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In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed. It was a complex bill that included sweeping overhauls to a consumer’s legal right to his or her data, otherwise known as Section 1033.
Years later, the Consumer Financial Protection Bureau (CFPB) is still figuring out the exact policy changes needed to truly make this a reality. Unlike other industry-specific provisions in the act, the consumer data aspect affects all business transactions and has proven tougher to implement.
However, the CFPB is making moves to solidify consumer rights to their data in 2021. This is partly because of the rise of financial technology, or fintech, which relies heavily on data to bring consumers apps and websites that can manage financial transactions. Ensuring that the fintech boom is guided by clearly defined legal frameworks for protecting and providing consumer data on request is essential work for the future of the industry.
As Republican lawmakers prepare to mount a challenge on Wednesday to President-elect Joe Biden’s election win, it’s helpful to keep in mind that we have laws against making false and misleading claims, and against practices aimed at taking advantage of people.
Those laws, however, are in
Wednesday, January 6, 2021
In recent years, the federal government’s financial fraud enforcement priorities have been largely consistent and robust. But in 2020, the pandemic appeared to cause government authorities to focus more resources to combat financial fraud as it related to COVID-19. In 2021, we may see an uptick in enforcement actions because of new priorities set by a Biden administration and because of fraudulent activities associated with the pandemic. As discussed below, there are multiple areas of financial fraud enforcement to watch.
Insider Trading
Over the last decade, insider trading has been a key enforcement priority for the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) and will likely continue to be one for quite some time. While the DOJ and SEC have been leading the charge in this enforcement area, with the advent of authorities granted under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010,
0.50% Portfolio launched within the past 5 years; the performance and distribution rate information presented for this Fund reflects data from inception to 11/30/2020.
Shareholders should not draw any conclusions about a Fund s investment performance from the amount of the Fund s current distributions or from the terms of the Fund s Plan.
About BlackRock
BlackRock s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of September 30, 2020, the firm managed approximately $7.81 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter (News - Alert): @blackrock | LinkedIn (News - Alert): www.linkedin.com/company/blackrock
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The rules will require resource extraction issuers to file a Form SD on an annual basis that includes information about payments related to the commercial development of oil, natural gas, or minerals that are made to the U.S. federal government or a foreign government.
On December 16, 2020, the U.S. Securities and Exchange Commission ( SEC ) voted to adopt final rules requiring domestic or foreign reporting issuers engaged in the commercial development of oil, natural gas, or minerals to disclose payments made by the issuer or a subsidiary or entity controlled by the issuer to the U.S. federal government or a foreign government.