The House is expected to vote as early as Tuesday on an ABA-backed bill to modernize the Bank Secrecy Act/anti-money laundering framework. The bill—H.R. 2513—would direct the Financial Crimes Enforcement Network to create a national database that banks could use to verify a business’s beneficial ownership information. The bill is expected to include as an amendment the text of H.R. 2514, another ABA-backed initiative that would modernize the existing BSA/AML framework by, among other things, enhancing bank-law enforcement communications.
Meanwhile, the House Financial Services Committee will Tuesday hearings on affordable housing and minority depository institutions. On Wednesday, Facebook CEO Mark Zuckerburg will testify before the committee. The Senate Banking Committee will hold a hearing on Tuesday on oversight of the status of the consolidated audit trail.