All articles by Joe Mont – Page 14
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SEC petitions for ‘guidance’ restrictions, enhanced bank disclosures to break out overdraft fees
A recent public rulemaking petition asks the SEC to prohibit guidance that becomes binding and enforceable. A separate petition seeks more detailed revenue breakdowns in banks’ 10-K filings.
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ArticleTrump tweet revives a dilemma: Is quarterly reporting hurting companies?
President Trump has asked the SEC for a plan to “stop quarterly reporting and go to a six-month system.” It revives a longstanding, long-debated argument in the corporate and shareholder communities.
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Blog
Senators urge social media giants to block 3-D gun blueprints
A group of Senate Democrats is urging leading technology companies to ensure that the publication of 3-D gun printing materials, which violate their terms of service, is not allowed on their platforms.
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Warren bill pitches overhaul of corporate shareholder responsibilities
Sen. Elizabeth Warren (D-Mass.) has introduced a controversial legislative proposal that requires American corporations with more than $1 billion in annual revenue to obtain a federal charter from a newly formed Office of United States Corporations at the Department of Commerce.
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Senate Democrats demand Military Lending Act assurances from CFPB
All 49 Democrats on the U.S. Senate have written to CFPB Director Mick Mulvaney, urging him to forgo reported plans to end examinations for Military Lending Act compliance.
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ArticleWhat casinos, bitcoin tell us about money laundering
During a pair of recent speeches, the director of the Treasury Department’s Financial Crimes Enforcement Network discussed money laundering issues for—and the need for cooperation from—casinos. Another topic: the regulatory perils of virtual currencies.
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Citigroup will pay $10.5 million for internal controls failures
The SEC says Citigroup has agreed to pay $10.5 million in penalties to settle two enforcement actions involving its books and records, internal accounting controls,and trader supervision.
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Former Columbia anti-corruption official nabbed for bribery
The former national director of anti-corruption in Colombia pleaded guilty this week in federal court for bribery and his participation in a conspiracy to launder money.
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RBS faces $4.9B settlement over mortgage-backed securities
The Justice Department announced a $4.9 billion settlement with The Royal Bank of Scotland Group, resolving federal accusations that it misled investors in the regarding residential mortgage-backed securities.
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Legislation seeks crackdown on bank overdraft fees
The recently filed Stop Overdraft Profiteering Act of 2018 would ban overdraft fees on debit card transactions and ATM withdrawals and limit fees placed for checks and recurring payments.
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Fed fines Citigroup $8.6M over improper mortgage documents
The Board of Governors of the Federal Reserve has fined Citigroup $8.6 million for the improper execution of residential mortgage-related documents.
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CFPB settles payday lending enforcement action
A federal district court in the Western District of Missouri has approved a settlement between the CFPB and the owners of 20 interrelated corporate entities in the payday lending industry. The owners, it is alleged, illicitly accessed consumer bank accounts.
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Article
The many compliance lessons of Tesla
One simple tweet from Tesla’s outspoken founder speaks to volumes of compliance and regulatory concerns.
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CFPB amends Gramm-Leach-Bliley Act's privacy notice requirement
The CFPB will amend the Gramm-Leach-Bliley Act to allow banks that meet certain requirements to be exempt from sending annual privacy notices to their customers.
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Reps launch effort to bar peers from serving on corporate boards
In response to yet another member of Congress charged with insider trading, Reps. Tom Reed and Kathleen Rice will introduce a House resolution to prohibit fellow legislators from serving on corporate boards.
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State regulators adopt single exam for mortgage licensing
The Conference of State Bank Supervisors has announced that all U.S. states can now use a single, common exam to assess mortgage loan originators.
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State AGs push for a beneficial ownership disclosure law
A bipartisan group of 24 attorneys general is urging Congress to advance legislation improving the transparency of shell corporations by requiring them to disclose who controls and profits from their activities.
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BlogCFPB helps launch international financial innovation coalition
The CFPB, working with foreign financial regulators, has announced an initiative to create the Global Financial Innovation Network, intended to provide a more efficient way for innovative firms to interact with regulators.
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Foreign deal making, exports face increased scrutiny
New legislation clarifies and strengthens ability of government agencies to review, and potentially block, cross-border deals in the name of national security.
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SEC urged to boost crowdfunding cap
Crowdfunding evangelists are asking the SEC to consider raising the investment cap under Regulation Crowdfunding from $1 million to $20 million.