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Financial Regulation News
Surge pricing used by Uber, Lyft comes under fire in Congress
Uber and Lyft must be transparent about their use of surge pricing to set fares, warns U.S. Sen. Sherrod Brown (D-OH), chairman of the U.S. Senate Banking, Housing, and Urban Affairs Committee.© Shutterstock “Second only to housing, transportation costs are Americans’ biggest necessary expense,” the senator wrote in two separate July 3 letters sent to […] The post Surge pricing used by Uber, Lyft comes under fire in Congress appeared first on Financial Regulation News.
NFIB’s jobs report looks at hiring trends, challenges
The June jobs report released by the National Federation of Independent Business (NFIB) revealed the employment hiring plans among small business owners.© Shutterstock About 15 percent of owners plan to create new jobs in the next three months, unchanged from May. Overall, 60 percent of owners reported hiring or trying to hire in June. However, […] The post NFIB’s jobs report looks at hiring trends, challenges appeared first on Financial Regulation News.
New legislation aims to protect American IP from foreign enemies
Foreign foes of the United States would be held accountable for stealing American intellectual property (IP) under a newly proposed bill in Congress.© Shutterstock The Protecting American Innovation and Development (PAID) Act of 2024, H.R. 8924, would require the U.S. Commerce Secretary to identify and report on foreign adversaries that use American IP related to […] The post New legislation aims to protect American IP from foreign enemies appeared first on Financial Regulation News.
Financial groups cite challenges caused by suspicious activity report requirements
In a letter to the Financial Crimes Enforcement Network (FinCEN), a group of financial industry organizations outlined the challenges created by requiring financial institutions to fill out suspicious activity reports (SARs). © Shutterstock FinCEN is seeking comments on its proposal to renew, without changes, the form used by financial institutions to report suspicious transactions to […] The post Financial groups cite challenges caused by suspicious activity report requirements appeared first on Financial Regulation News.
Treasury Department announced technical support funding for small businesses
On Tuesday, the U.S. Treasury Department made available an additional $10 million in technical assistance funding as part of the American Rescue Plan Act’s State Small Business Credit Initiative (SSBCI) TA Grant program. © Shutterstock The funding, awarded to four states, two territories, the District of Columbia and one Tribal government will support programs that […] The post Treasury Department announced technical support funding for small businesses appeared first on Financial Regulation News.
FINRA, other regulators to hold hybrid compliance outreach program
On Monday, FINRA announced it was working with the Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB) to hold a Compliance Outreach Program for municipal market professionals. © Shutterstock The event, held both in-person and virtually, will take place on Nov. 20 and 21 in Denver, Col., and provide municipal market […] The post FINRA, other regulators to hold hybrid compliance outreach program appeared first on Financial Regulation News.
Congressional lawmakers demand partners of bankrupt Synapse make customers whole
The impact of the bankruptcy of Synapse Financial Technologies Inc. on customers spurred a bipartisan contingent of U.S. senators to call on the company’s numerous partners to promptly make all frozen deposits available to them.© Shutterstock “To end the uncertainty and financial damage to consumers, we urge you to collectively pool the necessary resources to […] The post Congressional lawmakers demand partners of bankrupt Synapse make customers whole appeared first on Financial Regulation News.
CFTC report says DCOs hold sufficient resources to withstand shocks
The Commodity Futures Trading Commission released a report on the results of its fourth Supervisory Stress Test (SST) of derivatives clearing organization (DCO) resources. © Shutterstock Among the key findings in the report – called the Supervisory Stress Test of Derivatives Clearing Organizations: Reverse Stress Test Analysis and Results – it found that DCOs hold […] The post CFTC report says DCOs hold sufficient resources to withstand shocks appeared first on Financial Regulation News.
CFPB, FHFA release report on how borrowers view mortgage process
The Consumer Financial Protection Bureau (CFPB) along with the Federal Housing Finance Agency (FHFA) released a report on the experiences and perceptions of borrowers during the mortgage process.© Shutterstock Since 2014, FHFA and CFPB have sent quarterly surveys to borrowers who recently obtained mortgages. The surveys gather feedback on borrowers’ experiences during the mortgage process, […] The post CFPB, FHFA release report on how borrowers view mortgage process appeared first on Financial Regulation News.
Banking trade groups call for changes to proposed cyber incident reporting rule
The Securities Industry and Financial Markets Association (SIFMA), the leading trade association for broker-dealers, investment banks and asset managers, and three other banking trade groups on Friday criticized a federally proposed cyber incident reporting rule.© Shutterstock SIFMA, along with the American Bankers Association, the Bank Policy Institute, and the Institute of International Bankers, urged the […] The post Banking trade groups call for changes to proposed cyber incident reporting rule appeared first on Financial Regulation News.
SEC charges Consensys Software for operating as unregistered broker
The Securities and Exchange Commission on June 28 charged Consensys Software Inc., a blockchain software technology company, with failing to register as a broker of crypto asset securities through digital services called MetaMask Staking and MetaMask Swaps.© Shutterstock Consensys also was charged with engaging in the unregistered offer and sale of securities. “By allegedly collecting […] The post SEC charges Consensys Software for operating as unregistered broker appeared first on Financial Regulation News.
Final regulations released by U.S. Treasury, IRS for digital asset brokers
The U.S. Treasury Department and the IRS have released final regulations on the bipartisan Infrastructure Investment and Jobs Act’s (IIJA) reporting requirements for brokers of digital assets.© Shutterstock The IIJA created reporting requirements, like those that already applied to traditional financial services, to help taxpayers file accurate returns and pay taxes owed under current law. […] The post Final regulations released by U.S. Treasury, IRS for digital asset brokers appeared first on Financial Regulation News.
U.S. House bill introduced to extend tax credit for paid family, medical leave
Bipartisan legislation introduced by U.S. Rep. Randy Feenstra (R-IA) aims to help America’s small businesses offer paid family and medical leave (PFML) to their employees.© Shutterstock “While larger corporations have more resources to offer PFML, we cannot leave our Main Street businesses behind,” Rep. Feenstra said. Rep. Feenstra on June 27 sponsored the Paid Family […] The post U.S. House bill introduced to extend tax credit for paid family, medical leave appeared first on Financial Regulation News.
SEC Investor Advocate issues report on 2025 objectives
On Thursday, the Securities and Exchange Commission’s Office of the Investor Advocate issued its Report to Congress on its objectives for Fiscal Year 2025. © Shutterstock Among the coming year’s priorities, the office said, were assisting investors victimized by fraud, as well as monitoring the surge in investment fraud schemes, and evaluating ways broker and […] The post SEC Investor Advocate issues report on 2025 objectives appeared first on Financial Regulation News.
FHLBank president and CEO announces retirement
The Federal Home Loan Bank of Pittsburgh (FHLBank) recently named David G. Paulson as its next president and CEO, effective Dec. 31 upon the retirement of current president and CEO Winthrop Watson. © Shutterstock Paulson is the current chief operation officer. “We are sincerely grateful for Winthrop’s leadership,” Brendan J. McGill, FHLBank’s board chairman, said. […] The post FHLBank president and CEO announces retirement appeared first on Financial Regulation News.
Large banks pass Fed’s annual stress test
The biggest U.S. banks are favorably situated to manage a major recession and keep above minimum capital requirements, according to the results of the Federal Reserve Board’s annual bank stress test.© Shutterstock The annual test, one tool to help ensure that large banks can support the economy during downturns, also showed that big banks would […] The post Large banks pass Fed’s annual stress test appeared first on Financial Regulation News.
Financial regulators ensure $82M in cryptocurrency assets returned to consumers
On Wednesday, 25 state financial regulators ensured that $82 million in cryptocurrency assets would be returned to consumers after taking action against Abra Trading and others for operating a cryptocurrency company without the required licensing.© Shutterstock In a multistate settlement announced by the Conference of State Bank Supervisors, Abra Trading, LLC; Plutus Financial, Inc.; Plutus […] The post Financial regulators ensure $82M in cryptocurrency assets returned to consumers appeared first on Financial Regulation News.
U.S. senators express concerns about SEC’s volume-based pricing plan
A group of U.S. Senate Banking Committee Republicans, led by U.S. Sen. Mike Rounds (R-SD), has urged the Securities and Exchange Commission (SEC) to withdraw its proposed rulemaking on volume-based transaction pricing for National Market System stocks.© Shutterstock “Specifically, we believe the proposal would severely impact market liquidity, widen bid-ask spreads, and inadvertently undermine the […] The post U.S. senators express concerns about SEC’s volume-based pricing plan appeared first on Financial Regulation News.
Compliance dates for Small Business lending rules extended
On Tuesday, the Consumer Financial Protection Bureau (CFPB) issued a ruling that would extend the compliance deadlines for the small business lending rule.© Shutterstock In March 2023, the CFPB issued the small business lending rule, which required financial institutions to compile, maintain, and submit to the CFPB data regarding applications for credit from women-owned, minority-owned, […] The post Compliance dates for Small Business lending rules extended appeared first on Financial Regulation News.
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