This post is the second in a series. To read the first post, click here. This post is the second in a series summarizing recent BPI research that uses a new module of the Consumer Financial Protection Bureau’s (CFPB) Making Ends Meet Survey (MEMS) to study fraud and scams from the consumer perspective.[1] The previous …

Washington, D.C. — The Federal Reserve’s anti-money laundering and countering the financing of terrorism program proposal diverges from its counterpart proposals from the other banking agencies, promoting inconsistency in AML/CFT examination, the Bank Policy Institute and The Clearing House Association said in a comment letter today. While significant parts of the Fed’s proposal align with constructive measures …

Ladies and Gentlemen: The Bank Policy Institute[1] and The Clearing House Association[2] are writing to comment on the notice of proposed rulemaking to “ensure that Board-supervised banks establish and maintain effective AML/CFT programs that better achieve the purposes of the Bank Secrecy Act” by providing “highly useful information related to illicit financial transactions for law …

Selected Outside Research Reciprocal Deposit Networks and Funding Stability Reciprocal deposits — where banks swap matching deposits with each other through specialized networks — enable customers to spread a large deposit across banks and keep them insured while maintaining a single banking relationship. This paper documents growth in the use of reciprocal deposits, examines what …