January 12, 2024
Top Lines The Consumer Financial Protection Bureau (CFPB) issued two Advisory Opinions related to requirements in the Fair Credit Reporting Act (FCRA). The first advisory opinion underscores that to trigger a consumer reporting agency’s file disclosure requirements, a consumer does not need to use specific language. The advisory opinion also highlights the requirements regarding the […]
Roundup: December 15, 2023 – January 4, 2024
Sanctions Watch Roundup: December 15, 2023 – January 4, 2024 January 10, 2024 Bottom Line Up Front The reporting period saw the most significant expansion of sanctions against Russia in the last six months, with Congress calling for further action against Iran and China. Russia Biden Administration During the reporting period, the Biden Administration […]
January 10, 2024
Top Lines The Commodity Futures Trading Commission’s (CFTC) Technology Advisory Committee (TAC) Subcommittee on Digital Assets and Blockchain Technology released a report on decentralized finance (DeFi). The comprehensive report defines the characteristics of DeFi; policy objectives, benefits, and risks; issues for policymakers and industry related to DeFi; and recommendations. The report finds that government and […]
January 5, 2024
Top Lines The Consumer Financial Protection Bureau (CFPB) published an issue spotlight on the CFPB’s oversight of student loan servicing practices in the early months of the resumption of federal student loan repayments after over three years of a payment pause due to the COVID-19 pandemic. Borrowers are encountering long hold times when trying to […]
January 3, 2024
Top Lines The U.S. Department of the Treasury’s (Treasury) Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports. The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them. Reporting companies […]
December 20, 2023
Top Lines Please note we are taking a break from publishing our newsletter over the next couple of weeks and look forward to resuming in early January. Happy Holidays from the FSV Team! Senate Majority Leader Chuck Schumer (D-NY) and Republican Leader Mitch McConnell (R-KY) released a statement regarding supplemental national security legislation, stating: “Bipartisan […]
December 15, 2023
Top Lines Treasury Secretary Janet Yellen convened a meeting of the Financial Stability Oversight Council (Council) in executive and public sessions at the U.S. Department of the Treasury (Treasury). The Council heard updates on the continued efforts of the Council’s Nonbank Mortgage Servicing Task Force regarding potential financial stability risks related to nonbank mortgage servicers, […]
December 13, 2023
Top Lines The Federal Reserve issued a Federal Open Market Committee (FOMC) statement. The Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) plan to introduce a “discrete” stablecoin bill. Sen. Lummis stated that the goal is to “craft a […]
December 8, 2023
Top Lines Senators Mark Warner (D-VA), Mitt Romney (R-UT), Mike Rounds (R-SD), and Jack Reed (D-RI) introduced the Terrorist Financing Prevention Act of 2023. The bill expands the Treasury Department’s (Treasury) authorities to impose sanctions on foreign financial institutions and foreign digital asset transaction facilitators that knowingly facilitate transactions for foreign terrorist organizations and others. […]
Sanctions Watch Special: China-Related Economic Provisions in the NDAA
Sanctions Watch Sanctions Watch Special: China-Related Economic Provisions in the NDAA What’s In and the Potential for Future Action December 8, 2023 Bottom Line Up Front Many of the most impactful provisions in the House and the Senate restricting outbound investments to China and targeting the Chinese government or affiliated entities economically were not included […]