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Financialregulation

All articles tagged with #financialregulation

finance2 years ago

"The Hidden Costs of 'Buy Now, Pay Later': Navigating Phantom Debt and Alternatives"

Americans are increasingly using "buy now, pay later" (BNPL) loans, which are not as easily tracked as credit card debt, leading to a rise in "phantom debt." This type of debt is concerning because it may not be fully accounted for in traditional measures of household debt. BNPL loans, while offering interest-free installments, can lead to consumers taking on more debt than they can handle, especially with the potential for late fees and interest charges. The Consumer Financial Protection Bureau is investigating BNPL lenders due to concerns over consumer debt accumulation and the lack of regulatory oversight compared to credit cards.

via CNBC|
##buynowpaylater#consumerdebt
legislation2 years ago

"Tennessee's 2024 Legal Update: Stricter Distracted Driving Penalties Begin"

A series of new laws came into effect in Tennessee on January 1, 2024, including SB 105, which waives knowledge tests for certain service members seeking commercial learner’s permits; SB 268, the "Money Transmission Modernization Act," updating regulations on money transfers; SB 360, creating a voucher program for handgun safety course costs; SB 675, the "Kevin Clauson Drug Donation Act," revising the prescription drug donation program; and SB 1049, establishing a permit for farmers market food units. These laws aim to support service members, modernize financial transactions, promote handgun safety, regulate drug donations, and facilitate farmers market operations.

via WKRN News 2|
##financialregulation#healthcare
businessfinance2 years ago

"U.S. Launches Ownership Registry for Transparency in Asset Reporting"

The U.S. Financial Crimes Enforcement Network (FinCEN) has started accepting beneficial ownership information reports as mandated by the Corporate Transparency Act. This initiative aims to combat illicit financial activities by requiring companies to disclose the identities of their true owners. Existing businesses have until January 1, 2025, to comply, while new companies must file within 90 days of their creation or registration. The reporting process is designed to be straightforward and free, with resources available to assist small businesses in meeting their reporting obligations.

via Treasury|
##antimoneylaundering#beneficialownership
businessfinance2 years ago

"New Year Brings Mandatory Beneficial Ownership Reporting for U.S. Businesses"

The U.S. Financial Crimes Enforcement Network (FinCEN) has started accepting beneficial ownership information reports as mandated by the Corporate Transparency Act. Existing companies have until January 1, 2025, to comply, while new companies must file within 90 days of their creation or registration. This initiative aims to prevent illicit financial activities by requiring companies to report key information about their true owners. The process is designed to be straightforward and free, with resources available to assist small businesses in compliance.

via FinCEN|
##antimoneylaundering#beneficialownership