Ohio lays down law on greenmailing
There is no longer any ambiguity about greenmailing in Ohio now that Gov. Mike DeWine has signed a new law that includes language codifying a 2024 ruling by former Franklin County Ohio Court of Appeal...
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New York State proposes rule to curb unfair overdraft fees
The New York State Department of Financial Services has proposed regulations to enhance consumer protections against unfair overdraft fees. The proposed regulations ensure consumers will no longer ...
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Rep. Carey, Sen. Cruz introduce resolution to roll back IRS broker rule
U.S. Rep. Mike Carey (R-OH) introduced a resolution in the House that would roll back the Internal Revenue Service’s Digital Assets Sale and Exchanges Rule. The rule requires custodial brokers to...
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SEC initiated 33 cryptocurrency-related enforcement actions in 2024
In 2024, the Securities and Exchange Commission (SEC) initiated 33 cryptocurrency-related enforcement actions, according to a Cornerstone Research report, a 30 percent decline from 2023 and the first ...
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Legislation eliminating tax on tips introduced
A new bipartisan, bicameral bill that would exempt tips from federal income tax was introduced Wednesday. U.S. Reps. Vern Buchanan (R-FL) and Byron Donalds (R-FL) introduced the No Tax on Tips Ac...
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Majority of small business owners expect revenue increases in 2025
Sixty percent of small business owners and decision makers expect a slight or significant increase in revenue, according to a recent WSFS Bank survey, and many expect to seek financing for purchasing ...
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ICE announces two billion commodity, interest rate contracts
The Intercontinental Exchange, Inc. announced a record two billion in futures and options were traded in 2024. The trade contracts mark the highest volume year in ICE’s history and include 1.2 b...
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SEC Acting Chair Uyeda creates crypto task force
Mark Uyeda, acting chairman of the Securities and Exchange Commission (SEC), recently launched a crypto task force at the entity. The task force will look to develop a comprehensive and clear regul...
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House bill would end U.S. involvement in OECD global tax, create reciprocal tax plan
Republicans on the U.S. House Ways and Means Committee introduced legislation that would cancel the countries involvement in the Organization for Economic Co-operation and Development (OECD) global ta...
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Managed Funds Association offers four recommendations for new SEC chair
The Managed Funds Association (MFA) recommended four policies for the new acting chairman of the Securities and Exchange Commission (SEC). In a letter to acting SEC Chair Mark Uyeda, MFA suggested ...
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New FDIC Chairman Hill lays out priorities for federal entity
President Donald Trump named Travis Hill as the acting chairman of the Federal Deposit Insurance Corporation (FDIC). Hill previously worked at the FDIC from 2018 to 2022, as deputy to the chairman ...
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Insurance trade organizations urge Congress to act on wildfire mitigation
In the shadow of the fires devastating southern California, the American Property Casualty Insurance Association (APCIA) and other insurance trade organizations are asking Congress to act on wildfire ...
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Trump designates Mark Uyeda as SEC acting chairman
President Donald Trump designated Mark T. Uyeda as acting Securities and Exchange Commission (SEC) chairman on Tuesday. Uyeda served during Trump’s first term in the U.S. Department of the Treasu...
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Legislation would prohibit preparation of tax returns through unauthorized ‘Direct File’ program
Legislation recently introduced in the U.S. Senate would add a new subsection to Section 6020 of the Internal Revenue Code to prohibiting the Internal Revenue Service from preparing tax returns in una...
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Legislation introduced to create tax-free disaster response savings accounts
In light of disasters across the country over the past year, U.S. Reps. Laurel Lee (R-FL) and Jared Moskowitz (F-FL) introduced legislation on Jan. 16 that would allow individuals to create tax-free s...
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NCUA releases analysis of overdraft, non-sufficient funds fees
The National Credit Union Administration (NCUA) released an analysis of statistics for overdraft and non-sufficient funds (NSF) fees. The research note highlighted two main statistical observations...
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Sen. Hyde-Smith, Rep. Barr introduce bill to increase number of new banks
U.S. Sen. Cindy Hyde-Smith (R-MS) and U.S. Rep. Andy Barr (R-KY) introduced a bill that seeks to increase the approval for new banks, particularly in rural and underserved areas. The Promoting New ...
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Treasury pilot program recovers more than $31M in fraudulent Social Security Administration payments
A five-month, U.S. Department of the Treasury pilot program with the Social Security Administration’s Full Death Master File prevented or recovered more than $31 million in fraud and improper paymen...
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State regulators take enforcement action against fintech for BSA/AML violations
The Conference of State bank Supervisors (CSBS) announced that 48 state financial regulators took enforcement action against Block, Inc., for BSA/AML violations. CSBS said that Block violated the B...
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Sen. Scott lays out priorities for Senate Banking Committee
U.S. Sen. Tim Scott (R-SC), chairman of the Senate Committee on Banking, Housing, and Urban Affairs, laid out his legislative and oversight priorities for the 119th Congress. As the first Black ch...
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