The Securities Industry and Financial Markets Association (SIFMA), along with SIFMA Asset Management Group (SIFMA AMG), sent comment letters to the Securities and Exchange Commission (SEC) on its proposed rule on data reporting.© Shutterstock The proposed rule would introduce a regime requiring the reporting of data, terms, and other market information regarding securities lending transactions […]

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Erica Y. Williams has been sworn to duty as Public Company Accounting Oversight Board (PCAOB) chair during a Securities and Exchange Commission (SEC) virtual swearing-in ceremony.© PCAOBErica Y. Williams Williams, who joins the PCAOB from Kirkland & Ellis LLP, where she was a litigation partner, was appointed by the SEC on Nov. 8, 2021. Her […]

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U.S. Sens. Tina Smith (D-MN) and Mike Rounds (R-SD) introduced a bill that seeks to spur economic development in distressed areas and underserved communities.© Shutterstock Their legislation — CDFI Bond Guarantee Program Improvement Act – would look to strengthen and expand Community Development Financial Institutions (CDFI), which bring capital and financial services to underserved communities. […]

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U.S. Sen. Ron Wyden (D-OR) voiced his support for a proposed new rule by the Centers for Medicare & Medicaid Services (CMS) that would address high fees imposed on pharmacies by pharmacy benefit managers (PBMs).© Shutterstock The proposed rule would require all direct and indirect remuneration (DIR) fees to be applied to lower the cost […]

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The U.S. Department of the Treasury issued the final rule for the State and Local Fiscal Recovery Funds (SLFRF) program, which delivers $350 billion to state, local, and Tribal governments to support recovery from the COVID-19 pandemic.© Shutterstock The SLFRF program, enacted as a part of the American Rescue Plan, seeks to provide local governments […]

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The U.S. Securities and Exchange Commission (SEC) detailed last week charges against an Australian man and two companies he founded, alleging actions resulting in defrauding investors.© Shutterstock Per the SEC complaint, charges were levied against Craig Sproule, Crowd Machine, Inc., and Metavine, Inc. for allegedly making materially false and misleading statements in connection with an […]

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The Independent Community Bankers of America (ICBA) is calling on the Consumer Financial Protection Bureau to exempt more community banks and small businesses from proposed loan data collection and reporting requirements.© Shutterstock ICBA officials said the CFPB’s proposal on reporting mandates should exclude community banks with assets of $1.3 billion or less. Further, ICBA officials […]

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Federal Housing Finance Agency (FHFA) officials are touting the benefits of targeted increases to upfront fees for the Enterprises for certain high balance loans and second home loans. © Shutterstock The Enterprises are also known as Fannie Mae and Freddie Mac, outlining high balance loans are classified as mortgages originating in designated areas above the […]

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A recently released Consumer Financial Protection Bureau (CFPB) report explores how changes in complaint responses provided by nationwide consumer reporting companies resulted in fewer meaningful responses.© Shutterstock The CFPB indicated that the annual report of credit and consumer reporting complaints also showed less consumer relief. Last year, the consumer reporting companies Equifax, Experian, and TransUnion […]

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Two South Carolina lawmakers are reaching out to the head of the Consumer Financial Protection Bureau (CFPB) about a new data collection rule that they say would place an undue burden on small business owners, farmers, and lenders.© Shutterstock The proposed rule is called the Small Business Lending Data Collection Under the Equal Credit Opportunity […]

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