Halister News

(Bloomberg) -- There will probably be a legislative push to streamline Bank Secrecy Act (BSA), anti-money laundering (AML) compliance, Compass Point’s Laurie Havener Hunsicker writes in note discussing Wednesday’s House Financial Services subcommittee hearing on BSA/AML.

• Sees likeliest outcome as softer supervisory touch once Donald Trump’s regulatory nominees are in place; sees burgeoning push to reconsider BSA/AML compliance standards as part of broader policy shift toward supporting small and medium bank M&A
• Will be watching The Clearing House’s Greg Baer testimony Wednesday as group has outlined reform proposals, including Feb. report calling for adopting streamlined regulatory responsibilities, enacting legislation that promotes innovation and facilitates data collection, improving cooperation between financial institutions, law enforcement agencies
• Bank shares gain, as 10Y Treasury yields rise ~4bps to 2.179%; BAC +0.7%, GS +0.7%, C +0.7%, JPM +0.6%, MS +0.9%
• NOTE: Yellen speaks on global economic issues in London 1pm; Fed posts Comprehensive Capital Analysis and Review (CCAR) results June 28 at 4:30pm

Related:

• Earlier, Trump Delaying Fed Nominee Holds Up Deregulation, Cowen Says
• Jan 21, Trump Bump, Higher Valuations Spurring Bank M&A: Piper

To contact the reporter on this story: Felice Maranz in New York at fmaranz@bloomberg.net To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net Morwenna Coniam