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Financial Regulation News
SEC settles charges with Icahn Enterprises over disclosure violations
The Securities and Exchange Commission (SEC) has charged investor Carl Icahn and his company, Icahn Enterprises (IEP), over disclosure violations.© Shutterstock The SEC alleges that Icahn and the company failed to disclose information relating to Icahn’s pledges of securities as collateral to secure personal margin loans worth billions of dollars under agreements with various lenders. […] The post SEC settles charges with Icahn Enterprises over disclosure violations appeared first on Financial Regulation News.
North Carolina becomes latest state to use IRS free Direct File tax filing tool
North Carolina will be the latest state to join IRS Direct File for Filing Season 2025, the Internal Revenue Service (IRS) and U.S Treasury announced.© Shutterstock After a successful Pilot Program in 12 states that saw 140,000 taxpayers claim more than $90 million in refunds using the new free online filing tool, Treasury and the […] The post North Carolina becomes latest state to use IRS free Direct File tax filing tool appeared first on Financial Regulation News.
Rep. McHenry urges CFPB to change course on credit reporting rule
U.S. Rep. Patrick McHenry (R-NC) has reached out to the Consumer Financial Protection Bureau (CFPB) over a proposed rule that would restrict the inclusion of medical debt in credit reports and scores.© Shutterstock McHenry is concerned that this proposed rule will undermine underwriting processes and increase risk in the financial system. Further, he believes it […] The post Rep. McHenry urges CFPB to change course on credit reporting rule appeared first on Financial Regulation News.
Kroger would drop grocery prices by $1B if merger with Albertsons gets approved
Supermarket chain Kroger plans to decrease grocery prices by $1 billion if its proposed $25 billion merger with smaller rival Albertsons is completed, according to news reports.© Shutterstock Kroger previously said it would lower grocery prices by $500 million at Albertsons’ locations, according to Bloomberg News, Dow Jones Newswires, and Reuters. The proposed merger, first […] The post Kroger would drop grocery prices by $1B if merger with Albertsons gets approved appeared first on Financial Regulation News.
Philadelphia Fed CEO Harker discusses the importance of historical data to understand economy
Speaking recently before an audience of researchers and economists, Patrick Harker, CEO of the Federal Reserve Bank of Philadelphia cited the importance of using historical data to understand today’s economy. © Shutterstock At the speech, Harker introduced the Philadelphia Fed’s Center for the REstoration of Economic Data (CREED), which provides the public with digitized versions […] The post Philadelphia Fed CEO Harker discusses the importance of historical data to understand economy appeared first on Financial Regulation News.
MBA report details big drop in mortgage lending for apartment buildings last year
A new report on the multifamily lending market found that the volume of loans for multifamily housing dropped 49 percent in 2023.© Shutterstock The report, from the Mortgage Bankers Association’s (MBA), said that 2,520 different multifamily lenders provided $246.2 billion in new mortgages for apartment buildings with five or more units last year. That’s 49 […] The post MBA report details big drop in mortgage lending for apartment buildings last year appeared first on Financial Regulation News.
SEC charges 26 firms with recordkeeping failures, orders almost $393M in civil penalties
The Securities and Exchange Commission (SEC) on Aug. 14 announced charges against 26 broker-dealers, investment advisers, and dually registered broker-dealers and investment advisers for widespread, ongoing failures to maintain and preserve electronic communications.© Shutterstock “As today’s enforcement actions against more than two dozen firms reflect, we remain committed to ensuring compliance with the books and […] The post SEC charges 26 firms with recordkeeping failures, orders almost $393M in civil penalties appeared first on Financial Regulation News.
St. Louis Fed appoints François Henriquez as new CFO
François Henriquez has been appointed first vice president and chief operating officer for the Federal Reserve Bank of St. Louis.François Henriquez Henriquez, who started Aug. 15, will succeed Kathleen O’Neill, who is retiring after 36 years with the Federal Reserve System. Henriquez joined the St. Louis Fed in September 2018. He has held several different […] The post St. Louis Fed appoints François Henriquez as new CFO appeared first on Financial Regulation News.
Treasury Department updates CFIUS website to improve transparency
The U.S. Treasury Department updated the Committee on Foreign Investment in the United States (CFIUS) website to improve communications with the public. © Shutterstock The goal of the upgrade is to share more details and guidance with the public and the investing community about how CFIUS approaches compliance and enforcement, as well as a list […] The post Treasury Department updates CFIUS website to improve transparency appeared first on Financial Regulation News.
Congressional bill supports AI innovation in financial services sector
A bipartisan, bicameral bill pending in both houses of Congress aims to help promote the innovation of artificial intelligence (AI) in the nation’s financial services industry.© Shutterstock Specifically, the Unleashing AI Innovation in Financial Services Act, H.R. 9309 / S. 4951, would provide for regulatory sandboxes that permit certain persons to experiment with AI without […] The post Congressional bill supports AI innovation in financial services sector appeared first on Financial Regulation News.
Rep. Joyce introduces bill to increase taxes levied on private university endowments
U.S. Rep. Dave Joyce (R-OH) introduced legislation that would increase the tax rate on private university endowment profits.© Shutterstock The Higher Education Accountability Tax (HEAT) Act (H.R. 9331) would increase the tax levied on annual private university endowment profits from the current rate of 1.4 percent to 10 percent. Further, it would increase the number […] The post Rep. Joyce introduces bill to increase taxes levied on private university endowments appeared first on Financial Regulation News.
Rep. Carey drafts bill that seeks to end Social Security overpayment clawbacks
U.S. Rep. Mike Carey (R-OH) is working on legislation that seeks to end the practice by the Social Security of collecting overpayments. © Shutterstock The bill would prevent the Social Security Commissioner from collecting an overpayment if the payment occurred more than three years prior or if the overpayment was due to error on the […] The post Rep. Carey drafts bill that seeks to end Social Security overpayment clawbacks appeared first on Financial Regulation News.
Small business optimism reaches highest point in two years in July
The NFIB Small Business Optimism Index hit its highest level since February 2022, as it rose 2.2 points in July to 93.7. © Shutterstock While climbing, the index came in below the 50-year average of 98 for the 31st consecutive month. “Despite this increase in optimism, the road ahead remains tough for the nation’s small […] The post Small business optimism reaches highest point in two years in July appeared first on Financial Regulation News.
Managed Funds Association makes recommendations to Treasury on use of AI
The Managed Funds Association (MFA) offered some recommendations for the U.S. Treasury Department to consider as they set rules on the use of artificial intelligence (AI) in financial services.© Shutterstock In a letter to Treasury officials, MFA made the following points on AI use: • Alternative asset managers use AI to enhance existing processes and […] The post Managed Funds Association makes recommendations to Treasury on use of AI appeared first on Financial Regulation News.
CFPB sets record straight on contract-for-deed deals
To help rid the market of predatory and exclusionary home lending practices, the Consumer Financial Protection Bureau (CFPB) today released an advisory opinion and research report on contract-for-deed deals.© Shutterstock “The CFPB has found that investors are targeting people of faith with predatory mortgage products that set the borrower up to fail,” said CFPB Director […] The post CFPB sets record straight on contract-for-deed deals appeared first on Financial Regulation News.
Senators call on JP Morgan Chase to answer to threatened overdraft fees
Two United States senators denounced a threat by JPMorgan Chase & Co. to impose new checking account fees for over 80 million consumers in response to the Consumer Financial Protection Bureau’s (CFPB’s) rule to cap overdraft fees.© Shutterstock “JPMorgan Chase’s potential imposition of new costs on its customers in response to legal and long-overdue efforts […] The post Senators call on JP Morgan Chase to answer to threatened overdraft fees appeared first on Financial Regulation News.
SEC settles charges against Ideanomics
The Securities and Exchange Commission (SEC) settled fraud charges against Ideanomics, Inc., formerly known as Seven Stars Cloud Group, Inc., and its former CEO for misleading the public about the company’s financial performance between 2017 and 2019.© Shutterstock The SEC also settled charges against the company’s current CEO, Alfred Poor, and former CFO, Federico Tovar, […] The post SEC settles charges against Ideanomics appeared first on Financial Regulation News.
FinCEN launches PSA campaign to educate businesses on reporting requirements
The Financial Crimes Enforcement Network (FinCEN), which is part of the U.S. Treasury Department is launching a public service announcement (PSA) campaign to educate small businesses about new beneficial ownership reporting requirements. © Shutterstock The campaign features television and radio ads, as well as digital and print ads. The message will be focused on educating […] The post FinCEN launches PSA campaign to educate businesses on reporting requirements appeared first on Financial Regulation News.
Senators call Kroger’s dynamic pricing a corporate profiteering scheme
U.S. Sens. Bob Casey (D-PA) and Elizabeth Warren (D-MA) are questioning Kroger Co.’s use of digital price tags, or Electronic Shelving Labels (ESLs), in 500 of its grocery stores, a move the lawmakers say could be exploiting working families.© Shutterstock “These digital price tags may enable Kroger and other grocery chains to transition to dynamic […] The post Senators call Kroger’s dynamic pricing a corporate profiteering scheme 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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