Advancements in virtual reality combined with an internet that is growing more decentralized will present potentially major challenges for policing financial crimes, Jim Lee, chief of IRS Criminal Investigation, said today during an industry event.
The FDIC today sent cease-and-desist letters to five companies that the agency alleges misled consumers into believing that cryptocurrency assets are covered by FDIC deposit insurance.
The American Bankers Association joined the Bank Policy Institute in expressing support for the Financial Crimes Enforcement Network’s efforts to implement a process for issuing “no-action” letters in a comment letter submitted today.
Expressing concern that the CFPB is acting contrary to its authorizing statute, three senior members of the House Financial Services Committee yesterday sought information on the CFPB’s collaborations with state attorneys general enforcement actions.
As part of a pilot supervision effort, the CFPB has requested information on overdraft and non-sufficient funds practices from “over 20 institutions” that it has identified as having a higher share of frequent overdraft users or higher average fees.
The CFPB issued an interpretive rule stating its view that state regulators and state attorneys general have enforcement authority with regard to all provisions of the Consumer Financial Protection Act, based on its interpretation of Section 1042 of the CFPA.
House Republican lawmakers this week slammed recent changes made by the CFPB to its supervision examination manual for unfair or deceptive acts and practices and its rules of practice and procedure regarding administrative adjudication procedures, noting that these actions “deviate significantly from past practices” and were taken outside of the notice and comment process.
The Securities and Exchange Commission is adding 20 positions to the unit responsible for protecting investors in crypto markets and from cyber-related threats.
The CFPB’s newly revised rules of practice for administrative adjudication are “a step in the wrong direction,” expanding the powers of the bureau’s already-powerful director and reducing protections for defendant companies, a coalition of financial services groups including American Bankers Association said.
In his first appearance before the House Financial Services Committee today, CFPB Director Rohit Chopra told lawmakers that although he agreed with Acting Director David Uejio’s decision to rescind a policy statement on “abusive” conduct issued by former Director Kathy Kraninger, he has “huge aspirations to create durable jurisprudence” regarding the definition of “abusive” in the Dodd-Frank Act.