FINRA revised the amounts for monetary sanctions in the Sanction Guidelines in order to reflect the effects of inflation. The revised Sanction Guidelines are immediately effective ( see here).

The U.S. Senate Committee on Banking, Housing and Urban Affairs (the "Senate Banking Committee") considered legislative proposals on capital formation and corporate governance. Chair Senator Mike Crapo (R-IA) stated that the Banking Committee has held three hearings in 2018 on legislative proposals - (i) the Helping Angels Lead Our Startups Act, (ii) the Fair Investment Opportunities for Professional Experts Act and (iii) the JOBS and Investors Confidence Act of 2018 - with respect to capital formation, corporate governance and the proxy process. Mr. Crapo said the purpose of the hearing is to

The SEC named Gabriel Benincasa as Chief Risk Officer ("CRO"). The new position was established by SEC Chair Jay Clayton to enhance the agency's risk management and cybersecurity efforts. As CRO, Mr. Benincasa will coordinate the SEC's efforts to "identify, monitor, and mitigate key risks" facing the agency. He will also serve as a key advisor on issues related to enterprise risks and controls. Julie Erhardt had been serving as Acting CRO while the SEC completed its search process, and will return to her position as the Deputy Chief Accountant for Technology and Innovation in the agency's

The Consumer Financial Protection Bureau ("CFPB") introduced a streamlined electronic submission system for prepaid account issuers to submit account agreements, including fee information, to the agency. The Prepaid Accounts Rule gives consumers of prepaid debit cards and associated accounts certain federal protections that already exist for checking accounts and credit cards. According to the CFPB, prepaid issuers can register for the system until April 1, 2019 ( i.e., the effective date of the Prepaid Rule). In addition, the CFPB released compliance materials for prepaid issuers, including

The Consumer Financial Protection Bureau ("CFPB") reported that the number of Suspicious Activity Reports ("SARs") on elder financial exploitation ("EFE") significantly increased between 2013 and 2017. According to the report, the number of SARs filings as to EFE reached 63,500 in 2017. The CFPB stated that this number represents only a "tiny fraction of the incidents of exploitation." The CFPB also indicated that less than one-third of the SARs filers reported potential exploitation to the authorities. Much of the report reviews statistical data as to the content of the SARs filings regarding