Department of the Treasury March 17, 2016 – Federal Register Recent Federal Regulation Documents

On February 8, 2016, the Department of the Treasury published an interim rule (hereafter, the interim rule) implementing the Capital Magnet Fund (CMF), administered by the Community Development Financial Institutions Fund (CDFI Fund). The interim rule incorporates updates to the definitions, requirements and parameters for CMF implementation and administration. This document extends the comment period on the interim rule to May 8, 2016.

This document withdraws FinCEN's finding that JSC CredexBank (``Credex''), renamed JSC InterPayBank (``InterPay''), is a financial institution of primary money laundering concern, pursuant to Section 311 of the USA PATRIOT Act (``Section 311''). Because of material subsequent developments that have mitigated the money laundering risks associated with Credex, FinCEN has determined that Credex is no longer a primary money laundering concern that warrants the implementation of a special measure under Section 311. Elsewhere in this issue of the Federal Register, FinCEN is publishing a withdrawal of the related notice of proposed rulemaking that would have imposed two special measures against Credex.