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Financial Regulation News
SEC charges AI hiring startup founder with fraud
On Tuesday, the Securities and Exchange Commission announced it had charged Ilit Raz, founder and CEO of the Artificial Intelligence (AI) recruitment startup Joonko with fraud. © Shutterstock According to the SEC, Raz made false and misleading claims about the quantity and quality of Joonko’s customers, as well as the number of candidates on the […] The post SEC charges AI hiring startup founder with fraud appeared first on Financial Regulation News.
CTPB proposes rule to remove medical bills from credit reports
The Consumer Financial Protection Bureau (CFPB) proposed a new rule that would remove medical bills from most credit reports.© Shutterstock Specifically, the proposed rule would: • Remove the exception that broadly permits lenders to obtain and use information about medical debt to make credit eligibility determinations; • Prohibit credit reporting companies from including medical debt […] The post CTPB proposes rule to remove medical bills from credit reports appeared first on Financial Regulation News.
SEC appoints Erica Williams to second term as chair of the PCAOB
Erica Williams was appointed to a second term as chairperson of the Public Company Accounting Oversight Board (PCAOB), the Securities and Exchange Commission announced this week.© Shutterstock The new term would start Oct. 25, 2024, and run through Oct. 24, 2029. “I thank Erica for her leadership and am pleased that she will continue to […] The post SEC appoints Erica Williams to second term as chair of the PCAOB appeared first on Financial Regulation News.
S&P report projects decline in earnings for community banks in 2024
A new report from S&P Global Market Intelligence projects that community bank earnings will decline 12 percent this year before rebounding in 2025 and 2026.© Shutterstock S&P’s 2024 U.S. Community Bank Market Report said that higher for longer interest rates have put pressure on community banks’ net interest margins and change the funding profile of […] The post S&P report projects decline in earnings for community banks in 2024 appeared first on Financial Regulation News.
EPC: Credit card legislation raises privacy concerns, small business costs
Newly proposed legislation in Pennsylvania could jeopardize customers’ privacy and become a financial burden for small businesses, the Electronic Payments Coalition (EPC) said Monday. © Shutterstock The legislation, House Bill 2394, would prohibit financial institutions from collected transaction fees on the sale tax portion of credit and debit card transactions. Called interchange, the fees are […] The post EPC: Credit card legislation raises privacy concerns, small business costs appeared first on Financial Regulation News.
JEC report estimates economic impact of flooding in the United States
Flooding in the United States costs between $179.8 and $496.0 billion per year in damages and economic impact, according to the U.S. Congress Joint Economic Committee (JEC).© Shutterstock The estimated damages in this report are much higher than existing estimates. JEC officials said a key factor in increasing costs relates to the impacts of climate […] The post JEC report estimates economic impact of flooding in the United States appeared first on Financial Regulation News.
Rep. Moolenaar introduces bill to increase Congressional oversight of CFIUS
U.S. Reps. John Moolenaar (R-MI), Zach Nunn (R-IA), and Bill Huizenga (R-MI) introduced a bill to increase Congressional oversight of the Committee on Foreign Investment in the United States (CFIUS).© Shutterstock Specifically, the Foreign Investment Transparency and Accountability Act would help identify loopholes that fall outside the jurisdiction of CFIUS. Under current law, no justification […] The post Rep. Moolenaar introduces bill to increase Congressional oversight of CFIUS appeared first on Financial Regulation News.
Three New Yorkers charged in pre-IPO fraud scheme
Three New Yorkers have been accused by the Securities and Exchange Commission of running fraud scheme concerning pre-IPO investments just months after they were shut down for doing the same thing under a different name. © Shutterstock The SEC alleges that New York residents Mario Gogliormella, Steven Lacaj, and Karim Ibrahim operated a boiler room […] The post Three New Yorkers charged in pre-IPO fraud scheme appeared first on Financial Regulation News.
Sen. Warren urges FHFA to reform Federal Home Loan Bank system
U.S. Sen. Elizabeth Warren (D-MA) is encouraging the Federal Housing Finance Agency (FHFA) to reform the Federal Home Loan Bank (FHLB) System. © Shutterstock In as letter to FHFA leadership, Warren urged the agency to move forward with two proposed rules on the FHLBs’ mission and membership. FHLBs were created to provide liquidity to their […] The post Sen. Warren urges FHFA to reform Federal Home Loan Bank system appeared first on Financial Regulation News.
Treasury Department issues RFI on AI in financial services sector
The U.S. Department of the Treasury released a request for information (RFI) on artificial intelligence (AI) in the financial services sector.© Shutterstock The RFI is seeking to better understand how AI is being used within the financial services sector and the opportunities and risks presented by developments and applications of AI within the sector. This […] The post Treasury Department issues RFI on AI in financial services sector appeared first on Financial Regulation News.
SEC invites regulated entities to provide diversity self-assessments
On Wednesday, the Securities and Exchange Commission commenced its biennial collection of Diversity Self-Assessment Submission from Regulated Entities. © Shutterstock The effort provides entities with the opportunity to engage in a self-assessment of their diversity and inclusion policies and practices, and gives entities insight into any strengths, opportunities, risks and vulnerabilities surrounding the policies, officials […] The post SEC invites regulated entities to provide diversity self-assessments appeared first on Financial Regulation News.
Reps. Carey, Landsman introduce bill to help the unemployed start their own businesses
U.S. Reps. Mike Carey (R-OH) and Greg Landsman (D-OH) introduced legislation in the U.S. House of Representatives that seeks to enhance the ability of unemployed individuals to start their own businesses. © Shutterstock Specifically, the New Opportunities for Business Ownership and Self-Sufficiency (NO BOSS) Act would amend the Self-Employment Assistance (SEA) Program to make state […] The post Reps. Carey, Landsman introduce bill to help the unemployed start their own businesses appeared first on Financial Regulation News.
SEC urged to stay focused on climate risk disclosures
On Thursday, U.S. Sen. Elizabeth Warren (D-MA) and U.S. Rep. Maxine Water (D-CA) led colleagues in urging the Securities and Exchange Commission to remain focused on the risk that climate change poses to investors. © Shutterstock In a letter, Warren, the chair of the Senate Banking Subcommittee on Economic Policy, and Water, the ranking member […] The post SEC urged to stay focused on climate risk disclosures appeared first on Financial Regulation News.
NCUA: Credit union assets grew 4.4 percent in Q1
Total assets in federally insured credit unions rose by 4.4 percent in the first quarter, according to the National Credit Union Administration (NCUA). © Shutterstock The NCUA’s Quarterly Credit Union Data Summary found that assets jumped by $96 billion, compared to the first quarter a year ago, to $2.31 trillion. Further, total loans outstanding increased […] The post NCUA: Credit union assets grew 4.4 percent in Q1 appeared first on Financial Regulation News.
CFTC committee issues recommendation on bank capital requirements, derivatives
The Commodity Futures Trading Commission advanced two recommendations on the impacts of proposed U.S. bank capital requirements and liquidity management for derivatives.© Shutterstock The recommendations were made by the CRTC’s Global Markets Advisory Committee (GMAC) at its meeting on June 4. The first one was on the impact of the us bank capital proposals on […] The post CFTC committee issues recommendation on bank capital requirements, derivatives appeared first on Financial Regulation News.
Senators push for legal cannabis businesses to have SBA access
U.S. Sen. Michael Bennet (D-CO) joined a group of Senators to urge the U.S. Senate Committee on Appropriations to provide cannabis businesses with access to Small Business Administration (SBA) programs and resources. © Shutterstock The Colorado congressman said in his state, cannabis businesses contributed more than $274 million in taxes to state revenues. However, because […] The post Senators push for legal cannabis businesses to have SBA access appeared first on Financial Regulation News.
FDIC issues report on IRS program to help unbanked Americans
The Federal Deposit Insurance Corporation (FDIC) issued a report on a program offered by the Internal Revenue Service (IRS) to help unbanked Americans.© Shutterstock Specifically, the report examines the role the IRS’s Volunteer Income Tax Assistance (VITA) providers have in helping unbanked Americans access banking products and services. The purpose of the survey is to […] The post FDIC issues report on IRS program to help unbanked Americans appeared first on Financial Regulation News.
Visa reaches milestone with tokenization technology
Payment processing company Visa hit a new milestone with its tokenization technology, as Visa tokens have generated more than $40 billion in incremental ecommerce revenue for businesses globally.© Shutterstock Over the last 10 years, Visa has enhanced its security across the payment ecosystem through tokenization – a technology that replaces sensitive personal data with a […] The post Visa reaches milestone with tokenization technology appeared first on Financial Regulation News.
CFPB launches registry of corporate rule breakers, offenders
The Consumer Financial Protection Bureau (CFPB) finalized a rule to establish a registry of corporate offenders that have broken consumer laws or are subject to government or court orders.© Shutterstock When a financial company violates the law, a government agency may take an enforcement action against them. However, these orders have not been comprehensively tracked. […] The post CFPB launches registry of corporate rule breakers, offenders appeared first on Financial Regulation News.
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