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Financial Services Law Insights and Observations

President Biden signs NDAA into law

Federal Issues Federal Legislation Bank Secrecy Act SCRA

Federal Issues

On December 27, President Biden signed S. 1605 the “National Defense Authorization Act for Fiscal Year 2022” (NDAA) into law. The NDAA provisions include Section 6107, which requires the Treasury Secretary to conduct a briefing within one year of the law’s enactment before the House Financial Services Committee and the Senate Banking, Housing, and Urban Affairs Committee on the delegation of examination authority under the Bank Secrecy Act. Additionally, Section 6207 expands the coverage of the Servicemembers Civil Relief Act protections related to the termination of residential or motor vehicle leases and telephone service contracts. Specifically, Section 6207 makes those protections applicable to members of the Foreign Service who are posted abroad at a Foreign Service post.