal to lower international fund transfer recordkeeping threshold
FinCEN and the Federal Reserve are withdrawing a proposed rule that would have significantly shrunk the dollar threshold for banks to report cross-border wire transfers.
Waters, Casten outline proposed agendas for House Financial Services Committee
Top Democrats on the House Financial Services Committee are pledging to place greater emphasis on housing policy and tackle financial fraud as they seek their colleagues’ support for committee leadership in the upcoming Democrat-controlled Congress.
Governors press Congress to pass cannabis banking bill
With nearly every state having legalized cannabis in some form, it is time for Congress to pass legislation to allow legal cannabis businesses to access banking services without fear of federal prosecution, 16 governors said in a letter to congressional leaders.
State attorneys general express support FCC Robocall Mitigation Database proposal
A coalition of 49 state attorneys general expressed support for the Federal Communications Commission’s Robocall Mitigation Database proposal while urging the agency to require better vetting of the information that telecommunications providers submit.