news.cuna.org/articles/105816-inside-washington-5715

Inside Washington (5/7/15)

May 7, 2015

WASHINGTON (5/7/15)--Federal Reserve Board Chair Janet Yellen Wednesday addressed a conference sponsored by the Institute for New Economic Thinking and shared her thoughts on the good and the bad associated with the role of finance in society. Her speech covered such topics as the financial sector's important role in the economy, distorted incentives in the final sector, weaknesses in the regulatory structure revealed by the financial crisis, and the changes they brought. Yellen concluded her remarks by saying that while supervisory agencies have made "significant progress" in addressing incentive problems, the Fed remains watchful for areas "in need of further action or in which the steps taken to date need to be adjusted." ...

WASHINGTON (5/7/15)--A report released this week by the Consumer Financial Protection Bureau found that 26 million Americans are “credit invisible,” meaning they have no credit history with a nationwide consumer reporting agency. The report also found that consumers that are black, Hispanic, or reside in low-income communities are more likely to have no credit history, or not enough of a current one to produce a score. The analysis was conducted using information from the bureau’s Consumer Credit Panel...

WASHINGTON (5/7/15)--The U.S. Treasury’s Financial Crimes Enforcement Network has made its first civil enforcement action against a virtual currency exchanger, Ripple Labs, LLC. According to FinCEN, Ripple willfully violated aspects of the Bank Secrecy Act by acting as a money service business and selling its virtual currency without registering with FinCEN, and failing to maintain an adequate anti-money laundering program to protect its products from being used by criminals. FinCEN has assessed a $700,000 civil money penalty...

WASHINGTON (5/7/15)--Sen. Bernie Sanders (I-Vt.) and Rep. Brad Sherman (C-Calif.) have proposed bills in their respective houses of Congress that would break up the nation’s biggest banks in order to “safeguard the economy and prevent another taxpayer bailout,” according to a press release from Sanders. The bill would give banking regulators 90 days to identify commercial banks, hedge funds, investments banks, insurance companies and other entities whose failure would have a “catastrophic effect” should it fail ...