U.S. Sens. Mitt Romney (R-UT) and Bill Cassidy, M.D. (R-LA) are among a group of Republican senators who introduced a resolution this week to overturn President Joe Biden’s plan to cancel student loan debt.© Shutterstock The resolution would also end the pause on student loan payments, which the Biden administration has extended six times. The […]
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Republicans on the Senate Banking Committee are seeking answers from the Federal Reserve Board of Governors and the Federal Reserve Bank of San Francisco on their supervision of Silicon Valley Bank (SVB) prior to its failure on March 10. © Shutterstock “In sum, a number of warning signs existed at SVB in the months and […]
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Majority Whip Tom Emmer (R-MN) and U.S. Rep. Darren Soto (D-FL), co-chairs of the Congressional Blockchain Caucus, recently introduced a bill to establish regulatory clarity for the blockchain ecosystem.© Shutterstock The Blockchain Regulatory Certainty Act (BCRA) affirms blockchain developers and service providers that do not custody consumer funds are not money transmitters. “Crypto and blockchain […]
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The Federal Deposit Insurance Corporation (FDIC) will sell all deposits and loans of Silicon Valley Bridge Bank N.A. to First–Citizens Bank & Trust Company, based in Raleigh, N.C.© Shutterstock The Silicon Valley Bridge Bank is the compiled assets of the former Silicon Valley Bank, which collapsed on March 10 after a run on deposits. It […]
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Justice Department details sentencing of Michael Alan Stollery for role in cryptocurrency fraud scheme
The Department of Justice indicated Titanium Blockchain Infrastructure Services Inc. (TBIS) CEO and founder Michael Alan Stollery has been sentenced for his role in an alleged cryptocurrency fraud scheme.© Shutterstock Stollery, 54, was sentenced to four years and three months in prison for his alleged role involving TBIS’s initial coin offering (ICO) that raised approximately […]
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A group of lawmakers recently unveiled a Joint Economic Committee Democratic staff report outlining the cost of a potential default, maintaining that raising the debt limit is essential.© Shutterstock Senate Majority Leader Chuck Schumer (D-NY), House Democratic Leader Hakeem Jeffries (D-NY), Joint Economic Committee Chairman-Designate Martin Heinrich (D-NM), Joint Economic Committee Senior House Democrat Don […]
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The leaders of the House Financial Services Committee sent letters to the heads of the Federal Deposit Insurance Corporation (FDIC) and Treasury Department, seeking information on the Biden Administration’s response to recent bank failures.© Shutterstock Specifically, Committee Chair Patrick McHenry (R-NC) and Vice Chair French Hill (R-AR) want to know if a viable private sector […]
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A survey by the National Federation of Independent Business (NFIB) has found that small businesses are facing issues with affordability in terms of providing health insurance for their employees. © Shutterstock It revealed that small business owners struggle to manage the cost of offering employer-sponsored health insurance. Specifically, 94 percent of small employers find it […]
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Findings from an Employee Benefit Research Institute (EBRI) and Investment Company Institute (ICI) study maintain consistent 401(k) plan participant account balances increased from year-end 2016 through year-end 2020.© Shutterstock The analysis study was based on the EBRI/ICI database of employer-sponsored 401(k) plans, tracking the account balances of 3.7 million 401(k) plan participants possessing accounts in […]
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The Consumer Financial Protection Bureau (CFPB) upgrades its terms of credit card plans survey, maintaining that the action aids consumers shopping for a new credit card. © Shutterstock “Given the rise in interest rates, the CFPB has modernized how it collects credit card data to spur competition and help families use products with lower rates […]
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