Category: AML

ACTING SUPERINTENDENT OF FINANCIAL SERVICES ADRIENNE A. HARRIS ANNOUNCES NEW PROPOSED REGULATION PROMOTING TRANSPARENCY IN LENDING TO SMALL BUSINESSES

NY Dept of Financial Services

September 21, 2021

Acting Superintendent of Financial Services Adrienne A. Harris today announced a new proposed regulation that will improve transparency for small businesses seeking commercial financing. The new proposed regulation requires companies that offer commercial financing in amounts under $2.5 million to make standardized disclosures about the terms of credit. These standardized disclosures will help businesses and individuals understand and compare the terms of different commercial financing offers. These disclosures are especially important as small businesses, hit hard by the pandemic, fight to regain their footing.

Acting Comptroller Discusses Innovation in Digital Assets

OCC

September 21, 2021

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed blockchain, cryptocurrencies, decentralized finance, and key lessons from the 2008 financial crisis that should guide the future of digital innovation during remarks before the Blockchain Association. His comments highlighted similarities between the current growth in the digital asset space and the rise in credit default swaps in the early 2000s, and the importance of purposeful innovation.