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Financial Regulation News
Reps. Johnson, Schier introduce bills to reform Indian Health Service
U.S. Reps. Dusty Johnson (R-SD) and Kim Schrier (D-WA) introduced two bills related to the health care of Native Americans.© Shutterstock The bills seek to hold the Indian Health Service (IHS) accountable for disregarding health care bills owed to providers and protect Native Americans’ credit from wrongfully charged medical bills owed by IHS through Purchased/Referred […] The post Reps. Johnson, Schier introduce bills to reform Indian Health Service appeared first on Financial Regulation News.
Pennsylvania receives $20M federal grant to improve internet connectivity
The Biden-Harris Administration approved $20 million this week for digital connectivity projects in Pennsylvania under the U.S. Department of the Treasury’s Capital Projects Fund (CPF).© Shutterstock The award will fund Pennsylvania’s Digital Access Opportunity Grant program, which seeks to increase access to laptops, tablets, desktop computers, and Wi-Fi devices to state residents. Devices will be […] The post Pennsylvania receives $20M federal grant to improve internet connectivity appeared first on Financial Regulation News.
HUD, Treasury extend Housing Finance Agency risk sharing initiative
The U.S. Department of Housing and Urban Development (HUD), working with the Treasury Department, will indefinitely extend the Section 542(c) Housing Finance Agency Risk-Sharing Initiative.© Shutterstock The initiative, offered through HUD’s Federal Housing Administration (FHA) and Treasury’s Federal Financing Bank (FFB), provides a critical source of capital for state and local housing finance agencies (HFAs) […] The post HUD, Treasury extend Housing Finance Agency risk sharing initiative appeared first on Financial Regulation News.
Sens. Tillis, Hickenlooper introduce bill to allow for e-delivery of investor data
U.S. Sens. Thom Tillis (R-NC) and John Hickenlooper (D-CO) have teamed up to sponsor a bill that would allow for the electronic delivery of regulatory documents to investors.© Shutterstock Currently, the Securities and Exchange Commission (SEC) permits electronic delivery of only certain documents. However, electronic delivery is subject to requirements that a registrant provides notice […] The post Sens. Tillis, Hickenlooper introduce bill to allow for e-delivery of investor data appeared first on Financial Regulation News.
Business owners optimistic over economy, PNC survey shows
According to a new survey from PNC, the majority of small- and mid-sized business owners are optimistic about the national economy and nearly four out of five are optimistic about their own business. © Shutterstock The survey, which concluded Feb. 1, found that 55 percent of respondents were highly optimistic about the national economy, up […] The post Business owners optimistic over economy, PNC survey shows appeared first on Financial Regulation News.
House passes five bipartisan bills to help small businesses
The U.S. House of Representatives passed five small business bills recently, including one that seeks to help service-disabled veterans.© Shutterstock The Service-Disabled Veteran Opportunities in Small Business Act (H.R. 3511) would require federal agencies to spend five percent of all contracting dollars with small businesses owned by service-disabled veterans. It is sponsored by Reps. Nick […] The post House passes five bipartisan bills to help small businesses appeared first on Financial Regulation News.
Treasury uses AI process to detect fraud, recovers $375M
The U.S. Department of the Treasury has recovered over $375 million in the past year through an enhanced fraud detection process that utilizes artificial intelligence (AI). © Shutterstock Since the start of the pandemic, check fraud has increased nationwide by 385 percent. To address this increase in fraud, the Treasury’s Office of Payment Integrity (OPI), […] The post Treasury uses AI process to detect fraud, recovers $375M appeared first on Financial Regulation News.
U.S. Rep. McHenry introduces bill to spur financial innovation
U.S. Rep. Patrick McHenry (R-NC), chair of the House Financial Services Committee, introduced a bill that looks to foster innovation within the financial services sector.© Shutterstock The Financial Services Innovation Act would require federal regulators to create Financial Services Innovation Offices (FSIOs) within their agencies to foster innovation. Once established, companies may apply for an […] The post U.S. Rep. McHenry introduces bill to spur financial innovation appeared first on Financial Regulation News.
PCAOB proposes new rule on how firms present registration status
The Public Company Accounting Oversight Board (PCAOB) is seeking public comment on a proposal about how a firm presents its PCAOB registration status. © Shutterstock Specifically, PCAOB Rule 2400 would, If adopted, prohibit false or misleading statements regarding firms’ registration status to clients, potential clients, or the public. PCAOB oversight is aimed at improving audit […] The post PCAOB proposes new rule on how firms present registration status appeared first on Financial Regulation News.
SEC charges former Alfi CEO with fraud
On Tuesday, the Securities and Exchange Commission announced it had charge Paul A. Pereira, former CEO and co-founder of Alfi, Inc., with fraud stemming from false claims on social media. © Shutterstock According to the SEC, Pereira made the misleading statements on social media about the company’s financial and performance metrics in an effort to […] The post SEC charges former Alfi CEO with fraud appeared first on Financial Regulation News.
Sens. Brown, Scott urge Biden to close “de minimis” loophole
U.S. Sens. Sherrod Brown (D-OH) and Rick Scott (R-FL) are urging the Biden administration to close a loophole that would keep foreign competitors from paying duties and fees.© Shutterstock This loophole, known as the “de minimis” rule, allows packages under $800 in valuation to be exempt from U.S. duties, taxes, and fees. Further, these packages […] The post Sens. Brown, Scott urge Biden to close “de minimis” loophole appeared first on Financial Regulation News.
Senate bill would halt creation of CBDC by federal government
A group of Senate Republicans introduced legislation this week that seeks to halt any efforts by the federal government to create a central bank digital currency (CBDC).© Shutterstock The CBDC Anti-Surveillance State Act (S. 3801) would prohibit the Federal Reserve from issuing a CBDC directly or indirectly to individuals through financial institutions or other third […] The post Senate bill would halt creation of CBDC by federal government appeared first on Financial Regulation News.
Sen. Capito urges course reversal on hydrogen tax credit guidance
U.S. Sen. Shelley Moore Capito (R-WV) is urging the U.S. Treasury Department to reconsider guidance on the 45V tax credits for hydrogen. © Shutterstock In a letter to Treasury Secretary Janet Yellen, Capito, the ranking member of the Senate Environment and Public Works (EPW) Committee, said guidance from the IRS about the tax credits would […] The post Sen. Capito urges course reversal on hydrogen tax credit guidance appeared first on Financial Regulation News.
CFPB establishes supervisory authority over lender
The Consumer Financial Protection Bureau (CFPB) is establishing supervisory authority over installment lender World Acceptance Corp.© Shutterstock CFPB is charged with supervising a wide range of financial firms to ensure they are complying with federal consumer financial protection laws. Among them, the CFPB has supervised nonbank entities in certain industries like mortgage and payday lending, […] The post CFPB establishes supervisory authority over lender appeared first on Financial Regulation News.
Legal concerns for U.S. businesses operating in Russia grow as State Department issues new advisory
After repeated calls from U.S. Sen. Sherrod Brown (D-OH), the Department of State recently issued new guidance to U.S. businesses warning that continuing to work with Russia could imperil them legally and financially. © Shutterstock “By continuing to operate in Russia, American businesses could be inadvertently funding Putin’s gruesome war,” Brown said. “We must do […] The post Legal concerns for U.S. businesses operating in Russia grow as State Department issues new advisory appeared first on Financial Regulation News.
Black women face barriers to building generational wealth, study finds
A new report from Goldman Sachs has found that Black women continue to face obstacles when it comes to leaving a financial legacy. © Shutterstock The report, One Million Black Women, found that while Black women are continuing to pursue higher education, they still have to combat systemic obstacles in order to accrue wealth for […] The post Black women face barriers to building generational wealth, study finds appeared first on Financial Regulation News.
New ATTOM report looks at changes in commercial foreclosures
A new report charts the fluctuations in commercial foreclosures in the United States over the past 10 years and shows a significant spike since the pandemic.© Shutterstock The report, developed by ATTOM, a curator of land, property, and real estate data, said that commercial foreclosures went from a low of 141 in May 2020 up […] The post New ATTOM report looks at changes in commercial foreclosures appeared first on Financial Regulation News.
Senate bill seeks to improve price transparency for hotel rooms
A bill has been introduced in the U.S. Senate that would require any entity advertising a hotel room or short-term rental to clearly show the final price a customer will pay to book lodging up front.© Shutterstock The Hotel Fees Transparency Act (S. 2498), first introduced by U.S. Sens. Jerry Moran (R-KS) and Amy Klobuchar […] The post Senate bill seeks to improve price transparency for hotel rooms appeared first on Financial Regulation News.
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