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Financial Regulation News
Treasury, IRS provide more information on clean energy tax credits
New guidance was issued by the U.S. Treasury Department and Internal Revenue Service (IRS) regarding the bonus tax credits for clean energy projects and facilities located in so-called energy communities.© Shutterstock Energy communities are those that have historically generated power through various different means. The energy community bonus for the Investment Tax Credit (ITC) and […] The post Treasury, IRS provide more information on clean energy tax credits appeared first on Financial Regulation News.
Rep. Feenstra voices opposition to Biden’s proposed tax hikes for impact on farms
U.S. Rep. Randy Feenstra (R-IA) is among a group of lawmakers voicing their opposition to proposed tax hikes on family farms and small businesses. © Shutterstock Feenstra and the lawmakers are taking issue with several proposals in President Biden’s $7.3-trillion budget for Fiscal Year 2025. The proposals include a new tax on the transfer of […] The post Rep. Feenstra voices opposition to Biden’s proposed tax hikes for impact on farms appeared first on Financial Regulation News.
Delaware to consider bill protecting financial businesses serving legal marijuana industry
On Thursday, a bill protecting companies that provide financial services to businesses in the legal marijuana industry was introduced in the Delaware General Assembly. © Shutterstock House Bill 355, sponsored by Delaware Rep. Ed Osienski (D-24th District) and Sen. Trey Paradee (D-17th District), in partnership with Delaware State Treasurer Colleen Davis, would ensure financial services […] The post Delaware to consider bill protecting financial businesses serving legal marijuana industry appeared first on Financial Regulation News.
Senators urge CFPB to take steps to prevent predatory medical debt collection
A group of Senate Democrats are urging the Consumer Financial Protection Bureau to take action to prevent predatory medical debt collection practices. © Shutterstock Last year, the CFPB announced several potential proposals to remove medical debt from consumer credit reports. The senators, in a letter to the CFPB, are asking the CFPB to implement these […] The post Senators urge CFPB to take steps to prevent predatory medical debt collection appeared first on Financial Regulation News.
New report looks at how banks use AI
A new report from Arizent examines how banks view and use artificial intelligence (AI).© Shutterstock The report, called Unleashing the Power of AI, found that outside of ChatGPT, there is a lack of familiarity with specific generative AI tools among bankers. Only 37 percent of banks are actually in the process of implementing the technology, […] The post New report looks at how banks use AI appeared first on Financial Regulation News.
Reps. Sherman, Spartz introduce four bills targeted at Chinese investments
U.S. Reps. Brad Sherman (D-CA) and Victoria Spartz (R-IN) introduced legislation that would end the capital gains tax break for Americans who invest in stocks from China, Russia, and other adversarial nations.© Shutterstock The No Capital Gains Allowance for American Adversaries Act would eliminate the capital gains tax break for investments in companies based in […] The post Reps. Sherman, Spartz introduce four bills targeted at Chinese investments appeared first on Financial Regulation News.
Legislation to close tax loophole for high-value trusts introduced in Senate
U.S. Sens. Ron Wyden (D-OR) and Angus King (I-ME) said they had introduced legislation Wednesday that would crack down on the practice of using high-value trusts to avoid income, gift and estate taxes. © Shutterstock Wyden, chair of the Senate Finance Committee, said the legislation, Getting Rid of Abusive Trusts Act, would modify the rules […] The post Legislation to close tax loophole for high-value trusts introduced in Senate appeared first on Financial Regulation News.
Activist investors win greenmail case in Ohio
An Ohio judge on March 20 dismissed a case accusing two activist investors of violating Ohio’s anti-greenmail statute, a decision that if it had gone another way stood to chill investment in Ohio corporations, raise the risk of more litigation, and potentially harm the state’s economy, according to experts.© Shutterstock Franklin County, Ohio Court of […] The post Activist investors win greenmail case in Ohio appeared first on Financial Regulation News.
New survey from American Bankers Association looks at growing consumer confidence in banks
A new survey released by the American Bankers Association (ABA) shows growing consumer confidence in banks. © Shutterstock Among the key findings of the survey, developed for ABA by Morning Consult, 87 percent of Americans with a bank account say they are “very satisfied” or “satisfied” with their primary bank, while 96 percent rate their […] The post New survey from American Bankers Association looks at growing consumer confidence in banks appeared first on Financial Regulation News.
U.S. Chamber releases report on economic impact of digital trade
A new report from the U.S. Chamber of Commerce shows that digital trade supports more than 3 million jobs and accounted for $2.6 trillion in gross domestic product (GDP) in 2022, which is equivalent to 10 percent of all U.S. economic output. © Shutterstock The report drills down and looks at the impact of digital […] The post U.S. Chamber releases report on economic impact of digital trade appeared first on Financial Regulation News.
Legislation to tax millionaires re-introduced
U.S. Sen. Elizabeth Warren (D-MA), joined U.S. Reps. Pramila Jayapla (D-WA) and Brendan Boyle (D-PA) in re-introducing legislation that would tax the ultra-millionaire households. © Shutterstock The legislation, the Ultra-Millionaire Tax Act, would require the top 0.05 percent of American households to pay 2 cents for every dollar of wealth over $50 million. The Congress […] The post Legislation to tax millionaires re-introduced appeared first on Financial Regulation News.
ICBA names Lucas White as its new board chair
The Independent Community Bankers of America (ICBA) elected Lucas White as chairman of its board for 2024-25.© Shutterstock White, who is president of The Fountain Trust Co. in Covington, Ind., began his term on March 17 at the conclusion of the ICBA LIVE national convention in Orlando. “We have the best banking model in the […] The post ICBA names Lucas White as its new board chair appeared first on Financial Regulation News.
SEC to hold roundtable discussions at two Georgia colleges next week to discuss investment challenges
The Securities and Exchange Commission (SEC) will take part in roundtable discussions at the University of North Georgia, and Dalton State College next week to discuss investments.© Shutterstock Along with the SEC, the roundtable discussion will feature speakers from the North American Securities Administrators Association (NASAA) and the Georgia Secretary of State’s office. On March […] The post SEC to hold roundtable discussions at two Georgia colleges next week to discuss investment challenges appeared first on Financial Regulation News.
Treasury announces new funding for small businesses
On Friday, the U.S. Department of the Treasury announced it had awarded eight new small business grants to six states and three territories totaling more than $84 million. © Shutterstock Eight grants for more than $27 million were awarded to six states and two territories as part of the State Small Business Credit Initiative (SSBCI) […] The post Treasury announces new funding for small businesses appeared first on Financial Regulation News.
Reps. Correa, Lawler introduce bill to allow people to notify businesses of inaccessibility
U.S. Reps. Lou Correa (D-CA) and Mike Lawler (R-NY) introduced legislation that would create a process for individuals with disabilities to notify businesses of barriers to accessibility.© Shutterstock The ADA 30 Days to Comply Act would then give these business owners 30 days after the written notice to become ADA-compliant and avoid court proceedings. “ADA […] The post Reps. Correa, Lawler introduce bill to allow people to notify businesses of inaccessibility appeared first on Financial Regulation News.
SEC charges 17 in $300M crypto asset Ponzi scheme
On Thursday, the Securities and Exchange Commission (SEC) announced it had charged 17 people for their roles in a $300 million crypto asset Ponzi scheme targeting the Latino community across the United States and in two other countries. © Shutterstock The charges stem from the SEC’s previous emergency action in September 2022 around Houston-based CryptoFX […] The post SEC charges 17 in $300M crypto asset Ponzi scheme appeared first on Financial Regulation News.
Sen. Ernst urges SBA to enact law that puts price tag on taxpayer funded projects
U.S. Sen. Joni Ernst (R-IA) is calling on the Small Business Administration (SBA) to enact a law that requires a public price tag to be placed on anything paid for with the assistance of an SBA grant.© Shutterstock A provision to that effect was included in the Consolidated Appropriations Act of 2023, at Ernst’s suggestion. […] The post Sen. Ernst urges SBA to enact law that puts price tag on taxpayer funded projects appeared first on Financial Regulation News.
Georgia attorney general leads effort challenging SEC’s climate disclosure rule
Georgia Attorney General Chris Carr is leading a coalition that is challenging the U.S. Securities and Exchange Commission’s climate disclosure rule. © Shutterstock The new rule, adopted by the SEC on March 6, seeks to require companies to provide certain climate-related information in their registration statements and annual reports. Specifically, it requires information about a […] The post Georgia attorney general leads effort challenging SEC’s climate disclosure rule appeared first on Financial Regulation News.
Sen. Crapo leads effort to increase agricultural exports
A group of senators led by U.S. Sen. Mike Crapo (R-ID), ranking member on the U.S. Senate Finance Committee are urging Biden Administration officials to increase U.S. agricultural exports and improve the competitiveness of U.S. products abroad. © Shutterstock “We expect trade to fluctuate in response to macroeconomic factors and market conditions. However, the current […] The post Sen. Crapo leads effort to increase agricultural exports appeared first on Financial Regulation News.
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