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aRTiCLeS


          also continue to focus on several priority issues including the   DOL Finalizes 18-Month
          future of community banking, managing risks posed by large and   Extension for Fiduciary Rule
          complex financial institutions, cybersecurity and information
          technology, economic inclusion and workforce development.   Exemptions

          To read more visit: https://www.fdic.gov/about/strategic/  As the Department of Labor continues
          strategic/strategic_plan_2018_2022.pdf                 its review of the Obama-era fiduciary
                                                                 rule, DOL has finalized its plans to
          Trump Names Goodfriend to                              extend to July 1, 2019, the compliance
          Fed Board                                              date for certain exemptions to the rule.
                                                                 The extension would apply to the best
          President  Trump has  nominated                        interest contract exemption, principal
          Marvin Goodfriend to a term on the                     transaction exemption and prohibited
          Federal Reserve Board of Governors.                    transaction exemption 84-24. DOL granted the extension to
          Goodfriend is a professor of economics                 ensure it will have sufficient time to consider public comments
          at Carnegie Mellon University who                      submitted in response to an executive order by President Trump
          previously spent more than a decade as                 earlier this year, which ordered that the fiduciary rule be re-
          head of research at the Federal Reserve                examined for possible repeal or revision.
          Bank of Richmond.
                                            Marvin Goodfriend    To read more visit: https://s3.amazonaws.com/public-
                                                                 inspection.federalregister.gov/2017-25760.pdf
          Otting Sworn In as Comptroller

          of the Currency                                        Yellen to Retire from Fed Board

          Twelve days after the Senate voted to                  Upon Powell’s Swearing In
          confirm him, former bank CEO Joseph                    Federal Reserve Chairman Janet Yellen has said that she would
          Otting was sworn  in as comptroller                    resign from  the  Federal Reserve  Board of  Governors  upon the
          of the currency.  Otting is a former                   swearing in of Jerome Powell as chairman.  President Trump
          president  and CEO  of  California-                    nominated Powell earlier this month. Yellen’s four-year term as
          based OneWest Bank, where he worked                    chairman expires in February.  While her term as a board governor
          closely with now-Treasury Secretary                    would continue until 2024, it is customary for former Fed
          Steven Mnuchin.  He was confirmed by                   chairmen to retire from the board when their chairmanships end.
          a vote of 54 to 43, with all Republicans
          plus Democratic Sens. Heidi Heitkamp   Joseph Otting
          (N.D.) and Joe Manchin (W.Va.) voting in favor.        FinCEN Launches New Public-
                                                                 Private Information-Sharing
          Otting served as president and CEO of OneWest following the
          2009 purchase of failed thrift IndyMac by the investor group   Forum
          led by Mnuchin.  He left OneWest in 2015 following the bank’s   The Financial Crimes
          acquisition by CIT Group.  Previously, he held senior roles at   Enforcement Network
          U.S. Bank, including serving as vice chairman for commercial   will  formalize
          banking, head of commercial banking in the Minneapolis-based   FinCEN Exchange,
          bank’s eastern region and market president for Oregon.  Earlier   a new forum to
          in his career, Otting held management roles at MUFG Union   facilitate public- and private-sector information sharing on
          Bank and Bank of America.
                                                                 financial crimes data, Sigal Mandelker announced at the recent
          “In my experience, bankers support regulation, but effective   ABA Financial Crimes Enforcement Conference. Mandelker is
          regulation evolves with the changing needs of a nation and   Treasury under secretary for terrorism and financial intelligence.
          should be reviewed and modified as those needs change,” Otting   Through the program, FinCEN will coordinate with law
          said. “As comptroller, I look forward to enhancing the value of   enforcement to convene regular briefings for financial
          national bank and federal savings association charters, reducing   institutions to exchange information on illicit finance threatsm
          unnecessary burden, and promoting economic opportunity   – including specific information and broader “financial
          while maintaining the safety and soundness of the federal   typologies,” a term that refers to money laundering methods.
          banking system.”




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