Securities and Exchange Commission
SEC Emergency Order Halts ICO Scheme
The Securities and Exchange Commission announced that it had obtained a court order that halted a Ponzi scheme that targeted over 300 investors. The charges were made against Argyle Coin, LLC, a Florida-based cryptocurrency company. The complaint alleges that Argyle Coin used investor funds to pay former investors returns on their investments.
The Federal Reserve Board
FRB Requests Comment on Proposal to Change Regulation EE
The Federal Reserve Board announced that it would seek public comment on a proposed amendment to Regulation EE, which would provide netting protections to a broader range of financial institutions, reducing risk and increasing efficiency in the financial system.
The Consumer Financial Protection Bureau (CFPB)
CFPB Outlines Process Review of Regulations Under RFA
The Consumer Financial Protection Bureau announced its plans to review regulations under the Regulatory Flexibility Act, which specifies that certain rules need to be reviewed by agencies within 10 years of their publication. After the review, the CFPB will decide if the rule should stay as is, be amended, or be rescinded.
CFPB Issues Two Notices of Proposed Rulemaking
The Consumer Financial Protection Bureau issued to Notices of Proposed Rulemaking in May. The first proposal was to implement the Fair Debt Collection Practices Act (FDCPA).The FDCPA would give protections to consumers against harassment from debt collectors and provide straightforward processes for disputing debts. The second proposal regards changes to the Home Mortgage Disclosure Act. The changes would raise the threshold for collecting and reporting data about closed-end mortgage loans and open-lines of credit.
Other Regulatory Bodies
FTC Completes Its Review of Holder Rule
The Federal Trade Commission announced that it completed its review of the Holder Rule. The Holder Rule protects consumers who use credit obtained from merchants to buy products and services. The FTC received comments and after the review, it was decided that there is a continued need for the Holder Rule.