US federal bank regulatory agencies have issued a final rule simplifying capital requirements for community banks by allowing them to adopt a simple leverage ratio to measure capital adequacy (leverage ratio framework).     The leverage ratio framework removes requirements for calculating and reporting risk-based capital ratios for a qualifying community

Effective May 1, 2020, amendments to B.C. Business Corporations Act will require private businesses in the province to keep and maintain transparency records of beneficial owners.   Information to be collected from a beneficial owner will include full legal name, date of birth, citizenship and last known address.   According

The FDIC, the Federal Reserve, the Office of the Comptroller of the Currency, and the National Credit Union Administration are seeking comment on proposed guidance for credit risk review systems.    The proposed guidance discusses sound management of credit risk, a system of independent and ongoing credit review, and appropriate

The Government of British Columbia has proposed changes to the Financial Institutions Act (FIA) and the Credit Union Incorporation Act (CUIA).   The changes are aimed at modernizing the legislative framework, better protecting consumers and helping to maintain public confidence in the province’s financial institutions.   The proposed amendments to

The Office of the Comptroller of the Currency (OCC) has imposed a $30 million fine on Citibank, N.A. (Citi) over control deficiencies.   The violations, according to the regulator, resulted from deficient processes and controls the bank had implemented to identify and monitor the statutory holding period of other real