Some US banks are blaming federal AML rules in holding up loans; many have gone out with messaging that they are prioritizing existing customers when it comes to loan applications; Greg Baer, president of the Bank Policy Institute stated, “Small businesses and policymakers should understand that a primary reason most banks will be extending these loans only to existing customers is because the anti-money-laundering process is so onerous and time-consuming…Banks large and small have urgently sought relief from these requirements from day one, to no avail.” The source of tension is between the banks and the Financial Crimes Enforcement Network (Fincen); An application for a new borrower can take up to two hours of additional work with the verification of this information taking much longer. American Banker