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ACNB Bank to acquire Traditions Bank in Pennsylvania
ACNB Corp., the holding company for ACNB Bank and ACNB Insurance Services, is acquiring Traditions Bank, owned by Traditions Bancorp. © Shutterstock The all-stock transaction will merge two Pennsylvania community banks. ACNB, headquartered in Gettysburg, currently has 26 community banking offices and three loan offices in Adams, Cumberland, Franklin, Lancaster and York counties in Pennsylvania, […] The post ACNB Bank to acquire Traditions Bank in Pennsylvania appeared first on Financial Regulation News.
Proposed bill offers bipartisan tax code fix for insurers
A bipartisan bill unveiled in Congress on Tuesday could help secure life insurance policies at a lower cost for American families while fixing a tax code discrepancy that many insurance companies have bemoaned for years.© Shutterstock The Secure Family Futures Act of 2024, S. 4740, introduced by U.S. Sens. Thom Tillis (R-NC) and Bob Casey […] The post Proposed bill offers bipartisan tax code fix for insurers appeared first on Financial Regulation News.
Survey examines how AI will impact mergers and acquisitions
SS&C Technologies Holdings published a report that examines how artificial intelligence (AI) is used to facilitate mergers and acquisitions (M&A).© Shutterstock Ther SS&C Intralinks 2024 Artificial Intelligence in M&A Report had several key findings. Among them, it found that the majority of participants (97 percent) believe AI will profoundly impact their operations and how they […] The post Survey examines how AI will impact mergers and acquisitions appeared first on Financial Regulation News.
Federal financial regulators update requirements for anti-money laundering programs
Federal financial regulators are seeking comments and feedback on a proposal to update their requirements for anti-money laundering and countering the financing of terrorism (AML/CFT) programs.© Shutterstock Specifically, the updated proposal calls for supervised institutions to establish, implement, and maintain effective, risk-based, and reasonably designed AML/CFT programs. The amendments are intended to align with changes […] The post Federal financial regulators update requirements for anti-money laundering programs appeared first on Financial Regulation News.
Report issues recommendations for strengthening supply chains
A recently released Business Roundtable report outlines policy recommendations for strengthening and securing critical supply chains.© Shutterstock The report, Resilient, Diverse and Secure: Improving Critical Supply Chains, identifies dependencies in five strategically significant U.S. supply chains: agrochemicals, critical minerals, foundational semiconductors, synthetic active pharmaceutical ingredients, and printed circuit boards and printed circuit board assembly. The […] The post Report issues recommendations for strengthening supply chains appeared first on Financial Regulation News.
House passes legislation increasing oversight of HUD
The U.S. House of Representatives passed two bills this week that came out of the House Financial Services Committee, including one that provides Congressional supervision of the Department of Housing and Urban Development (HUD). © Shutterstock The HUD Transparency Act of 2024 (H.R. 7280), introduced by Rep. Monica De La Cruz (R-TX), would increase congressional […] The post House passes legislation increasing oversight of HUD appeared first on Financial Regulation News.
National Labor Relations Board withdraws appeal on joint-employer rules
The National Labor Relations Board (NLRB) withdrew its appeal of the Federal District Court decision that nullified an effort to rewrite the joint-employer rules.© Shutterstock The joint-employer rule is used to determine when two or more employers should be considered responsible for an individual employee. It is typically used in franchisor-franchisee relationships, but the latest […] The post National Labor Relations Board withdraws appeal on joint-employer rules appeared first on Financial Regulation News.
Tax filing, payment processes simplified under recently proposed congressional bill
A bipartisan bill that would amend the Internal Revenue Code of 1986 to make improvements related to tax administration is under consideration by the tax-writing U.S. House Ways and Means Committee.© Shutterstock The Tax Administration Simplification Act, H.R. 8864, builds off of recommendations from the National Taxpayer Advocate and previous legislation to simplify the tax […] The post Tax filing, payment processes simplified under recently proposed congressional bill appeared first on Financial Regulation News.
SEC launches Interagency Securities Council
The Securities and Exchange Commission (SEC) has established a new entity called the Interagency Securities Council (ISC) with its Division of Enforcement. © Shutterstock The ISC’s objective is to strengthen the bond between federal, state, and local agencies; enhance opportunities to collaborate on cases to protect investors; provide insight and guidance across the ecosystem to […] The post SEC launches Interagency Securities Council appeared first on Financial Regulation News.
House Financial Services Committee must play major role in adopting AI for specific industries
The U.S. House Financial Services Committee should play a leading role in overseeing the adoption of artificial intelligence (AI) in the nation’s financial services and housing industries, according to a new staff report released by the committee’s Bipartisan Working Group on AI.© Shutterstock “Because the development of AI technology can outpace Congress and regulators, the […] The post House Financial Services Committee must play major role in adopting AI for specific industries appeared first on Financial Regulation News.
Federal regulatory agencies issue final guidance for residential real estate transactions
Final guidance was issued last week by federal regulatory agencies that addresses reconsiderations of value (ROVs) for residential real estate transactions. © Shutterstock The guidance advises on policies and procedures that financial institutions may implement to allow consumers. Specifically, the guidance provides financial institutions with information that may not have been considered during an appraisal […] The post Federal regulatory agencies issue final guidance for residential real estate transactions appeared first on Financial Regulation News.
U.S. senators unveil bipartisan bill to tackle unemployment insurance fraud
A dozen U.S. senators from both sides of the aisle recently proposed legislation that would make several improvements to the nation’s unemployment insurance system to combat fraud and improve access to benefits.© Shutterstock Sens. Ron Wyden (D-OR) and Mike Crapo (R-ID), the chairman and ranking member, respectively, of the Senate Finance Committee, on July 10 […] The post U.S. senators unveil bipartisan bill to tackle unemployment insurance fraud appeared first on Financial Regulation News.
Federal agencies issue final rule on quality control standards for AVMs
A final rule issued on July 17 by six federal regulatory agencies will implement quality control standards for automated valuation models (AVMs) that are used by mortgage originators and secondary market issuers to value homes. © Shutterstock The final rule is designed to help ensure the credibility and integrity of AVMs, which are specifically used in […] The post Federal agencies issue final rule on quality control standards for AVMs appeared first on Financial Regulation News.
Treasury Department offers resources for financial firms on secure cloud adoption
The U.S. Department of the Treasury and the Financial Services Sector Coordinating Council (FSSCC) have made resources available to financial services firms on best practices for secure cloud adoption. © Shutterstock The documents and resources are intended to arm financial institutions with effective practices for secure cloud adoption and operations. These resources stem from a […] The post Treasury Department offers resources for financial firms on secure cloud adoption appeared first on Financial Regulation News.
New CFPB proposed rule targets paycheck advance products
The Consumer Financial Protection Bureau (CFPB) has proposed an interpretive rule explaining that many paycheck advance products are consumer loans subject to the Truth in Lending Act. © Shutterstock The guidance will ensure that lenders understand their legal obligations to disclose the costs and fees of these credit products — sometimes marketed as “earned wage” […] The post New CFPB proposed rule targets paycheck advance products appeared first on Financial Regulation News.
Financial institutions: Beware of timeshare fraud being committed by Mexico-based TCOs
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Tuesday sanctioned several individuals for timeshare fraud they perpetrated on Americans via Mexico-based transnational criminal organizations (TCOs).© Shutterstock The Jalisco New Generation Cartel (CJNG) and other Mexico-based TCOs have increasingly targeted U.S. owners of timeshare properties in Mexico since at least 2012, […] The post Financial institutions: Beware of timeshare fraud being committed by Mexico-based TCOs appeared first on Financial Regulation News.
Aven gets funding for credit card backed by home equity
Financial technology company Aven received a $142 million series D round of funding for its new credit card product.© Aven Aven, founded in 2019 by Sadi Khan, Collin Wikman, and Murtada Shah, is developing consumer credit cards backed by home equity. The latest round of funding comes from Khosla Ventures and General Catalyst, with participation […] The post Aven gets funding for credit card backed by home equity appeared first on Financial Regulation News.
Discover Bank to sell student loan portfolio
Discover Bank, a subsidiary of Discover Financial Services, is selling its private student loan portfolio.© Shutterstock The loan portfolio will be sold to one or more strategic partnerships comprised of investment vehicles and accounts managed by the Carlyle Group and KKR. Further, Firstmark Services, a division of Nelnet, will assume responsibility for servicing the portfolio […] The post Discover Bank to sell student loan portfolio appeared first on Financial Regulation News.
CFPB takes enforcement actions against Fifth Third Bank
The Consumer Financial Protection Bureau (CFPB) recently took two actions against Cleveland-headquartered Fifth Third Bank to settle both the bureau’s investigation into the bank’s auto insurance practices and a 2020 lawsuit it filed against the bank for creating fake customer accounts.© Shutterstock “The CFPB has caught Fifth Third Bank illegally loading up auto loan bills […] The post CFPB takes enforcement actions against Fifth Third Bank appeared first on Financial Regulation News.
Biden administration housing plan would control the cost of rent, create more affordable housing
U.S. President Joe Biden announced plans this week that seeks to lower housing costs, create more affordable housing, and control the cost of rent.© Shutterstock The Biden-Harris Housing Plan would build 2 million homes and provide $10,000 in mortgage relief to unlock homeownership for millions of Americans. Currently, more housing units are under construction than […] The post Biden administration housing plan would control the cost of rent, create more affordable housing appeared first on Financial Regulation News.
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