Federal policymakers need to regulate the evolving market for digital asset products and services to build investor confidence, according to a new white paper by Dr. Peter Ryan, managing director and head of International Capital Markets at the Securities Industry and Financial Markets Association (SIFMA). © Shutterstock “Without clear rules of the road that apply […]

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U.S. Reps. Barbara Lee (D-CA) and Earl Blumenauer (D-OR) recently forwarded correspondence to the Financial Crimes Enforcement Network (FinCEN) seeking data regarding financial services offered to minority cannabis businesses.© Shutterstock The legislators want better insight into barriers faced by minority cannabis business owners. Minority cannabis entrepreneurs often refer to a lack of access to capital […]

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U.S. Reps. Blaine Luetkemeyer (R-MO) and Ted Budd (R-NC) introduced legislation that seeks to bring more accountability to the Financial Accounting Standards Board (FASB).© Shutterstock The Responsible Accounting Standards Act (H.R. 9315) would require the FASB to adopt similar procedures to the Administrative Procedures Act, which governs how government agencies must proceed in the rulemaking […]

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A recent report from the U.S. Department of the Treasury is calling for enhanced oversight of the consumer financial activities of non-bank firms, particularly fintech entities.© Shutterstock The Treasury Department consulted with the White House Competition Council in releasing the analysis entitled “Assessing Impacts of New Entrant Non-bank Firms on Competition in Consumer Finance Markets.” […]

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A group of banking industry associations responded to a request for information (RFI) by the Cybersecurity and Infrastructure Security Agency (CISA) on new cyber incident reporting requirements.© Shutterstock The coalition — which includes the Bank Policy Institute (BPI), American Bankers Association (ABA), Institute of International Bankers, and the Securities Industry and Financial Markets Association (SIFMA) […]

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California Attorney General Rob Bonta has established a new webpage focused on cryptocurrencies, noting the effort seeks to provide information to avoid scams and other potential risks.© Shutterstock “From celebrities to your next-door neighbor, it seems like everyone these days is investing in cryptocurrency based on the promise of fast and easy money,” Bonta said. […]

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The Consumer Financial Protection Bureau (CFPB) recently issued two reports examining the tenant background check industry maintain errors often result in increased costs and quality rental housing barriers.© Shutterstock The CFPB report findings stem from the agency’s analysis of over 24,000 complaints highlighting renter challenges connected to the industry’s failure to remove incorrect, old, or […]

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The Securities and Exchange Commission (SEC) filed 760 total enforcement actions in fiscal year 2022, a 9 percent increase over the previous fiscal year, the commission announced this week. © Shutterstock Of this total, 462 were new, or “stand-alone,” enforcement actions, up 6.5 percent from the previous year. The stand-alone enforcement actions ran the gamut […]

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The Securities and Exchange Commission (SEC) has charged S&P Global Ratings with violating rules designed to prevent sales and marketing considerations from influencing credit ratings.© Shutterstock The SEC involves an issuer that engaged S&P – a nationally recognized statistical rating organization (NRSROs) — to rate a jumbo residential mortgage-backed security transaction in July 2017. Over […]

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The Consumer Financial Protection Bureau (CFPB) issued an advisory this week affirming that neither consumer reporting companies nor information furnishers can avoid dispute investigation requirements.© Shutterstock When people identify inaccurate information on their consumer reports, they can dispute it with the consumer reporting company. However, consumer reporting companies are required to conduct complete investigations. The […]

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