Dave Kovaleski

More than $2.1 billion in ransomware payments were made between 2022 and 2024, according to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). © Shutterstock Overall, from January 2022 through December 2024, FinCEN received 7,395 BSA reports related to 4,194 ransomware incidents totaling more than $2.1 billion in ransomware payments.    “Banks and other […]

U.S. Sens. Pete Ricketts (R-NE) and Ruben Gallego (D-AZ) introduced legislation in the Senate recently that seeks to make it easier for entrepreneurs to connect with investors at pitch events.© Shutterstock Specifically, the Helping Angels Lead Our Startups (HALOS) Act would clarify SEC rules to ensure that showcasing of products and ideas at “demo days,” […]

A bipartisan group of Congress members introduced a package of bills that seeks to expand access to capital for businesses, bolster public markets, and increase opportunities for investors.© Shutterstock The package is called the Invest Act, which includes some 20 bipartisan bills.  “As Chair of the Subcommittee on Capital Markets, I have worked with colleagues […]

The U.S. House of Representatives passed a bill this week that directs the Securities and Exchange Commission (SEC) to revise rules governing venture capital fund qualifications.© Shutterstock The Developing and Empowering our Aspiring Leaders (DEAL) Act (H.R. 4429), cosponsored by Reps. Sean Casten (D-IL) and Ann Wagner (R-MO), modernizes venture capital fund rules and enhances […]

Commodity Futures Trading Commission is amending its rules to enhance the transparency of its enforcement actions.© Shutterstock The amendments are related to the Rules of Practice to improve the transparency of the Commission’s enforcement actions. This includes changes to ensure an accurate and complete administrative record by improving internal memoranda to the Commission when the […]

The Financial Industry Regulatory Authority (FINRA) issued an update for member firms on a recent security incident involving SitusAMC, a technology services company that provides solutions to commercial and real estate banks and financiers.© Shutterstock On Nov. 12, 2025, SitusAMC confirmed threat actors breached its systems and accessed sensitive client data, exposing corporate information, accounting […]

The Commodity Futures Trading Commission (CFTC) is seeking nominations for its CEO Innovation Council. © Shutterstock Members of the public are invited to nominate individuals for the CEO Innovation Council and propose potential topics to prioritize. Each nomination submission should include relevant information about the nominee, such as the individual’s name, title, and organizational affiliation. It […]

A final rule that modifies certain regulatory capital standards was approved by federal bank regulatory agencies last week. © Shutterstock The final rule modifies certain leverage capital standards applicable to the largest and most systemically important banks. The rule is designed to reduce disincentives a bank may have to engage in lower-risk activities, such as intermediating […]

Federal bank regulatory agencies are seeking public feedback on a proposal to implement changes to the community bank leverage ratio (CBLR) framework. © Shutterstock By incorporating these changes, the revisions would reduce regulatory burden and provide community banks with more flexibility and optionality in their capital management approach. The tailored modifications seek to focus attention on […]

Chief economists of the Securities Industry and Financial Markets Association (SIFMA) Economic Advisory Roundtable made their predictions for economic growth in fiscal 2025 and 2026.© Shutterstock The semiannual survey of the chief U.S. economists from over 20 global and regional financial institutions assessed the current economic landscape, tariff policy, inflation and monetary policy, the economic […]

U.S. Federal Housing recently set the multifamily loan purchase caps for Fannie Mae and Freddie Mac for 2026.© Shutterstock The agency set the cap at $88 billion for each Enterprise, for a combined total of $176 billion to support the multifamily market.  Further, to ensure that there is a focus on affordable housing and underserved […]

U.S. Reps. French Hill (R-AR) and Bill Huizenga (R-MI) commended the Consumer Financial Protection Bureau (CFPB) for its proposed rule on financial data portability.© Shutterstock In a letter to the CFPB, they encouraged the CFPB to ensure the new rules are written in a way that allows consumers to share their financial data with authorized […]

The parent company of Pinnacle Bank recently announced plans to acquire another Georgia community bank, Morris Bank.© Shutterstock Under the terms of the agreement, unanimously approved by both boards, each outstanding share of Morris common stock will be exchanged for the right to receive 0.1095 shares of the combined company’s common stock. Additionally, Morris’ shareholders […]

New Jersey -based SR Bancorp, the holding company for Somerset Regal Bank, named a new CEO to replace its retiring chief executive. © Shutterstock Current SR Bancorp CEO William Taylor announced his retirement as CEO, effective January 1, 2026.  Taylor will be succeeded by Christopher Pribula, the current president and chief operating officer of the bank.   […]

The Investment Company Institute (ICI) outlined the cost savings that would occur if the Securities and Exchange Commission (SEC) would allow funds to deliver documents to shareholders electronically on a default basis.© Shutterstock In a letter to the SEC, ICI officials said e-delivery of shareholder documents would result in potential savings ranging from $589 million […]

Nebraska state officials issued a charter to Telcoin Digital Asset Bank to operate a digital asset depository institution in the state. © Shutterstock This charter for a digital asset bank is considered the first of its kind in the United States, according to state officials.  “With this first-in-the-nation approach, Nebraska is leading a new era of […]

U.S. Reps. Mike Lawler (R-NY), Joyce Beatty (D-OH), and Young Kim (R-CA) introduced a bill to allow banks to increase community investments and promote public welfare as well as local economic development.© Shutterstock Currently, national banks and state member banks can invest up to 15 percent of their capital and surplus in projects that benefit […]

The U.S. Department of the Treasury is conducting an audit of about $9 billion in contracts and task orders awarded under preference-based contracting.© Shutterstock The audit will examine potential misuse of the Small Business Administration’s 8(a) Business Development Program, as well as other initiatives that provide federal contracting preferences to certain eligible businesses. This follows […]

U.S. Sens. Tim Scott (R-SC) and Mike Rounds (R-SD) are among a group of Senate Republicans urging the Federal Reserve Board to finalize Basel III Endgame rulemaking.© Shutterstock “In assessing the final rule, we urge the Board to view capital requirements holistically,” the senators wrote in a letter to Jerome Powell, chairman of the Fed and […]

The Conference of State Bank Supervisors (CSBS) outlined policy considerations for the U.S. Treasury Department and the federal banking agencies to foster a national regulatory framework for stablecoins and tokenized deposits.© Shutterstock The policy considerations seek to protect consumers, promote financial stability, and provide a level playing field for traditional financial institutions and new payment […]