SEC
Blocked in Court, NY Files $10K Open Banking Bill
New York's mini-1033 bill caps violations at $10,000 each, and thousands can stack in minutes. States aren't waiting for the CFPB anymore.
SEC — Page 2
SEC enforcement, crypto regulation, and fintech compliance.
SEC
ECB Scraps 40 Supervisory Guides in Lending Push
ECB scraps 40 outdated supervisory guides and signals its guidance was never legally binding, a clarification EU banks have long wanted.
SEC
HUD Cuts FHA Oversight
HUD's five Mortgagee Letters make appraisal field reviews optional and strip lender pattern-review duties, shifting detection risk onto FHA.
SEC
Nacha Expands ACH Fraud Monitoring to All Banks, June 19
Nacha's Phase Two ACH fraud rules are live as of June 22: unauthorized fraud now drives 71% of bank losses, and every RDFI must respond.
SEC
CFPB Rewires Complaint Portal After 3,700% Surge
CFPB's biggest complaint system overhaul since 2011 pushes consumers to exhaust FCRA rights first. Equifax, Experian, and TransUnion quietly win.
SEC
CFPB Tightens Complaint Portal After 3,700% Surge
Credit repair clinics turned the CFPB portal into a revenue engine. New triage rules could shut that down and snag legitimate disputes too.
SEC
Coinbase Clears SEC for AI Adviser, Eyes Full Finance Stack
Coinbase's new system update puts an SEC-registered AI adviser at the center of its bid to become a bank, brokerage, and crypto wallet in one app.
SEC
iRhythm Files Breach 8-K; Hackers Demand Ransom on 12M
Hackers used social engineering to steal cardiac health data from 12 million iRhythm patients; the HIPAA breach notice to HHS is next.
SEC
Hacked via Open API, ServiceNow Shares Fall on Disclosure
ServiceNow patched an open API silently on June 5, then disclosed attackers had queried customer tables four days later. Shares fell on disclosure.
SEC
Breached via Vendor, SoFi Hong Kong Can't Gauge Damage
SoFi's Hong Kong unit discovered a vendor breach on April 30 but can't say who was hit, what was taken, or whether the vendor was extorted.
SEC
Fed Orders $300B Private Credit Disclosure
The Fed can't see where $300B in bank money flows into private credit, and it's now demanding answers before the next cockroach surfaces.
SEC
Filed: CFTC's Prediction Market Rule Under OMB Review
CFTC's formal prediction market rule is now in White House hands: 3,534 comments in, four state lawsuits filed, and the text still secret.
SEC
OCC Hits Wise, Crypto.com Partner Bank on AML
Wise and Crypto.com's U.S. sponsor bank got an OCC consent order after its AML system was auto-closing alerts that should have triggered SARs.
SEC
FFIEC Cuts Management's Clout in 30-Year CAMELS Rewrite
The FFIEC just stripped Management's veto over composite bank ratings for the first time since 1996. The comment window closes August 17.
SEC
Warren Demands Fed Revoke Morgan Stanley Exemption
Warren gave the Fed, OCC, and FDIC until June 3 to justify a Morgan Stanley exemption she says diverts U.S. deposits to fund a German bank.
SEC
Goldman Paid $500M to End 1MDB Shareholder Suit
Goldman's $500M shareholder settlement adds to a $7.5B total 1MDB bill, or 12x the $600M in fees the bank collected for that deal.
SEC
CFPB Narrows 1071 to $1M Threshold, 2028 Deadline
The CFPB's revised 1071 Rule cuts the small-business revenue ceiling to $1M, drops key demographic data, and pushes compliance to 2028.
SEC
Wells Fargo Settles $110M Discrimination Suit
Wells Fargo agreed to a $110M discrimination settlement. The $100M goes to a new mortgage fund, not to the Black homeowners turned away in 2020.
SEC
Cut Out: SEC Token Exemption Bypasses Stock Issuers
The SEC's 'innovation exemption' would let platforms tokenize Apple shares without issuer consent, and there's no limit on duplicate wrappers.
SEC
SEC Kills 50-Year Settlement Gag Rule
Chairman Atkins just gave every company fighting an SEC enforcement action a new weapon: the right to publicly deny while still settling.
