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All regulated financial institutions in the United States are required to file periodic financial and other information with their respective regulators and other parties. . For banks in the U.S., one of the key reports required to be filed is the quarterly Consolidated Report of Condition and Income, generally referred to as the call report or RC rep
In 2007, there had been a proposal that thrifts convert to filing a similar report, the Report of Condition and Income commonly referred to as the Call Report, which banks prepare and file with the Federal Deposit Insurance Corporation. [1] [2] Since thrifts continue to file TFRs today, the proposal was dismissed or set aside for the time being.
The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. [1]
Credit unions are subject to most bank regulations and are supervised by the National Credit Union Administration. The Financial Institutions Regulatory and Interest Rate Control Act of 1978 established the Federal Financial Institutions Examination Council (FFIEC) with uniform principles, standards, and report forms for the other agencies. [2]
The report can start with any employee of a financial services institution. The employees are trained to be alert for suspicious activity, such as situations where people are trying to wire money out of the country without identification, or activity by someone with no job who starts depositing large amounts of cash into an account.
Citigroup chief financial officer Mark Mason today told an audience of about 300 people gathered at the Conrad Hotel in New York why the bank was having trouble complying with demands by ...
For premium support please call: 800-290-4726 ... without any clear criminal nexus," the report says. Bank of America, at the time, told Fox News it "follows all applicable laws and regulatory ...
The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and federal thrift institutions and the federally licensed branches and agencies of foreign banks in the United States. [2]