Taking someone's property without even accusing them of a crime is a violation of the due process clause and morally reprehensible.
Agreed, and it makes one wonder how asset forfeiture as it exists today is even allowed (but that's a topic for another conversation). Nevertheless, the Commissioner isn't even stating that he is backing off of the practice, simply that he's narrowing the scope of it's use.
But with the implications in his speech on reports by banks of structuring being the impetus for these seizures, can we expect this release to prompt a consumer-protection driven push for lawmakers and/or regulatory agencies to reexamine structuring related SARs? The BSA pendulum has swung about as far as it can in its current direction, with more and more banks filing defensively because "you just don't know" what the customer is up to, or because it is easier to file on a large transaction than to ask the customer. Might the backswing begin with this speech?