Three government agencies recently provided a status update regarding Economic Impact Payments from the American Rescue Plan, noting nearly 2 million payments in the sixth batch.© Shutterstock The Department of the Treasury, the Internal Revenue Service, and the Bureau of the Fiscal Service indicated the total disbursed so far amounts to approximately 161 million payments, […]

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Securities and Exchange Commission (SEC) officials said Alex Oh has been appointed Director of the Division of Enforcement.Alex Oh “Our capital markets – and the broader economy – thrive when there are clear rules of the road and a cop on the beat to enforce them,” SEC Chair Gary Gensler said. “Alex brings to the […]

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House Financial Services Committee Republicans have released a staff report outlining recommendations to fully utilize financial innovation for greater inclusivity.© Shutterstock The Committee’s Task Forces on Financial Technology and Artificial Intelligence joined in producing the analysis, which determined the nation must lead in global payments; automation leads to better decision making; banks should harness the […]

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The Independent Community Bankers of America (ICBA) has outlined its legislative and regulatory priorities, with officials noting the effort would assist local lenders in meeting the needs of local communities.© Shutterstock “Community banks have been the economic foundation of the U.S. response to the COVID-19 pandemic in local communities,” ICBA Chairman Robert Fisher, president and […]

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The National Credit Union Administration (NCUA) released a report detailing its progress in advancing diversity, equity, and inclusion in its workforce. © Shutterstock The NCUA’s Office of Minority and Women Inclusion (OMWI) annual report also highlights the agency’s efforts to ensure fair and inclusive business practices and assess the diversity policies and practices of the […]

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Securities and Exchange Commission (SEC) officials said joint whistleblowers have been awarded over $50 million for alerting agency staff to violations difficult to detect without their information.© Shutterstock Per the SEC, the circumstances involved complex transactions, noting the joint whistleblowers provided aid to staff during the investigation, including meeting with personnel numerous times and providing […]

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The Investment Company Institute issued a statement on the Securities and Exchange Commission’s request for comments on potential options for money market fund reforms, as detailed in the President’s Working Group (PWG) report.© Shutterstock “Policymakers seeking to address the COVID-19 market turmoil should be prudent in placing new rules on money market funds. ICI’s new […]

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The Consumer Bankers Association (CBA) has outlined a series of reforms the organization said reduces student debt while also protecting borrowers.© Shutterstock According to the CBA, initiatives include reining in unlimited federal government lending the organization maintains drives up higher education costs. In correspondence forwarded to the Committee on Banking, Housing, and Urban Affairs Subcommittee […]

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U.S. Sen. Sherrod Brown (D-OH) is seeking answers from large bank executives about the margin call and market activity connected to Archegos Capital Management.© Shutterstock Brown, the chair of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, wrote a letter to the heads of four major banks, Credit Suisse Securities, Nomura Holding America, […]

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U.S. Rep. Maxine Waters (D-CA) and U.S. Sen. Mark Warner (D-VA) recently spearheaded the initial Community Development Finance Advisory Group session, which targets public policies supporting minority depository institutions (MDIs) and community development financial institutions (CDFIs). Waters, chairwoman of the House Committee on Financial Services, and Warner outlined how the MDIs and CDFIs, whose mission […]

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