NY State passes bill to extend statute of limitations to investigate financial crimes

New York Gov. Andrew Cuomo signed into law a bill that is designed to increase New York’s capacity to prosecute financial fraud relating to stocks, bonds, and other securities. © Shutterstock Specifically, the bill, (S.6536/A.8318), restores the six-year statute of limitations under the Martin Act, allowing New York to protect investors and hold companies accountable […]

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New York Gov. Andrew Cuomo signed into law a bill that is designed to increase New York’s capacity to prosecute financial fraud relating to stocks, bonds, and other securities.

© Shutterstock

Specifically, the bill, (S.6536/A.8318), restores the six-year statute of limitations under the Martin Act, allowing New York to protect investors and hold companies accountable for fraudulent activity.

“At a time when the Trump administration is hell-bent on rolling back consumer financial protections, New York remains dedicated to preventing and prosecuting fraudulent financial activity,” Cuomo said. “By restoring the six-year statute of limitations under the Martin Act, we are enhancing one of the state’s most powerful tools to prosecute financial fraud so we can hold more bad actors accountable, protect investors and achieve a fairer New York for all.”

Previously, the Martin Act mandated a six-year statute of limitations, but the Court of Appeals overturned this precedent in a ruling, reducing the statute of limitations to only three years. By restoring the statute of limitations to six years, the bill gives the Office of the Attorney General to investigate cases of fraud.

“If Main Street has to play by a set of rules, then so must Wall Street. This law strengthens two of our most critical tools in holding corporate greed accountable and delivering justice for victims of financial fraud. As the federal government continues to abdicate its role of protecting investors and consumers, this law is particularly important. New York remains committed to finding and prosecuting the bad actors that rob victims and destabilize markets,” Attorney General Letitia James said.

The bill was introduced in the State Senate by N.Y. Sen Michael Gianaris and in the State Assembly by Rep. Robert Carrol.

“The Martin Act is one of the most powerful tools in the state’s toolbox to prosecute financial fraud and protect consumers and investors. This six-year timeline brings New York in line with most other state’s and will help ensure that Wall Street’s bad actors will be brought to justice by giving the Attorney General and others the necessary time to investigate these complex crimes,” Carrol said.

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Read more / Original news source: https://financialregnews.com/ny-state-passes-bill-to-extend-statute-of-limitations-to-investigate-financial-crimes/

Consumer Financial Protection Bureau Settles with Asset Recovery Associates

Today the Consumer Financial Protection Bureau (Bureau) announced a settlement with Asset Recovery Associates, Inc. (ARA), a debt-collection company headquartered in Illinois.

Today the Consumer Financial Protection Bureau (Bureau) announced a settlement with Asset Recovery Associates, Inc. (ARA), a debt-collection company headquartered in Illinois.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/bureau-settles-asset-recovery-associates/

OCC Issues Fourth Quarter 2019 and First Quarter 2020 CRA Evaluation Schedule

The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act evaluations to be conducted in the fourth quarter 2019 and the first quarter 2020.

The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act evaluations to be conducted in the fourth quarter 2019 and the first quarter 2020.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-99.html

OCC Issues Fourth Quarter 2019 and First Quarter 2020 CRA Evaluation Schedule

The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act evaluations to be conducted in the fourth quarter 2019 and the first quarter 2020.

The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act evaluations to be conducted in the fourth quarter 2019 and the first quarter 2020.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-99.html?utm_source=RSS_feed&utm_medium=RSS

Rep. Waters leads delegation to Switzerland to discuss Facebook cryptocurrency

Rep. Maxine Waters (D-CA) recently led a Congressional delegation to Switzerland to visit with government officials about a new cryptocurrency that social media company Facebook is proposing.© Shutterstock Waters, chair of the House Financial Services Committee, met with the government officials in Switzerland, who would oversee and regulate Facebook’s proposed Libra cryptocurrency, which would be […]

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Rep. Maxine Waters (D-CA) recently led a Congressional delegation to Switzerland to visit with government officials about a new cryptocurrency that social media company Facebook is proposing.

© Shutterstock

Waters, chair of the House Financial Services Committee, met with the government officials in Switzerland, who would oversee and regulate Facebook’s proposed Libra cryptocurrency, which would be issued by the Swiss-headquartered Libra Association. The visit follows a hearing the committee held in July to examine Libra, and its impact on consumers, investors, national security, and the financial system. David Marcus, CEO of Facebook’s Calibra, testified at the hearing.

The Waters delegation met with representatives from the State Secretariat for International Financial Matters (SIF), the Federal Data Protection and Information Commissioner (FDPIC), the Financial Market Supervisory Authority (FINMA), and Swiss legislators to understand Facebook’s plans.

“While I appreciate the time that the Swiss government officials took to meet with us, my concerns remain with allowing a large tech company to create a privately controlled, alternative global currency. I look forward to continuing our Congressional delegation, examining these issues, money laundering, and other matters within the Committee’s jurisdiction,” Waters said.

In July, Waters sent a letter to Facebook CEO Mark Zuckerberg, COO Sheryl Sandberg, and Marcus requesting an immediate moratorium on the implementation of Facebook’s proposed cryptocurrency until Congress enacts an appropriate legal framework.

The post Rep. Waters leads delegation to Switzerland to discuss Facebook cryptocurrency appeared first on Financial Regulation News.

Read more / Original news source: https://financialregnews.com/rep-waters-leads-delegation-to-switzerland-to-discuss-facebook-cryptocurrency/

Commodity Futures Trading Commission announces public MRAC meeting

Commodity Futures Trading Commission (CFTC) officials said the agency’s Market Risk Advisory Committee (MRAC) would conduct a public meeting via teleconference on Sept. 9.© Shutterstock At the meeting, the MRAC will receive a status report from the Interest Rate Benchmark Reform Subcommittee while voting on its recommendation regarding plain-English disclosure materials. The MRAC will also […]

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Commodity Futures Trading Commission (CFTC) officials said the agency’s Market Risk Advisory Committee (MRAC) would conduct a public meeting via teleconference on Sept. 9.

© Shutterstock

At the meeting, the MRAC will receive a status report from the Interest Rate Benchmark Reform Subcommittee while voting on its recommendation regarding plain-English disclosure materials. The MRAC will also discuss other issues involving the transition from the London Inter-bank Offered Rate (LIBOR) to risk-free reference rates, including central counterparty (CCP) adjustments to discounting/price alignment interest and the clearing treatment for certain physically-settled swaptions.

“On September 9th, the MRAC will consider the first recommendation from the Interest Rate Benchmark Reform Subcommittee regarding disclosures included with new derivatives that reference LIBOR and other IBORs,” CFTC Commissioner Rostin Behnam, the MRAC’s sponsor, said. “I appreciate the Subcommittee’s hard work in developing these plain-English disclosures for use by market participants, and commend them for this important contribution to the benchmark reform effort.”

The session is also expected to address other issues involving the transition from the London Inter-bank Offered Rate (LIBOR) to risk-free reference rates, including central counterparty (CCP) adjustments to discounting / price alignment interest and the clearing treatment for certain physically-settled swaptions.

The CFTC is encouraging the public seeking to submit written statements in connection with the meeting to submit them by Sept. 16, 2019.

The post Commodity Futures Trading Commission announces public MRAC meeting appeared first on Financial Regulation News.

Read more / Original news source: https://financialregnews.com/commodity-futures-trading-commission-announces-public-mrac-meeting/

CFPB Releases Report on Consumer Credit Card Market

The Consumer Financial Protection Bureau (Bureau) today released its fourth biennial report on the state of the credit card market for the period 2017-2018. 

The Consumer Financial Protection Bureau (Bureau) today released its fourth biennial report on the state of the credit card market for the period 2017-2018. 

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/bureau-releases-report-consumer-credit-card-market/

Consumer Financial Protection Bureau Settles with Maxitransfers Corporation

The Consumer Financial Protection Bureau (Bureau) today announced a settlement with Maxitransfers Corporation (Maxi), a company that serves consumers looking to send money overseas.

The Consumer Financial Protection Bureau (Bureau) today announced a settlement with Maxitransfers Corporation (Maxi), a company that serves consumers looking to send money overseas.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/bureau-settles-maxitransfers-corporation/

OCC Hosts Minority Depository Institutions Advisory Committee Meeting September 19

The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Minority Depository Institutions Advisory Committee (MDIAC) on Thursday, September 19, 2019, beginning at 8:30 a.m., Eastern Daylight Time (EDT).

The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Minority Depository Institutions Advisory Committee (MDIAC) on Thursday, September 19, 2019, beginning at 8:30 a.m., Eastern Daylight Time (EDT).

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-98.html