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Financial Regulation News
Sen. Thune sponsors bill to prevent IRS from accessing taxpayer info on phones or PCs
U.S. Sen. John Thune (R-SD) introduced legislation that would prohibit Internal Revenue Service (IRS) employees, volunteers, and contractors from accessing taxpayer information on their personal computers or phones through the IRS’s bring-your-own-device (BYOD) program.© Shutterstock The Ensuring No Devices Bear Your Own Data (END BYOD) Act was cosponsored by U.S. Sens. Marsha Blackburn (R-TN), Bill […] The post Sen. Thune sponsors bill to prevent IRS from accessing taxpayer info on phones or PCs appeared first on Financial Regulation News.
Senate passes bill to stop IRS from imposing penalties on American hostages, detainees
The U.S. Senate passed a bill last week that would stop the Internal Revenue Service (IRS) from imposing fines and penalties on American hostages and wrongful detainees for late tax payments while they are held abroad.© Shutterstock The Stop Tax Penalties on American Hostages Act, sponsored by Sens. Mike Rounds (R-SD) and Chris Coons (D-DE), […] The post Senate passes bill to stop IRS from imposing penalties on American hostages, detainees appeared first on Financial Regulation News.
Ted Kaouk named CFTC’s first Chief Artificial Intelligence Officer
On Wednesday, Rostin Behnam, the Commodity Futures Trading Commission (CFTC) Chairman, announced that Dr. Ted Kaouk would serve as that agency’s first Chief Artificial Intelligence Officer. © Shutterstock Kaouk is currently the agency’s Chief Data Officer and Director of the agency’s Division of Data. In his new role as CFTC’s Chief Data & Artificial Intelligence […] The post Ted Kaouk named CFTC’s first Chief Artificial Intelligence Officer appeared first on Financial Regulation News.
House advances two small business bills sponsored by Rep. McGarvey
Two bills sponsored by U.S. Rep. Morgan McGarvey (R-KY) were unanimously passed in the U.S. House of Representatives this week.© Shutterstock Both of the bills are targeted at helping small businesses. One of them is the Entrepreneurs with Disabilities Reporting Act (H.R. 7985), which would require the Small Business Administration (SBA) to submit a report […] The post House advances two small business bills sponsored by Rep. McGarvey appeared first on Financial Regulation News.
New CFPB report looks at fees and costs tied to health savings accounts
A new report from the Consumer Financial Protection Bureau (CFPB) details the complex costs and fees in health savings accounts. © Shutterstock A health savings account is a tax-advantaged account that generally comes with a high deductible health plan. Typically, they are in the form of a deposit account selected by an employer or a […] The post New CFPB report looks at fees and costs tied to health savings accounts appeared first on Financial Regulation News.
House approves bill that seeks to bolster investment in small businesses
The U.S. House of Representatives unanimously approved this week a bipartisan bill sponsored by U.S. Reps. Dan Meuser (R-PA) and Hillary Scholten (D-MI) that seeks to incentivize greater private capital investments in small businesses.© Shutterstock The Investing in All of America Act of 2023 (H.R. 5333) deals with the Small Business Investment Companies (SBICs) program. […] The post House approves bill that seeks to bolster investment in small businesses appeared first on Financial Regulation News.
CFTC issues final rule on reporting regulations for futures and options
The U.S. Commodity Futures Trading Commission (CFTC) approved final rules to amend its large trading reporting regulations for futures and options.© Shutterstock The regulations require futures commission merchants, clearing members, foreign brokers, and certain reporting markets to report to the CFTC position information for the largest futures and options traders. The new final rules replace […] The post CFTC issues final rule on reporting regulations for futures and options appeared first on Financial Regulation News.
Treasury Department, IRS release guidance on sustainable fuel credits
On Tuesday, the U.S. Treasury Department and the Internal Revenue Service announced guidelines for Sustainable Aviation Fuel (SAF) Credit established by the Inflation Reduction Act (IRA). © Shutterstock The new guidance updates the current Greenhouse Gases, Regulated Emissions, and Energy Use in Technologies (GREET) model to measure lifecycle emissions from SAF. Officials said the Treasury […] The post Treasury Department, IRS release guidance on sustainable fuel credits appeared first on Financial Regulation News.
FHFA releases final rule on equitable housing finance plans
The Federal Housing Finance Agency (FHFA) released a new final rule on equitable housing finance plans this week.© Shutterstock The new final rule is related to its Fair Lending, Fair Housing, and Equitable Housing Finance Plans. The final rule codifies in regulation FHFA’s fair lending oversight requirements for the following: Fannie Mae and Freddie Mac […] The post FHFA releases final rule on equitable housing finance plans appeared first on Financial Regulation News.
Treasury issues guidance on tax credit to drive investment to energy communities
The U.S. Department of the Treasury, the Department of Energy (DOE), and the Internal Revenue Service (IRS) have provided more information on the Qualifying Advanced Energy Project Tax Credit.© Shutterstock This key provision in the Inflation Reduction Act is designed to drive investment to coal communities and underserved areas. The additional information provided this week […] The post Treasury issues guidance on tax credit to drive investment to energy communities appeared first on Financial Regulation News.
15 million Americans have medical bills on their credit reports, CFPB finds
A new report from the Consumer Financial Protection Bureau (CFPB) has found that 15 million Americans still have medical bills on their credit reports despite changes by the major credit reporting agencies.© Shutterstock All told, more than $49 billion in outstanding medical bills is in collections, the CFPB found. The analysis is the second of […] The post 15 million Americans have medical bills on their credit reports, CFPB finds appeared first on Financial Regulation News.
Republic First becomes first bank in 2024 to collapse
Republic First Bank became the first bank to fail this year, as the Pennsylvania Department of Banking and Securities (DoBS) took possession of the Philadelphia-based bank last week.© Shutterstock Citing its “unsafe and unsound” condition, the department took possession of the bank in order to protect investors. The DoBS then appointed the Federal Deposit Insurance […] The post Republic First becomes first bank in 2024 to collapse appeared first on Financial Regulation News.
Direct File Pilot program exceeds usage goal, IRS says
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) said use of the Direct File pilot program launched this year exceeded expectations.© Shutterstock More than 140,000 taxpayers filed their taxes directly with the IRS in April, exceeding the agencies goal of 100,000 users. The program, which allowed users to file their taxes […] The post Direct File Pilot program exceeds usage goal, IRS says appeared first on Financial Regulation News.
Federal Insurance Office launches new terrorism and catastrophic cyber risks partnership
The U.S. Department of the Treasury’s Federal Insurance Office (FIO) announced last week it had formed a partnership with the National Science Foundation to establish a center to research and analyze terrorism and catastrophic cyber risks.© Shutterstock During the FIO’s International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) Annual Conference, the FIO said it had […] The post Federal Insurance Office launches new terrorism and catastrophic cyber risks partnership appeared first on Financial Regulation News.
AICPA white paper examines the future of accounting
A new white paper on redefining finance for a sustainable world was released last week by the Association of International Certified Professional Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA). © Shutterstock The white paper elaborates on the changes going on in accounting and finance, as the industry is moving away from traditional […] The post AICPA white paper examines the future of accounting appeared first on Financial Regulation News.
Sens. Fischer, King urge DOL to promote paid family leave tax credit
U.S. Sens. Deb Fischer (R-NE) and Angus King (I-ME) are urging the U.S. Department of Labor (DOL) to raise awareness of the Paid Family and Medical Leave (PFML) tax credit.© Shutterstock Fischer and King led the effort to establish the PFML policy and tax credit, which was included in the 2017 Tax Cuts and Jobs […] The post Sens. Fischer, King urge DOL to promote paid family leave tax credit appeared first on Financial Regulation News.
U.S. Chamber files challenge to FTC’s rule banning noncompete agreements
On Wednesday, the U.S. Chamber of Commerce announced that it was challenging the Federal Trade Commission’s (FTC) recent ruling banning noncompete clauses. © Shutterstock The Chamber filed a coalition lawsuit against the FTC after the commission voted to ban the employer practice, saying the FTC’s action was a dangerous precedent or government micromanagement and will […] The post U.S. Chamber files challenge to FTC’s rule banning noncompete agreements appeared first on Financial Regulation News.
House Ways and Means Republicans establish 10 Committee Tax Teams
U.S. Rep. Jason Smith (R-MO), chair of the House Ways and Means Committee, and Rep. Mike Kelly (R-PA), chair of the House Tax Subcommittee have led the formation of 10 Committee Tax Teams, comprised of Ways and Means Republicans.© Shutterstock The tax teams will each address key tax provisions from the 2017 Trump tax cuts […] The post House Ways and Means Republicans establish 10 Committee Tax Teams appeared first on Financial Regulation News.
SEC issues new report on registered fund statistics
The Securities and Exchange Commission (SEC) published a new report this week of Registered Fund Statistics.© Shutterstock The report, which will be updated on a quarterly basis, is designed to provide the public with a regular and detailed picture of the registered funds industry, which consists of more than 12,000 funds and some $26 trillion […] The post SEC issues new report on registered fund statistics appeared first on Financial Regulation News.
DOL approves final rule on definition of an investment advice fiduciary
The U.S. Department of Labor (DOL) has finalized its Retirement Security Rule, which updates the definition of an investment advice fiduciary.© Shutterstock The final rule requires trusted investment advice providers to give prudent, loyal, honest advice free from overcharges. These fiduciaries must adhere to high standards of care and loyalty when they recommend investments and […] The post DOL approves final rule on definition of an investment advice fiduciary appeared first on Financial Regulation News.
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