At 10:00 a.m. the House Financial Services Committee will hold a hearing entitled “Empowering a Pro-Growth Economy by Cutting Taxes and Regulatory Red Tape.”

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Since it was created in 2008 to power Bitcoin, blockchain technology has become the talk of the town, growing in popularity for its seemingly countless applications. But what exactly is blockchain, how does it work, and how can financial institutions incorporate it in the payments space? Debevoise & Plimpton and RMA presented a seminar and webcast on June 11, 2018 that explored these questions.

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The formal process to amend affected regulations to reflect the statutory changes of the Economic Growth, Regulatory Reform, and Consumer Protection Act will take some time.

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At 10:00 a.m. the Senate Committee on Banking, Housing, and Urban Affairs will meet in Executive Session to consider the following nominations: Richard Clarida, to be a member and vice chairman of the Board of Governors of the Federal Reserve System; and Michelle Bowman, to be a member of the Board of Governors of the Federal Reserve System.

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Following a two-year period allowing institutions to prepare for compliance, the implementation date for the new rule on Bank Secrecy Act (BSA) customer due diligence is drawing close.

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