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Kansas banks runs afoul of money laundering standards again

American Banker

Small Business Bank in Lennox, Kansas received another cease-and-desist order from the Federal Reserve for failing to comply with anti-money laundering and Bank Secrecy Act requirements for the second time in 14 months.

Kansas 41
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Lessons Learned From the Fourth United States Bank Failure of 2023

Perficient

In 2017, the bank was converted from its National Charter to a Kansas state-chartered bank and renamed Heartland Tri-State Bank. Bank Closed By Regulators Almost all bank closures happen on a Friday so that regulators can work all weekend to reopen the bank on Monday.

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Failed Kansas bank rapidly borrowed $21 million from FHLB system

American Banker

Heartland Tri-State Bank, which failed after its CEO allegedly embezzled money to fund cryptocurrency investments, received $21 million in advances from the Federal Home Loan Bank system prior to failure.

Kansas 92
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Report: The Risky Business Of Navigating Online Sales Tax For Merchants

PYMNTS

Merchants working to expand and sell online in more markets must comply with each market’s local sales tax regulations, however, and that is an increasingly complicated task. merchants may also be feeling new pains when selling to Kansas. There are already more than 2.5 Around The Next-Gen Sales Tax World.

Taxes 133
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Kansas City Fed names veteran banker and regulator as chief

American Banker

Schmid will assume Esther George's former role on August 21.

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New CECL Excel SCALE Tool from Federal Reserve

Abrigo

The Scaled CECL Allowance for Losses Estimator (SCALE) tool was unveiled during an “Ask the Fed” webinar , where regulators described the Excel spreadsheet-based option using estimated loss rates from peers as a “ starting point ” in the calculation. They also said it doesn’t ensure compliance with U.S. Be Prepared.

Tools 195
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Fed hits Kansas-based Small Business Bank with enforcement order

American Banker

The $100 million asset bank ran afoul of various regulatory standards, including credit oversight, anti-money laundering controls and third-party risk management.

Kansas 73