July 15, 2025
To our clients and friends:
On September 27, 2024, the Securities and Exchange Commission (the “SEC”) adopted a Final Rule that made changes to the SEC’s Electronic Data Gathering, Analysis, and Retrieval (“EDGAR”) system filer access and account management. The updated system is known as “EDGAR Next” and reflects the SEC’s initiative to modernize the EDGAR system. It introduces technical and process changes to enhance system security, improve filer account management and modernize filing authorizations. Compliance with EDGAR Next is required by September 15, 2025. Our Alert covering the Edgar Next is available here.
Luse Gorman regularly advises financial institutions regarding compliance with the federal securities laws. If you have any questions about this Alert, please contact any Luse Gorman attorney. To learn more about our firm and services, please visit our website.
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July 9, 2025
On July 1, 2025, Guilford Savings Bank, Guilford, Connecticut, completed its merger with Eastern Connecticut Savings Bank, Norwich, Connecticut.
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July 7, 2025
To our clients and friends:
Today we published Volume 19 of The Bankers’ Bulletin, providing our insights into key banking industry developments from June 2025, including:
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July 2, 2025
On July 1, 2025, Rollstone Bancorp, MHC, Fitchburg, Massachusetts, completed its merger with River Run Bancorp, MHC, Newburyport, Massachusetts. As part of the transaction, Rollstone Bank & Trust, the subsidiary of Rollstone Bancorp, MHC, became the third bank subsidiary, along with Newburyport Bank and Pentucket Bank, of River Run Bancorp, MHC.
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July 1, 2025
To our clients and friends:
On June 27, 2025, the FDIC, the OCC, and the NCUA issued an order (the “Order”) exempting their supervised institutions from the Customer Identification Program Rule’s requirement to obtain taxpayer identification numbers directly from customers at account opening, permitting them to instead obtain this information from a third-party source. The Order is a significant step forward in modernizing the Bank Secrecy Act and FinCEN’s anti-money laundering regulations. Our Alert covering the Order and key takeaways is available here.
Luse Gorman regularly advises financial institutions regarding compliance with the Bank Secrecy Act, USA PATRIOT Act, Anti-Money Laundering Act of 2020, and FinCEN’s anti-money laundering regulations. If you have any questions about this Alert, please contact the authors. To learn more about our firm and services, please visit our website.
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