The recent Senate Committee on Banking, Housing, and Urban Affairs hearing shed light on the challenges faced by the cannabis industry regarding banking services. The focus was primarily on the Secure and Fair Enforcement Banking Act (SAFE), a bill reintroduced to remove penalties for financial institutions serving legitimate cannabis businesses.
Signature Bank, a New York-based financial institution with $110.4 billion in total assets and total deposits of $82.6 billion, has been closed by regulators due to concerns of systemic risk and its potential to threaten the US banking system.
Generative AI is an application of artificial intelligence (AI) that focuses on the generation of new data or content from existing information. Generative AI uses a combination of machine learning algorithms, deep learning networks, and natural language processing to create unique datasets that can be used in machine learning models. It has been used to generate realistic images, audio content, and text from existing data sets.
The Section 1071 Rule, which mandates the Consumer Financial Protection Bureau (CFPB) to collect and report small business lending data, was released on March 30, 2023 in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The United States Federal Reserve has announced that its instant payments system will launch in July. The system will allow for quick settlements between consumers, merchants, and banks without using blockchain technology. Some see this system as an alternative to central bank digital currencies and stablecoins.
Created 89 years ago through its enabling legislation, the Securities Exchange Act of 1934, the United States Securities and Exchange Commission (the “SEC”) is sworn to protect American investors, maintain efficient markets, and facilitate capital formation.
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