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Financial Regulation News
Ag economy index rises in March on optimism for future conditions
The Purdue University/CME Group Ag Economy Barometer index rose in March, reflecting an improved outlook by farmers and producers on the economy.© Shutterstock The index increased by 3 points in March to 114, with the score for Current Conditions down 2 points to 101, but the Index of Future Expectations up 5 points to 120. […] The post Ag economy index rises in March on optimism for future conditions appeared first on Financial Regulation News.
Sen. Shaheen questions SBA licensing lender actively seeking to sell
On Tuesday, U.S. Sen. Jeanne Shaheen (D-NH) questioned the Small Business Administration’s (SBA) decision to approve a Small Business Lending Company license for a lender seeking to sell.© Shutterstock In a letter to Isabel Guzman, Shaheen, chair of the U.S. Senate Committee on Small Business and Entrepreneurship, said approval of the license for Funding Circle […] The post Sen. Shaheen questions SBA licensing lender actively seeking to sell appeared first on Financial Regulation News.
E. Marshall Gentry appointed to CFO position at FDIC
On Monday, the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved the appointment of E. Marshall Gentry to the position of chief financial officer. © Shutterstock Gentry will also serve as deputy to the chairman. He succeeds Bret D. Edwards, who retired earlier this year. “Marshall brings an exceptional breadth of experience and knowledge […] The post E. Marshall Gentry appointed to CFO position at FDIC appeared first on Financial Regulation News.
Federal Reserve seeking applications for its Community Advisory Council
The Federal Reserve Board is now accepting applications from individuals who wish to be considered for membership in its Community Advisory Council (CAC).© Shutterstock The CAC, formed in 2015, advises the board on issues that affect consumers and their communities. The council complements two of the Federal Reserve Board’s other advisory councils—the Federal Advisory Council […] The post Federal Reserve seeking applications for its Community Advisory Council appeared first on Financial Regulation News.
ICE Mortgage Monitor examines the lock-in effect and its impact on inventory
Intercontinental Exchange released its April 2024 ICE Mortgage Monitor Report this week, which provides an analysis of rates in the current high interest rate environment.© Shutterstock Specifically, the ICE Research and Analysis team, led by Andy Walden, vice president of enterprise research strategy, probed what kind of interest rate declines would be needed to shake […] The post ICE Mortgage Monitor examines the lock-in effect and its impact on inventory appeared first on Financial Regulation News.
Treasury issues guidance for Low-Income Communities Bonus Credit Program
Guidance was issued this week on a program that provides tax credits for solar and wind projects in low-income communities.© Shutterstock The Low-Income Communities Bonus Credit Program, created by the Inflation Reduction Act, provides a 10 or 20-percentage point boost to the Investment Tax Credit for qualified small solar or wind facilities in low-income communities, […] The post Treasury issues guidance for Low-Income Communities Bonus Credit Program appeared first on Financial Regulation News.
CFTC files charges against digital asset exchange for multiple violations
The Commodity Futures Trading Commission (CFTC) filed a civil enforcement action against a group of companies that operate a centralized digital asset exchange under the name KuCoin.© Shutterstock The CFTC filed charges against Mek Global Limited, PhoenixFin PTE, Flashdot Limited, and Peken Global Limited, which operate KuCoin, for multiple violations of the Commodity Exchange Act […] The post CFTC files charges against digital asset exchange for multiple violations appeared first on Financial Regulation News.
ABA advisory committee sees soft landing for the economy as recession risks decline
In its latest economic forecast, the American Bankers Association’s Economic Advisory Committee said the United States is on the path toward a soft landing.© Shutterstock The committee, composed of 16 chief economists from some of North America’s largest banks, said recession risks have declined, inflation continues to moderate, and employment gains remain robust. Further, the […] The post ABA advisory committee sees soft landing for the economy as recession risks decline appeared first on Financial Regulation News.
Justice Department nets 20 convictions, $1.7B in fines following bribery investigation
The U.S. Justice Department’s investigation into international commodities trading companies has resulted in 20 convictions of individuals, total fines, forfeitures, and penalties of more than $1.7 billion, and six corporate resolutions.© Shutterstock The long-running investigation, which began in 2017, was into international commodities trading companies that paid millions of dollars in bribes to win business […] The post Justice Department nets 20 convictions, $1.7B in fines following bribery investigation appeared first on Financial Regulation News.
CFPB moves to stop “free” international money transfer claims
On Wednesday, the Consumer Financial Protection Bureau (CFPB) warned that false claims about the cost or speed of sending international money transfers can violate federal law. © Shutterstock The CFPB said some companies are charging junk fees on international money transfers and making false claims about how quickly those transfers can occur. In a new […] The post CFPB moves to stop “free” international money transfer claims appeared first on Financial Regulation News.
Trading revenue drops in Q4, according to OCC report
The trading revenue from U.S. commercial banks and savings associations totaled $11.6 billion in the fourth quarter of 2023, according to the Office of the Comptroller of the Currency (OCC). © Shutterstock The OCC’s report, Quarterly Report on Bank Trading and Derivatives Activities, found that fourth quarter trading revenue was down $1.6 billion, or 11.8 […] The post Trading revenue drops in Q4, according to OCC report appeared first on Financial Regulation News.
Treasury issues report on AI-related cybersecurity risks in financial sector
The U.S. Department of the Treasury issued a report this week that probes cybersecurity risks in the financial sector from artificial intelligence (AI). © Shutterstock The report, called Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector, identifies significant opportunities and challenges that AI presents to the security and resiliency of the financial services […] The post Treasury issues report on AI-related cybersecurity risks in financial sector appeared first on Financial Regulation News.
SEC to fill five Investor Advisory Committee seats
On Tuesday, the Securities and Exchange Commission (SEC) announced that it is looking for five candidates to fill appointments to the Investor Advisory Committee. © Shutterstock The Committee, which helps to protect investors and improve securities regulations, was established under the Dodd-Frank Wall Street Reform and Consumer Protection Act. It’s role is to advise the […] The post SEC to fill five Investor Advisory Committee seats appeared first on Financial Regulation News.
Sen. Rounds leads Republican senators opposed to Regulation SCI expansion
U.S. Sen. Mike Rounds (R-SD) is leading a group of eight Senate Republicans who are opposed to a proposal by the Securities and Exchange Commission (SEC) to expand Regulation Systems Compliance and Integrity (SCI), or Regulation SCI.© Shutterstock Regulation SCI was adopted in 2014 to address technological vulnerabilities in the U.S. securities markets and improve […] The post Sen. Rounds leads Republican senators opposed to Regulation SCI expansion appeared first on Financial Regulation News.
House Republicans seek answers from SEC on non-security digital assets
A group of House Republicans are seeking a clarification from the Securities and Exchange Commission (SEC) on its position related to non-security digital assets. © Shutterstock The request follows an announcement by Prometheum that its subsidiary, Prometheum Capital, will provide custody services for the digital asset, Ether (ETH). The lawmakers want to know the SEC’s […] The post House Republicans seek answers from SEC on non-security digital assets appeared first on Financial Regulation News.
Mergers and acquisitions professionals preparing for deal volume increase, survey says
A new survey from Grant Thornton LLP has found that a majority of professionals in mergers and acquisitions (M&A) are preparing for deal volumes to increase. © Shutterstock The survey, which polled 238 M&A professionals, found that 81 percent of respondents expect deal volume to increase over the next six months. Two thirds of the […] The post Mergers and acquisitions professionals preparing for deal volume increase, survey says appeared first on Financial Regulation News.
FHFA releases fourth quarter foreclosure report for Fannie Mae, Freddie Mac
Fannie Mae and Freddie Mac completed 43,903 foreclosure prevention actions during the most recent quarter, according to the Federal Housing Finance Agency’s (FHFA) fourth quarter 2023 Foreclosure Prevention and Refinance Report.© Shutterstock The report also shows that 31 percent of loan modifications completed in the fourth quarter reduced borrowers’ monthly payments by more than 20 […] The post FHFA releases fourth quarter foreclosure report for Fannie Mae, Freddie Mac appeared first on Financial Regulation News.
Sen. Brown introduces two bills to boost affordable housing
U.S. Sen. Sherrod Brown (D-OH) introduced two bills recently that seek to boost the availability of affordable housing. © Shutterstock “All over Ohio, I hear from renters and homeowners whose only option is to pay more than they can afford for housing. We need more housing to bring down prices and give Ohioans more options. […] The post Sen. Brown introduces two bills to boost affordable housing appeared first on Financial Regulation News.
FINRA, CFTC warn about precious metals fraud
On Friday, federal officials joined forces to warn senior citizens about possible scams involving precious metals. © Shutterstock The Commodity Futures Trading Commission’s (CFTC) Office of Customer Education and Outreach (OCEO), the Financial Industry Regulatory Authority (FINRA) and the North American Securities Administrators Association (NASAA) joined forces to educate people in or near retirement about […] The post FINRA, CFTC warn about precious metals fraud appeared first on Financial Regulation News.
Sen. Wyden seeks answers from Swiss bank on dealing with alleged billionaire tax evader
U.S. Sen. Ron Wyden (D-OR), chair of the Senate Finance Committee, launched an investigation into the multinational Swiss bank Pictet to determine whether it is abetting ongoing tax evasion by a U.S. citizen under criminal investigation.© Shutterstock Committee investigators have reviewed evidence, including bank records documenting highly suspicious transfers between Pictet accounts. That includes $255 […] The post Sen. Wyden seeks answers from Swiss bank on dealing with alleged billionaire tax evader appeared first on Financial Regulation News.
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