RegAlytics Weekly Alerts – 5.11.2022

RegAlytics Weekly Alerts – 5.11.2022?

But I am going to ruin your lives because RegAlytics is on my phone, so I can still keep watch and give you the most interesting of the 11,834 alerts this week.? And this ruins your lives because it means you no longer have an excuse not to know what’s going.? And yes, the regulators do follow me here on LinkedIn, so be sure to get your subscription before it’s too late.?

Federal Bank Regulators: CRA Proposal?

The regulators of the week are the federal bank regulators, which is the Fed, the OCC and the FDIC.? Some of you have been following the drama around the Community Reinvestment Act.? For those of you who do not, the Community Reinvestment Act is a 1977 Civil Rights Act passed to ensure that bank loans were given out in a racially consistent manner with the local population.? It is backed with the federal bank regulators working together.? In the Trump Era, the OCC moved forward with a new proposal to the modernize the rule WITHOUT the others.? Unsurprisingly, the OCC is the regulator that the President has the most control over.? Now the regulators are finally in sync again and have together proposed a rule to modernize the CRA.?

Updated: FDIC to Participate in Interagency Webinar on Community Reinvestment Act Notice of Proposed Rulemaking?

Agencies Issue Joint Proposal to Strengthen and Modernize Community Reinvestment Act Regulations?

Agencies Issue Joint Proposal to Strengthen and Modernize Community Reinvestment Act Regulations?

SEC: Doubling Enforcement?

The topic of the week was crypto and mostly by way of enforcement, starting with the SEC doubling its Crypto and Cyber Unit to 50 dedicated positions.? Interesting fact, the Crypto and Cyber Unit has brought in over $2B to the SEC since it was created in 2017.? Don’t forget, regulators need to make money too!?

SEC Nearly Doubles Size of Enforcement’s Crypto Assets and Cyber Unit?

SEC: Cryptomining Bust?

The SEC also busted two different cryptomining scams for failures in disclosure.? The first, MCC, was selling cryptomining packs, but the money was not actually spent on crypto mining, but instead on existing crypto within the company’s portfolios. The second, NVIDIA, was selling shares in its gaming business but failed to disclose that they were using to gain a significant amount of their revenue from mining crypto.??

SEC Charges NVIDIA Corporation with Inadequate Disclosures About Impact of Cryptomining?

Order Instituting Administrative and Cease and Desist Proceedings, Making Findings, and Imposing Remedial Sanctions, and a Cease and Desist Order: NVIDIA Corporation?

SEC Halts Fraudulent Cryptomining and Trading Scheme?

CEO of Mining Capital Coin Indicted in $62 Million Cryptocurrency Fraud Scheme?

?Senate (R): Stablecoin Proposal?

Also this week, Pat Toomey, Republican Senator and Member of the Senate Banking Housing and Urban Affairs Committee has released a discussion draft of legislation establishing a new regulatory framework for payment stablecoins.?

Toomey Announces Legislation to Create Responsible Regulatory Framework for Stablecoins?

?OFAC: Virtual "Blender"?

North Korea was the subject of a complex OFAC bust for an elaborate crypto mining scheme that stole and laundered over $620M in crypto assets.? OFAC busted the company Blender for $20M of this scheme, shut them down, and put them on the OFAC sanctions list.? A crypto mixer is a company that scrambles ownership of cryptocurrency for purposes of privacy but is ultimately used for crimes.? Blender is the first crypto mixer put on the sanctions list.?

U.S. Treasury Issues First-Ever Sanctions on a Virtual Currency Mixer and Targets DPRK Cyber Threats?

Deep Dive on Russia Sanctions: 5/19 Noon EST?

Speaking of sanctions, next Thursday at noon EST, I will be doing a deep dive on Russia sanctions so that you have an understanding of what’s going on, who is impacted, and how you should respond.? Please register on the link provided in the comments!?

https://regalytics.ac-page.com/webinar-19522?

Commerce: Tariffs Lifted on Ukraine Steel?

And speaking of Russia and Ukraine, the U.S. Commerce Departments announced a lift of tariffs on Ukraine Steel and the U.K. Department for Business, Energy and Industrial Strategy announced a distribution of hundreds more mobile generators to provide power for Ukraine.?

Raimondo Announces Temporary Suspension of 232 Tariffs on Ukraine Steel?

Hundreds More Mobile Generators to Provide Vital Power for Ukraine?

?SEC: Longer Time for Comment on Climate Disclosure Rule?

In climate this week, the SEC has extended the comment period for the climate disclosure proposal to June 17th.?

The Enhancement and Standardization of Climate-Related Disclosures for Investors?

SEC Extends Comment Period for Proposed Rules on Climate-Related Disclosures, Reopens Comment Periods for Proposed Rules Regarding Private Fund Advisers and Regulation ATS?

NJ: Urges Banks not to Finance Polluters?

The New Jersey State Senate has introduced a bill that “urges” lending institutions in the state not to finance projects that contribute to climate change.? Not much teeth in it, but interesting.?

Senate Resolution SR81: Stop Financing Projects: Contribute to Climate Change (2022-2023 Regular Session)?

CFPB: No Discrimination Post Loan?

And last but not least, the CFPB issue guidance clarifying that you’re not supposed to discriminate when lending OR once you’ve actually lent someone money.? Makes sense to me, but sad that these things need to be stated aloud.?

CFPB Issues Advisory Opinion on Coverage of Fair Lending Laws?

You Need a Plan For Regulatory Change!?

And that’s it this week for RegAlytics.? We have the most comprehensive, coherent, and customizable regulatory alerts tool in the world.? Come and see how company after company is transforming their compliance with this kind of transparency.? See you next Wednesday!?

www.RegAlytics.ai?