Senate Confirms Gensler as SEC Chairman
By a vote of 52 to 45 today, the Senate confirmed Gary Gensler to serve as chairman of the Securities and Exchange Commission.
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Treasury Establishes New Office of Recovery Programs
The U.S. Treasury today announced the creation of the Office of Recovery Programs to administer economic relief and recovery programs.
ABA Past Chair: ‘We’ve Seen Great Results’ from PPP Loans
American Bankers Association Past Chair Laurie Stewart today said that her bank—Sound Community Bank in Seattle, of which she is CEO—has seen “great results” from Paycheck Protection Program loans made to small business customers over the last year.
FinCEN Outlines Upcoming Work on Corporate Transparency Act
The Financial Crimes Enforcement Network’s Director of the Office of Regulatory Policy Barry Emmert today previewed the implementation process for the Corporate Transparency Act, an ABA-backed bill that was included in a broader package of Bank Secrecy Act/anti-money laundering reforms that Congress passed in December.
ABA, Financial Groups Raise Concerns about Cyber Incident Notification Proposal
A new proposal by the federal banking agencies requiring that banks notify their primary regulator within 36 hours after developing a good-faith belief of a “computer-security incident” or “notification” incident could impose a significant reporting burden, ABA and three other financial trades cautioned in a letter yesterday.
Small Business Optimism Improves in March
The NFIB Small Business Optimism Index rose 2.4 points in March, measuring 98.2. This is…
Consumer Prices Rise in March
The Consumer Price Index increased 0.6% in March on a seasonally adjusted basis, according to…
ABA Urges SEC to Reform MMFs Without Focusing on Regulated Banks
In a comment letter today, ABA told the Securities and Exchange Commission that any reform of money market funds should not focus on regulated banks, which have been a source of strength during the pandemic.
SEC Issues Risk Alert to Firms Offering ESG Investment Vehicles
The Securities Exchange Commission on Friday warned firms of “deficiencies and internal control weaknesses” that…
Banking Agencies Provide Guidance on Model Risk Management
The federal banking agencies and the Financial Crimes Enforcement Network today issued a statement on the use of the “Supervisory Guidance on Model Risk Management” to comply with Bank Secrecy Act/anti-money laundering rules.