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Financial Regulation News
Experts conduct cross-border financial cyber attack exercise
The G7 Cyber Expert Group said Tuesday it had completed a cross-border coordination exercise that would ensure its effectiveness in a widespread financial sector cyber incident.© Shutterstock Authorities with the group said they routinely practice to ensure their effectiveness, and that the primary objective of the April 17 exercise was to strengthen the ability of […] The post Experts conduct cross-border financial cyber attack exercise appeared first on Financial Regulation News.
Bipartisan bill seeks to seeks to enhance U.S. trade policy
A bipartisan group of U.S. House lawmakers introduced a bill on April 17 that seeks to prevent U.S. trade policy from favoring certain foreign e-commerce distribution operations.© Shutterstock Current U.S. law allows companies to ship products directly from foreign warehouses to U.S. consumers duty and tax-free if the products are worth $800 or less. Retailers […] The post Bipartisan bill seeks to seeks to enhance U.S. trade policy appeared first on Financial Regulation News.
Legislation seeks to reform bank exam process
On Thursday, U.S. Reps. French Hill (R-AR) and David Scott (D-GA) introduced legislation to provide greater transparency in bank exams. © Shutterstock The legislation, the Fair Audits and Inspections for Regulators’ (FAIR) Exams Act would provide fairness, accountability and transparency to the bank exam process, officials said. Additionally, the bill, if passed, would establish an […] The post Legislation seeks to reform bank exam process appeared first on Financial Regulation News.
Sens. Brown, Reed urge big banks to better protect consumers from wire fraud
U.S. Sens. Sherrod Brown (D-OH) and Jack Reed (D-RI) are urging the nation’s four largest banks to protect consumers from wire fraud. © Shutterstock In a letter to the CEOs of JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup, the senators asked them to provide data on wire fraud at their banks and information […] The post Sens. Brown, Reed urge big banks to better protect consumers from wire fraud appeared first on Financial Regulation News.
Sen. Scott introduces resolution to overturn SEC’s climate risk disclosure rule
U.S. Sen. Tim Scott (R-SC) introduced a resolution to overturn the Securities and Exchange Commission’s (SEC) climate disclosure rule.© Shutterstock The resolution calls for the disapproval of the SEC rule, called the Enhancement and Standardization of Climate-Related Disclosures for Investors. Scott and his Republican colleagues said that the rule exceeds the SEC’s mission, expertise, and […] The post Sen. Scott introduces resolution to overturn SEC’s climate risk disclosure rule appeared first on Financial Regulation News.
Rep. Luetkemeyer introduces legislation to make small business regulations more transparent
On Thursday, U.S. Rep. Blaine Luetkemeyer introduced legislation that would force federal agencies to identify the number of small businesses that would be affected by new regulations. © Shutterstock The Regulatory Transparency for Small Businesses Act would require that when regulations are proposed by federal agencies, the agencies identify an approximate number of small entities […] The post Rep. Luetkemeyer introduces legislation to make small business regulations more transparent appeared first on Financial Regulation News.
Legislation introduced to simplify IRS notices
On Thursday, U.S. Sens. Elizabeth Warren (D-MA) and Bill Cassidy (R-LA) introduced legislation that would improve math error notices. © Shutterstock The bill, Internal Revenue Service Math and Taxpayer Health (IRS MATH) Act, would improve a form of vague and confusing communication that notifies taxpayers of reduced tax refunds, resulting in consequences if taxpayers don’t […] The post Legislation introduced to simplify IRS notices appeared first on Financial Regulation News.
Legislation to reform tax code introduced in House
On Wednesday, two days after the national Income Tax filing deadline, U.S. Reps. Earl “Buddy” Carter (R-GA) and Andrew Clyde (R-GA) introduced legislation declaring April 16 as FairTax Day. © Shutterstock The legislation, HR 25 – the FairTax Act – would replace the current tax code with a national consumption tax. The Congressmembers said the […] The post Legislation to reform tax code introduced in House appeared first on Financial Regulation News.
U.S. Rep. Hill’s legislation to hinder terrorism financing by Iranian leaders passes House
A bill led by U.S. Rep. French Hill (R-AR) that would require the U.S. Treasury Department to brief Congress on the finances of Iranian leadership and require financial institutions to close accounts connected to these individuals was approved by the U.S. House of Representatives on Tuesday.© Shutterstock “The United States must take action to assess […] The post U.S. Rep. Hill’s legislation to hinder terrorism financing by Iranian leaders passes House appeared first on Financial Regulation News.
House passes financial services legislation holding Iran accountable for acts of aggression
On Tuesday, the U.S. House of Representatives passed four pieces of legislation designed to hold Iran accountable for acts of aggression and financing terrorism. © Shutterstock The bipartisan financial services legislation sanctions banks, prohibits banks from doing business with Iran, and to publish details about Iranian assets. House Resolution 5923, the “Iran-China Energy Sanctions Act […] The post House passes financial services legislation holding Iran accountable for acts of aggression appeared first on Financial Regulation News.
Rep. Williams asks FTC, Justice Department to reconsider small business merger guidelines
On Tuesday, U.S. Rep. Roger Williams (R-TX), chairman of the House Committee on Small Business, asked the Federal Trade Commission (FTC) and the Antitrust Division of the Department of Justice to reconsider their final Merger Guidelines. © Shutterstock In a letter to the FTC Chair Lina Khan, and Assistant Attorney General for the Antitrust Division […] The post Rep. Williams asks FTC, Justice Department to reconsider small business merger guidelines appeared first on Financial Regulation News.
Gig worker act introduced in U.S. House
On Monday, U.S Rep. Bonnie Watson Coleman (D-NJ) introduced legislation to regulate the gig worker economy. © Shutterstock Her legislation, the Gig is Up Act, would require companies with at least $100 million in revenues and that employ at least 10,000 independent contractors, to pay both the employer’s and the employee’s payroll tax contributions to […] The post Gig worker act introduced in U.S. House appeared first on Financial Regulation News.
U.S. Sen. Ernst calls for investigation into how SBA utilizes office space
U.S. Senate Small Business and Entrepreneurship Committee Ranking Member Joni Ernst (R-IA) has requested that the Small Business Administration’s (SBA’s) Office of Inspector General (OIG) launch an investigation into how the SBA is utilizing its office space.© Shutterstock Sen. Ernst, joined by U.S. Sens. Tim Scott (R-SC) and John Kennedy (R-LA), wrote in an April […] The post U.S. Sen. Ernst calls for investigation into how SBA utilizes office space appeared first on Financial Regulation News.
PCAOB hits accounting firm with the biggest penalty ever
The Public Company Accounting Oversight Board (PCAOB) sanctioned KPMG Accountants N.V. and its former head of assurance, Marc Hogeboom, for violations of PCAOB rules and quality control standards.© Shutterstock The violations relate to the firm’s internal training program and the monitoring of its system of quality control. Specifically, the PCAOB found that widespread improper answer […] The post PCAOB hits accounting firm with the biggest penalty ever appeared first on Financial Regulation News.
SEC charges five investment advisers for marketing rule violations
On Friday, the Securities and Exchange Commission (SEC) announced it had settled its case against five investment advisers it had charged with violating marketing rules. © Shutterstock All five firms have agreed to settle the SEC’s charges and pay $200,000 in combined penalties. The SEC identified the five firms as GeaSphere LLC; Bradesco Global Advisors […] The post SEC charges five investment advisers for marketing rule violations appeared first on Financial Regulation News.
Report: Return to repayment found more than nearly 4 million errors
A new report has found that every student loan servicer failed to prepare during the return to repayment following the pandemic, resulting in more than 3.9 million billing errors. © Shutterstock The report, Servicing Scandals: Student Loan Servicers’ Failures During Return to Repayment, from U.S. Sens. Elizabeth Warren (D-MA), Richard Blumenthal (D-CN), Edward J. Markey […] The post Report: Return to repayment found more than nearly 4 million errors appeared first on Financial Regulation News.
Reps. McHenry, Petterson introduce to help financial institutions respond to ransomware attacks
U.S. Reps. Patrick McHenry (R-NC) and Brittany Pettersen (D-CO) introduced legislation last week that is designed to deter hackers and establish guide rails for financial institutions to respond to ransomware attacks.© Shutterstock Specifically, the Ransomware and Financial Stability Act seeks to deter hackers by prohibiting large ransomware payments in excess of $100,000 unless law enforcement […] The post Reps. McHenry, Petterson introduce to help financial institutions respond to ransomware attacks appeared first on Financial Regulation News.
Treasury proposes rule that would enhance authorities of Committee on Foreign Investment in the United States
The U.S. Department of the Treasury proposed rule that seeks to enhance the penalty and enforcement authorities of the Committee on Foreign Investment in the United States (CFIUS).© Shutterstock Specifically, the proposed rule would enact the following key changes: • Expanding the types of information CFIUS can require transaction parties and other persons to submit […] The post Treasury proposes rule that would enhance authorities of Committee on Foreign Investment in the United States appeared first on Financial Regulation News.
FDIC releases report on how it would conduct resolution of a GSIB organization
The Federal Deposit Insurance Corporation (FDIC) issued a report this week that examines how it would manage the orderly resolution of a large, complex financial company.© Shutterstock The report explains how the FDIC would use authorities under Title II of the Dodd-Frank Act, with a particular focus on how it expects to resolve U.S.-headquartered Global […] The post FDIC releases report on how it would conduct resolution of a GSIB organization appeared first on Financial Regulation News.
House passes workforce skills development act
On Wednesday, U.S. Rep. Virginia Foxx (R-C) announced the House had passed her workforce development bill, putting more Americans on the path to successful careers. © Shutterstock The A Stronger Workforce for America Act, will expand the skills development provided under federal law and strengthen the relationship between employers and the workforce system, Foxx said. […] The post House passes workforce skills development act appeared first on Financial Regulation News.
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Financial Regulation News, published by Macallan Communications, is a daily news source on the regulations that impact global and regional financial institutions and their customers. With our finger on the pulse of Washington, our team of experienced journalists provides the most salient financial policy news each day and exclusive features in a succinct format. We strive to offer insights on the latest developments in Congress, news about the federal and state regulators that hold power over financial markets and banking industry, and the reaction their activities generate from Wall Street to Main Street.
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