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Financial Regulation News
SEC, FinCEN propose new rule to curb illicit finance activity
The Securities and Exchange Commission (SEC), along with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a new rule designed to prevent illicit finance activity.© Shutterstock Specifically, the proposal would require SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish, document, and maintain written customer identification programs (CIPs). The […] The post SEC, FinCEN propose new rule to curb illicit finance activity appeared first on Financial Regulation News.
House rules committee to consider bill that provides regulatory clarity on digital assets
The House Committee on Rules will consider a bill that seeks to provide regulatory clarity for digital assets.© Shutterstock Specifically, the rules committee will consider the Financial Innovation and Technology for the 21st Century (FIT21) Act (H.R. 4763). The FIT for the 21st Century Act is seen as a first step towards achieving regulatory clarity […] The post House rules committee to consider bill that provides regulatory clarity on digital assets appeared first on Financial Regulation News.
Rep. Kim introduces Small Dollar Loan Certainty Act
U.S. Rep. Young Kim (R-CA) introduced legislation this week that seeks to codify policies related to small-dollar loans. © Shutterstock Federal agencies, in May of 2020, issued guidance for responsible small-dollar loans, allowing banks and credit unions to offer automated small loans and create responsible lending principles. Kimʻs bill, the Small Dollar Loan Certainty Act […] The post Rep. Kim introduces Small Dollar Loan Certainty Act appeared first on Financial Regulation News.
Cloudflare partners with federal agencies on early warning intelligence for financial institutions
On Thursday, Cloudflare announced it would be partnering with the U.S. Department of Treasury and Pacific Northwest National Laboratory to improve cyber resilience for the financial services industry. © Shutterstock The partnership will make available an advanced threat intelligence feed through Cloudflare. Financial services institutions using the Cloudflare Gateway will have privileged access to Custom […] The post Cloudflare partners with federal agencies on early warning intelligence for financial institutions appeared first on Financial Regulation News.
Federal Reserve details results of climate scenario analysis conducted on banks
The Federal Reserve Board issued a report last week that details the Climate Scenario Analysis (CSA) exercise that it conducted with six of the nation’s largest banks.© Shutterstock The report describes how these banks are using climate scenario analysis to explore the resiliency of their business models to climate-related financial risks. The banks that took […] The post Federal Reserve details results of climate scenario analysis conducted on banks appeared first on Financial Regulation News.
Survey shows most Americans missing out on higher interest on savings
A new survey from Santander Bank has found that less than 20 percent of Americans are using higher-rate savings accounts to grow their savings. © Shutterstock In the bank’s inaugural Growing Personal Savings (GPS) Tracker, the bank surveyed 2,203 American adults between March 16-18, 2024. The survey found that a general lack of financial knowledge […] The post Survey shows most Americans missing out on higher interest on savings appeared first on Financial Regulation News.
Reps. LaHood, Ferguson introduce bill to foster the return of intellectual property to United States
U.S. Reps. Darin LaHood (R-IL) and Drew Ferguson (R-GA) introduced legislation this week that seeks to remove obstacles within the tax code to incentivize American businesses to return intellectual property to the United States.© Shutterstock The Bringing Back American Jobs Through Intellectual Property Repatriation Act seeks to support increased research and innovation domestically, while protecting […] The post Reps. LaHood, Ferguson introduce bill to foster the return of intellectual property to United States appeared first on Financial Regulation News.
DOT launches initiative to link small business to private capital investors
On Tuesday, the U.S. Department of Transportation’s Office of Small and Disadvantaged Business Utilization (OSDBU) announced it had launched a new initiative to connect small businesses to private capital investors. © Shutterstock Called the U.S. DOT Connect to Capital, the program is part of a new comprehensive Access to Capital Initiative designed to help small […] The post DOT launches initiative to link small business to private capital investors appeared first on Financial Regulation News.
ICBA launches next edition of its ThinkTech Accelerator program
The Independent Community Bankers of America (ICBA) launched the seventh edition of its ICBA ThinkTECH Accelerator program (AP7), which promotes community bank innovation. © Shutterstock This second cohort of the year for the program will focus on companies providing solutions and support for critical areas, including artificial intelligence, financial health and wellness, subscription management, digital […] The post ICBA launches next edition of its ThinkTech Accelerator program appeared first on Financial Regulation News.
FDIC released independent report on review of workplace culture, alleged misconduct at the agency
The Federal Deposit Insurance Corporation (FDIC) released a report this week reviewing the working place culture at the FDIC and allegations of harassment.© Shutterstock The review, done by Cleary Gottlieb, an independent third-party, reviewed allegations of sexual harassment and other interpersonal misconduct at the FDIC. The independent review, the report said, found that, for far […] The post FDIC released independent report on review of workplace culture, alleged misconduct at the agency appeared first on Financial Regulation News.
Federal regulators propose rule dealing with incentive-based compensation
A new rule has been proposed by federal regulators that addresses incentive-based compensation arrangements for large financial institutions.© Shutterstock Section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires Federal regulators to jointly prescribe regulations or guidelines with respect to incentive-based compensation practices at certain financial institutions that have $1 billion or […] The post Federal regulators propose rule dealing with incentive-based compensation appeared first on Financial Regulation News.
New Bipartisan Real Estate Caucus draws praise from industry
The launching of the new Bipartisan Congressional Real Estate Caucus has been embraced by groups across the various industries that intersect with real estate. © Shutterstock The group – including the National Association of Realtors (NAR), the National Association of Home Builders (NAHB), the Mortgage Bankers Association (MBA), the American Land Title Association (ALTA), National […] The post New Bipartisan Real Estate Caucus draws praise from industry appeared first on Financial Regulation News.
U.S. Sens. Wyden and Crapo introduce proposal to address generic drug shortages
U.S. Sens. Ron Wyden (D-OR) and Mike Crapo (R-ID) introduced a draft legislative proposal to address shortages of generic medicines, including chemotherapy drugs and ADHD medications.© Shutterstock The proposal would establish a new program in Medicare for hospitals and physicians to incentivize transparent, reliable, and resilient purchasing practices across supply-chain participants. This would include driving […] The post U.S. Sens. Wyden and Crapo introduce proposal to address generic drug shortages appeared first on Financial Regulation News.
Federal regulators release guide for community banks in managing third party risks
A guide to support community banks in managing risks presented by third-party relationships was introduced by federal bank regulatory agencies this week. © Shutterstock Community banks engage with third parties to help them better compete in an evolving financial services landscape. However, third-party relationships present varied risks that community banks. As such, banks must be […] The post Federal regulators release guide for community banks in managing third party risks appeared first on Financial Regulation News.
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