Aug 23Member-onlySEC adopts new rules addressing loopholes in a digitized securities marketThe Securities and Exchange Commission (SEC) has passed amendments tightening exemptions to Section 15(b)(8) of the Securities Exchange Act of 1934. This specific section mandates that any broker or dealer registered with the SEC must join the National Securities Association unless they deal in securities exclusively on an exchange where…Stocks2 min readStocks2 min read
Aug 23Member-onlyCompensation now available for consumers affected by Vivint’s credit report violationsThe Federal Trade Commission (FTC) has issued notices to over 9,000 individuals informing them of their eligibility for compensation following a settlement with Vivint Smart Home, Inc. The home security firm was charged with misusing credit reports to qualify customers for financing. Vivint’s Misuse of Credit Reports Violation of Law: Vivint violated the Fair Credit…FTC2 min readFTC2 min read
Aug 22Member-onlyQuantum readiness: US agencies & businesses should be bracing for a new kind of cyber threatOn August 21, the National Security Agency (NSA), Cybersecurity and Infrastructure Security Agency (CISA), and the National Institute of Standards and Technology (NIST) jointly released a warning about the potential for malicious actors to exploit quantum computing in the very near future and recommendations on how the US can prepare. …Cryptography2 min readCryptography2 min read
Aug 22Member-onlyOver $9 million in refunds sent by FTC and DOJ to more than 22,000 individuals scammed by a student loan schemeThe Federal Trade Commission (FTC) and the Department of Justice (DOJ) announced payments are en route to 22,562 individuals totaling more than $9 million, victims of a student loan relief scam orchestrated by Brandon Frere of Ameritech Financial. Frere faced criminal convictions linked to the fraudulent operation. The FTC also…FTC3 min readFTC3 min read
Aug 22Member-onlyAI-boosted online store scheme comes under FTC scrutinyA federal court, acting upon a lawsuit from the Federal Trade Commission (FTC), has temporarily halted operations of the business scheme that allegedly duped consumers into investing a staggering $22 million, using artificial intelligence (AI) as a selling point for large returns on investment via online stores on Amazon.com …Artificial Intelligence2 min readArtificial Intelligence2 min read
Aug 22Member-onlyRegions Bank fined $2.95 million by Federal Reserve Board over flood insurance violationsBirmingham, Alabama — The Federal Reserve Board (FRB) has imposed a civil money penalty of approximately $2.95 million on Regions Bank, Birmingham, Alabama, citing “unsafe and unsound practices” related to its flood insurance compliance program and violations of flood insurance regulations. Key Points Reason: The enforcement action is rooted in the National…Mortgage2 min readMortgage2 min read
Aug 22Member-onlyCFPB sues lending giant for unlawful loan-churning practices, targeting vulnerable consumersGreenville, South Carolina — The Consumer Financial Protection Bureau (CFPB) announced today that it is taking legal action against Heights Finance Holding Company, previously known as Southern Management Corporation. …Consumer2 min readConsumer2 min read
Aug 21Member-onlyDoD awards nearly $3.5 billion in contracts for August 21, 2023Contracts across various branches of the U.S. military and defense agencies signal significant investments in defense infrastructure, technology, and services. These contracts span a broad range of services, from technology solutions to hardware and renovation projects, reflecting the multifaceted needs of the country’s defense mechanisms. …News3 min readNews3 min read
Aug 21Member-onlyMarijuana industry oversight falling short says Colorado Marijuana Enforcement DivisionColorado’s burgeoning retail marijuana industry, established in 2012 following the approval of Amendment 64, has witnessed rapid expansion, with the state licensing over 733 outlets between 2019 and 2022. …Marijuana3 min readMarijuana3 min read
Aug 21Member-onlyLoan Forgiveness Scam: FTC shuts down fraudulent student debt relief schemeThe Federal Trade Commission (FTC) has put a halt to a fraudulent operation that exploited students in search of debt relief, swindling them out of millions using deceptive promises and misrepresentations. The FTC alleged the operation, active since at least 2019, used fake affiliations with the U.S. Department of Education…News2 min readNews2 min read
