Sunstate Bank CEO participates in the South Florida Business Journal CEO Roundtable
Lloyd DeVaux participated in a panel event on Wednesday, June 28th at the University of Miami to discuss some important issues in banking. You can read more here!
Lloyd DeVaux, Sunstate Bank's President & CEO, recently testified before Congress on BSA/AML.
June 28, 2017
For Immediate Release | Contacts: Jeff Emerson (202) 226-0471; Sarah Rozier (202) 226-2467
Subcommittee Examines the BSA/AML
Regulatory Compliance Regime
WASHINGTON – The Financial Institutions and Consumer Credit Subcommittee held a hearing today to examine the federal government’s anti-money laundering (AML) efforts under the Bank Secrecy Act (BSA). The primary focus of the hearing was to understand compliance challenges facing financial institutions, including compliance trends, the effectiveness of current reporting requirements, and opportunities to improve and enhance the federal government’s ability to combat money laundering and terrorist financing.
“The goals of the Bank Secrecy Act and anti-money laundering (BSA/AML) legal regime are laudable: financial institutions and government agencies should work together to prevent money laundering and terrorist financing. However, aspects of this regulation have spiraled out-of-control and resulted in a breakdown between law enforcement, financial regulators, and institutions. The de-risking seen throughout the financial services space, in part because of BSA/AML regulation, actually increases risk to the system,” said subcommittee Chair Blaine Luetkemeyer (R-MO). “We cannot afford to have an ineffective BSA/AML regime. Today’s hearing is the first step in a series to discuss improvements that could benefit law enforcement and financial institutions – while simultaneously creating a more effective BSA/AML regulatory construct.”
Key Takeaways from the Hearing:
* The consequences of money laundering are significant to both financial systems and governments worldwide.
* The Bank Secrecy Act (BSA) and the U.S. economic sanctions regime impose substantial compliance burdens on financial institutions, especially smaller financial institutions with limited staffing and resources.
* The Federal government has an important mission in combatting money laundering and terrorist financing, but efforts to improve outcomes while reducing unnecessary costs should be considered.
Topline Quotes from Lloyd DeVaux:
“As a community bank, we have seen an influx of new regulations over the past few years as well as additional requirements under old regulations such as the Bank Secrecy Act. Clearly, BSA compliance is an important building block for our national security, but it is founded on principles that were developed nearly 50 years ago. The world has drastically changed since the BSA was adopted in 1970; criminals keep evolving and staying one step ahead of banks and law enforcement. As the United States takes steps to combat terrorism and financial crime, now would be a good time to update the compliance requirements to develop a system suited to the twenty-first century.” – Lloyd DeVaux, President and Chief Executive Officer, Sunstate Bank, on behalf of the Florida Bankers Association
Please click here to read the full Lloyd DeVaux Oral Statement to Congress.
Please click here to view the full video testimony.
Our Bauer 5-Star Rating puts Sunstate Bank in the top category of financial institutions in the United States.
Sunstate Bank was recently awarded the highest rating of 5-Stars by BauerFinancial, Inc. for 2016. Because of Sunstate’s security, strength and reliability we have been recognized as one of the strongest financial institutions in the country*.
About BauerFinancial, Inc.
BauerFinancial, Inc. is the nation’s leading independent bank and credit union rating firm. BauerFinancial, Inc. has been analyzing and reporting on the financial condition of the nation’s banking industry since 1983. Through the years BauerFinancial has earned the reputation of “the nation’s bank rating service”. Over the years, federal and state regulators have referred thousands of inquirers to Bauer.
*Star ratings current as of February 9, 2017. Bank Star ratings are based on September 30, 2016 financial data
Congratulations Lloyd DeVaux — Florida Banker's Tier 1 Chairman
Alex Sanchez, President and CEO, announced that Lloyd DeVaux had been elected to serve as Tier 1 Chairman on the FBA Executive Committee. Lloyd has been serving on the FBA Board since June 2016 and this is his second term servicing as Tier 1 Chairman. The Tier 1 Chairman represents all of the Tier 1 Banks, including Sunstate Bank, on the FBA Board. Lloyd has been active with FBA for many years including chairing the BancServ board.