Sign Idaho Banking Memorandum Of Understanding Fast

Industry sign banking idaho memorandum of understanding fast

hi i'm mary kopsinski the ceo of regalytics happy first day of daycare to me for the first time since february welcome to this week's regulatory roundup which i will host in a bathroom with a bottle of tequila and of course cheese dip oh just kidding no i'm not because there's a massive recall on cheese dip across america right now just kidding this week there were 1244 alerts from 279 unique u.s regulators 200 had to do with coronavirus it was a light week because of labor day the regulator of the week is the michigan department of insurance and financial services there is an open hearing for a new administrative rule for good moral character for people applying for licenses to become insurance counselors adjusters solicitors or producers under chapter 12 of the michigan insurance code the topic of the week is privacy or more specifically violations of it the sec busted a massive international hacking and trading scheme the hackers would steal unpublished press releases including earnings announcements and then send it to a network of traders who would buy and sell based on material non-public information one of the main traders made millions in gains for his brokerage accounts allowing him to earn a percentage of the fees the jury found him guilty and last week the sec formally banned him from the industry along the same lines fincen announced it is aware that various media outlets intend to publish a series of articles that are based on unlawfully disclosed suspicious activity reports or sars as well as other sensitive government documents that were gotten several years ago as fincen has stated previously the unauthorized disclosure of sars is actually a crime that can impact the national security of the united states and threaten our safety so they have passed this along and referred the matter to the department of justice and the department's treasury office of inspector general the texas department of insurance put out a reminder this week that all regulated entities their agents their representatives that they are responsible for the accuracy of the data used in rating underwriting and claims handling even if the data is provided by a third party the governor of kansas has announced that beginning today the state will release the names and locations of active outbreaks of covid in kansas along the same lines the new york state governor announced that new york school districts are going to be required to provide the department of health with daily data on the number of people who have tested positive for covid19 in each school and the information will be publicly available on a new online dashboard developed by the state department of health and if that's not surprising to you that the states have all of this power to make decisions about what they release is to the public the u.s court of appeals for the sixth circuit ruled in favor of michigan's governor saying it was totally okay for the state to require covid testing for certain agricultural employers and housing providers because it protects the food supply for those of you following cannabis an investment company called covalent collective focused on raising funds to acquire various cannabis related companies well they were busted by the sec for raising 19 million from nearly 500 investors all throughout the united states without registering in securities the governor and lieutenant governor of pennsylvania made a huge push this week asking the local legislature to legalize adult use cannabis their main case is that it is money on the table that the state needs to collect in taxes to help with covert recovery but also they want to earmark the proceeds towards small business grants that will help with restorative justice the pennsylvania department of agriculture also review the results of their industrial hemp pilot research program which permitted 324 growers who grew just over 4 000 acres of hemp in 55 pennsylvania counties and if you're wondering the latest about smoking safety the interagency committee on smoking and health will be meeting on october 15th for those of you following climate issues there has been a big push by the federal joint agencies the occ the fed fdic the farm credit administration and the ncua to revise the rules around flood insurance the environmental technologies trade advisory committee is seeking new board members so if you're in this space why not nominate yourself an interesting study from the cdc focuses on the results of a unique rule put out by the navajo nation for the past few years which added a two percent sales tax on food of minimal to no nutritious value for those of you following crypto the cftc charged 20 entities over the past few weeks for making false and misleading claims of having cfdc registration and national futures association membership so if you hear about anyone offering trading in forex digital assets or derivatives just be sure they're already registered with the cftc and the nfa the sec shut down trading for token communities limited a void delaware corporation located in china the texas state securities board issued an emergency cease and desist order against a forex and cryptocurrency scam run by someone overseas who referred to himself as the bitcoin pope some of you may recall that the occ has been seeking input on the digital activities of banks and federal savings associations well the u.s senate committee on banking housing and urban affairs wrote a public letter encouraging the occ to develop the rules but also ask for an update in other federal news the ftc is hosting a series of upcoming workshops to hone in on specific topics one is antitrust and competition generally and the other is directed around franchise ownership in our fine tracker this week the former ceo of a kentucky bank admitted he was stealing from the bank in the form of golf carts personal expenses for all sorts of fun things like gym memberships gas and of course landscaping at home if it's not a car it always seems to be landscaping he of course tried to hide it by making it look like legitimate business expenses the federal reserve board released corrected stress test results stemming from an error and revised the capital requirements for two banks the board identified the error and all the results affected by it corrected the results and implemented changes to prevent similar errors in the future the loss rates for certain public welfare investments made by large banks were initially miscalculated resulting in an overestimation of hypothetical losses for those investments the error affected city goldman hsbc morgan stanley and wells fargo speaking of wells fargo finra sanctioned wells fargo for another 2 million related to variable annuity switches come on wells get it together the new york ag announced a criminal indictment of a former fintech ceo for defrauding investors out of over 22 million fishman was the former ceo of a now defunct company called cardis enterprises that was supposed to be investing in tech to help businesses spend less on electronic transactions but instead he spent it on luxury clothes charity and a high-end private school for his kids the california dbo launched a formal investigation of wheels financial group a massive auto title lender and art loan company after it partnered with an out of state bank they think it's to avoid a local santa barbara interest rate cap rule and will be further investigating california also finds smart stop 250 000 for offering and selling more than 2.1 million in insurance products to its renters without an insurance license and for my fellow parents out there the company that owns abc mouse is paying a 10 million dollar settlement with the ftc of illegal billing and marketing practices they didn't disclose adequately to the customers before doing auto renewals without proper consent for those of you following social justice issues the fcc is hosting a meeting for the advisory committee on diversity and digital empowerment this month which will include a report from each of the access to capital working groups which are focused on ways to improve access to capital for broadcast companies to become more diverse the sec is hosting a meeting of its investor advisory committee which will include a discussion on self-directed iras as well as how to promote more minority community investors for those of you following sros the intercontinental exchange just completed its acquisition of ellie may this is big news in the morgan space and in state news idaho which a few months ago was paying people to get off of unemployment is now officially accepting trump's lost wages money for those of you not up to speed there was no agreement at the federal level to extend unemployment so trump issued an executive order that freed up funds that states can apply to to offer their constituents a bit longer of a cash runway the majority of the states are agreeing to take the money because they really don't have another choice and finally a special shout out to my friend kelly powell who was just nominated to the virginia council on women congrats kelly her new book about private equity just came out so go get your copy of the courage to lose sight of the shore that's it for regalytics u.s alerts join us every wednesday morning on linkedin and for the longer version see us here on youtube