Legislation would end penny production
The U.S. House of Representatives passed on Monday legislation that would permanently end production of the penny for general circulation and modernize America’s coinage system. “Washington has...
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Justice Department issues multiple felony charges as part of COVID-era loan fraud sweep
The U.S. Department of Justice has obtained multiple felony charges as part of its Operation No Doze initiative, which targeted fraud in the Small Business Administration’s small business COVID-era ...
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Brazil-based Nu launches banking, financial products in United States
Nu, the largest digital bank in Latin America, is launching a new suite of financial products that will be available in the United States. In addition, Nu is rolling out Nu Global, a multi-currency...
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OCC raises asset threshold to qualify for 18-month exam cycle
The Office of the Comptroller of the Currency is hiking the asset threshold for financial institutions to qualify for the 18-month examination cycle. In accordance with the 21st Century ROAD to Hou...
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SEC charges man, two companies in connection with Ponzi-scheme
The Securities and Exchange Commission (SEC) recently charged a New Jersey man and two New Jersey-based companies he controls in connection with a Ponzi scheme. The SEC’s complaint charges Ernest...
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Federal bank regulators seek comments on risk management guidance
Federal banking and financial regulators are seeking public comment on proposed guidance to assist financial institutions with managing risks associated with third-party relationships. The guidance...
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Treasury sanctions platform used by cybercriminals
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) recently sanctioned transnational criminal organization Xinbi Guarantee, a Chinese-language platform used extensively by...
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Reps. Peters, Huizenga urge House leadership to fiscal reforms in upcoming legislation
U.S. Reps. Scott Peters (D-CA) and Bill Huizenga (R-MI), co-chairs of the Bipartisan Fiscal Forum, are urging House leadership to include their fiscal reforms in upcoming legislation In a letter t...
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Legislation aims to lower insurance premiums by making vehicle collision fraud a federal crime
U.S. Reps. Laura Gillen (D-NY), Troy Nehls (R-TX), Josh Gottheimer (D-NJ) and Vince Fong (R-CA) introduced the Stop Auto Fraud Act to lower insurance premiums. The legislation would make motor veh...
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Legislation cutting red tape on insurance forms introduced
U.S. Reps. Zach Nunn (R-IA) and Brittany Pettersen (D-CO) have introduced legislation that would increase transparency on life insurance and annuity forms. The legislation, the Consumer-Led Enhanc...
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