The Fed just dropped a proposal to rewrite AML program requirements for banks — and that touches every major financial institution reporting earnings right now.

The Fed just dropped a proposal to rewrite AML program requirements for banks — and that touches every major financial institution reporting earnings right now.

The Federal Reserve Board has formally requested public comment on proposed amendments to its anti-money laundering program requirements for banks. Regulatory action — not a fine, not an enforcement. Proposal stage. Comment period is open. No implementation date confirmed yet.

Why this matters to earnings watchers: compliance cost line items across JPMorgan, BofA, Wells, Citi — every major bank with a Fed-regulated AML program is potentially looking at a cost structure revision. Banks have been guiding to flat or declining compliance spend. If this proposal tightens requirements, that guidance gets stress-tested fast. And CFOs who already low-balled that line item? They're the ones I'd be asking hard questions on the next call.

Separately, the Fed's annual bank stress test — the one they just published confirming large banks are well-positioned to weather a severe recession — that result is now sitting in a different light. Pass the stress test one week, face a potential AML compliance cost overhaul the next. The headline number looks clean. The detail work is where this gets interesting.

Also hitting EDGAR: a Form 144 insider sale filing — Shackley Brian Charles, entity 0001790261. A 144 means restricted or control securities being sold. No confirmed dollar figure in the data. That ticker needs to be pulled and cross-referenced against recent earnings guidance right now. Insiders file 144s for a reason. I want to know what they know.

Three signals. One regulatory proposal with direct cost implications for every major bank. One stress test result that just got more complicated. One insider sale that needs a name attached to it before the next session opens.

The numbers are the numbers. Management can spin. We don't.