May 21, 2007
Federal Reserve Chairman Bernanke on Subprime Lending
Speaking at the Federal Reserve Bank of Chicago's 43rd Annual Conference on Bank Structure and Competition, Chairman Bernanke stated, "We at the Federal Reserve will do all that we can to prevent fraud and abusive lending and to ensure that lenders employ sound underwriting practices and make effective disclosures to consumers. At the same time, we must be careful not to inadvertently suppress responsible lending or eliminate refinancing opportunities for subprime borrowers. Together with other regulators and the Congress, our success in balancing these objectives will have significant implications for the financial well-being, access to credit, and opportunities for homeownership of many of our fellow citizens."
FinCEN Releases Latest SAR Activity Review
The May 2007 edition of the Financial Crimes Enforcement Network's (FinCEN's)The SAR Activity Review – Trends, Tips & Issues includes articles on such topics as the effect of the Bank Secrecy Act (BSA) on the insurance industry, debt elimination schemes and the value of BSA data.