The Financial Crimes Enforcement Network assessed a $500,000 civil money penalty against New York-based credit union for violations of anti-money laundering regulations.

The Board of the International Organization of Securities Commissions ("IOSCO") issued a statement stressing the importance of implementing new accounting standards related to revenue, financial instruments, and leases.

The Board of Governors of the Federal Reserve System adopted a final rule intended to help government authorities "resolve in an orderly way the largest domestic and foreign banks operating in the United States without any support from taxpayer-provided capital."

The CFTC Division of Clearing and Risk issued a no-action letter relating to the implementation of mandatory clearing regimes in Australia and Mexico. The relief comes in response to a letter from ISDA requesting that certain provisions of the exemption from the swap clearing requirement for affiliated counterparties be available for swaps executed between certain U.S. swap market participants and their affiliated counterparties located in Australia, Canada, Hong Kong, Mexico, Singapore, or Switzerland.

The Office of the Comptroller of the Currency ("OCC") issued a final rule to remove "outdated or otherwise unnecessary" rules with the effect of reducing regulatory burden on national banks and federal savings associations. The final amendments – effective on January 1, 2017 – are part of the OCC's decennial review of its rules as required by the Economic Growth and Regulatory Paperwork Reduction Act of 1996.