RegAlytic's Sneek Peak – Second Week of October
Here’s your update on this week’s 7,952 regulatory alerts.?
White House: Pardon for Simple Possession?
The Regulator of the Week is (drumroll), the White House, for pardoning all federal criminals who were convicted for simple possession of marijuana. He’s also urging the rest of the governors of the 50 states to do the same.??
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White House: National Strategy for the Arctic?
The White House also put out a revised national strategy for the Artic, which of course has some climate-related focus but seems to be more urgently focused on countering Russian and Chinese threats.??
President Biden also issued Proclamation 10459: National Clean Energy Action Month, which may have led to our Topic of the Week: State Cooperation!?
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CA, OR, WA, BC: Partnership for Climate?
California, Oregon, Washington, and British Columbia signed a new Statement of Cooperation recommitting the region to climate action. From transitioning to a low-carbon economy, to investing in climate infrastructure, these governments are going to coordinate on EV charging stations, clean electric grid, drought, managing changing weather patterns like wildfire, heat waves and sea-level changes. And of course, it includes a major focus on equity, so no particular group is left behind.??
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ND, MT, WI: Multistate Hydrogen Hub?
Meanwhile, the governors of North Dakota, Montana, and Wisconsin have signed a memorandum of understanding to develop a regional clean hydrogen hub.??
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Treasury: $1B Loan for Cleantech Fund?
And since we’re on climate, the Fed announced a $1B investment into the Clean Technology Fund (CTF), a trust fund essentially set up by G7 that helps scale low carbon tech in developing countries.??
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Fed: Pilot Climate Scenario?
The Fed also announced that six of the nation's largest banks are going to participate in a pilot climate scenario analysis exercise that will help regulators to better supervise firms to measure and manage climate-related financial risks. So basically, they’ll give a scenario like, the oceans rise by 18 inches, and then ask the banks, how much money did you lose?? The Fed will release its learnings, but none of the actual information from the banks. It reminds me a lot of living wills.??
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Office of Science & Tech: Ocean Climate Action Plan?
Speaking of rising waters, the Office of Science and Technology Policy (OSTP), the Council on Environmental Quality (CEQ), and the interagency Ocean Policy Committee (OPC), request input from all interested parties to inform the development of a U.S. Ocean Climate Action Plan (OCAP) that will help guide the Federal government to prepare for climate change. You have until November 18th to send in your thoughts.?
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OCC: Bank Supervision Plan?
On to more humdrum financial compliance, the OCC released its bank supervision operating plan, which is basically telling you where they are going to be asking questions in their exams. So, if you run compliance for an OCC chartered bank, you take a look and figure out where your gaps are going to be.?
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Fed: Updates to Debit Card Rules?
The Fed updated rules related to debit card transactions. It’s not a huge change to what is already out there, but they are insisting that those firms that haven’t added a second payment processor to their network need to do so by July 1st of next year.?
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Fed: FMU Ops Risk?
The Fed also is amending rules for FMUs or financial market utilities.?
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CME: New Crypto Reference Rate?
Speaking of financial market utilities, the CME Group announced plans to launch three new cryptocurrency reference rates and real-time indices, which will be calculated and published daily. The reference are not tradable futures products but just a way to benchmark the going rate of something.??
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SEC: Male Version of Anna Delvey?
In our fine tracker this week we got the male Anna Delvey caught by the SEC. Justin Costello was using a false persona, a Harvard-educated military veteran and hedge fund billionaire, to defraud investors out of millions of dollars.??
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WA AG: Crypto Power Theft?
Meanwhile in Seattle, a 37-year-old female tech worker was sentenced for hacking into cloud computer data storage accounts and stealing data and computer power for her own benefit.?
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HHS: E-cigs for Kids?
And our last update, I’m sorry is kind scary, but Halloween is almost here. So maybe you could dress up this year as a vape pen because a study from the FDA and the CDC discovered that in the last 30 days, 2.5 million U.S. middle and high school students used e-cigarettes. That is 14.1% of high school students and 3.3% of middle school students.?