NDBF Announces Digital Asset Depository Rulemaking Hearing
The Nebraska Department of Banking and Finance (NDBF) will hold a hearing on Dec. 7 at the First Nebraska Administrative Building in Lincoln to take testimony on the rules and regulations associated with implementing the Nebraska Financial Innovation Act.
The Nebraska Financial Innovation Act was approved in 2021 and allows for the creation of a digital asset depository institution. The NBA government relations team worked closely with the bill's sponsor and legislators to amend the bill to protect Nebraska's banking industry.
CFPB Begins Personal Financial Data Rulemaking
The Consumer Financial Protection Bureau (CFPB) released proposals to implement Section 1033 of the Dodd-Frank Act. If accepted, the proposals would require businesses to make a consumer's financial information available to them or a third party at the consumer's direction. Before issuing a proposed rule, the CFPB must convene a panel of small businesses that represent their markets to provide input.
Ransomware Reports Up Significantly
The Financial Crimes Enforcement Network (FinCEN) released the Financial Trend Analysis of ransomware-related Bank Secrecy Act (BSA) filings for 2021. The report finds ransomware filings more than doubled from 2020 to 2021. A substantial number of the filings pertained to Russia-related ransomware.