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  • Writer's pictureDr. Andrew Clark

Weekly Run-Down for January 22, 2024

RegAlytics Alerts – 1/24/2024

Hi I’m Mary Kopczynski the CEO of RegAlytics here with your update on the 25,350 regulatory alerts Hawaii State Senate is in the bill lead this week with over 900 bills.  Second is Mississippi with over 400.

Next week, I will be attending Legal Week in NYC so if any of you are planning on being there, let me know.  I rarely go in the city anymore so it’s a treat to see people in person.

And, please know.  RegAlytics now covers over 8,000 regulators in 50 different sectors.  I have doctors who use it to get the latest diabetes research from the government and I have Wall Street traders or are designing trading algorithms with it to generate alpha.  I know many of you may be scared of regulation – in some cases, rightly so – but with RegAlytics, you should never ben afraid of being surprised by regulation.  So please, come have a demo and imagine what stress would be lifted from your shoulders if you, like me, could see where the rules were going years in advance of them going there.

Regulator of the Week: Senate Banking Committee

The regulator of the week is the US Senate Committee on Banking, Housing and Urban Affairs.  A nominee in the past, multiple times, because I find reading their alerts make the rules come to life.  This is because there’s typically a republican’s comment (in this case, Tim Scott) and a democrat’s comment (in this case, Sherrod Brown).  And, as you know, these days, they can make a seemingly simple thing sound like the catastrophic end of the world if their constituents are lobbying them to make it sound catastrophic.  So what did they talk about this week?

So much. China.  Fentanyl from China.  What to do about Chinese shell companies operating in the US?  The Beneficial Owner Rule from FinCEN.  Senator Scott introduced a bill, in fact, to delay the FinCEN rule for small businesses.  Scott is also pushing for an investigation into FinCEN and Treasury based on allegations that they asked banks to surveil customers’ personal transactions on Zelle for search terms attempting to identify “extremism” and they including things like “Trump, MAGA, Dick’s Sporting Goods and Cabela’s.”

Topic of the Week: Basel III Endgame

But the topic of the week, including these senators was definitely the Basel III Endgame proposal.  So I talked about this when it came out last summer, mostly in relation to how silly I thought “Endgame” sounded like a Marvel movie.

So Basel is a town in Switzerland and many years ago the Bank of International Settlements met here and made some decisions about what we call capital requirements which is how much money a bank should hold under its mattress for safety purposes in an emergency.  First there was Basel I then Basel II.  Then Basel 2.5 and now we’re at Basel III: EndGame.

So this came out in the summer and there’s been an outcry this past week by the federal bank regulators who have been meeting and discussing and realizing, “Wait a minute!  This is going to be a really serious problem for American financial institutions!” And of course the Republicans are along the lines of less rules -- we don't want it – but the Sherrod Brown camp, along with Elizabeth Warren, think they’re great.

I know I'm not supposed to have an opinion but having spent the better part of my 30s working on preparing for these capital requirements, I can say that I have been VERY pleased to Wall Street weather the pandemic market shock, but also the recent Silicon Valley Credit Suisse debacle.   So Basel 2.5 seems to be working just fine.  The banks that did go down, went down for other stupid, preventable reasons.  No amount of capital buffer would have saved them for what they did.

What else do you need to know?

FTC: TurboTax is not “Free”

TurboTax got busted big time for claiming to be free when a tiny fraction of its customers actually qualified for free services.  Lesson, don’t bait and switch.  The Federal Trade Commission is watching and if your customers complain, they will investigate.

AZ, CO, MS, KY: Weight Loss Drug Coverage

The other trend I’m watching across the states are proposed bills to ensure insurance coverage for all FDA approved weight loss medication.  So for those of you just waiting for Wegovy and Ozempic to be more affordable, just wait.

Get a Subscription to RegAlytics now!

And that’s it this week for RegAlytics.  We have the global supply chain of the world’s regulatory alerts in one, very easy to use place.  If you need a solution for anything related to regulation, give us a call.

If you’re going to #legalweek next week, let me know!!!  I rarely go into the city but I’m super excited to see people in person!


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