Monday - July 22, 2024
Federal Regulatory Agencies

News releases, reports, statements and associated documents from federal regulatory agencies ranging from the Securities Exchange Commission to the Commodities Futures Trading Commission

Featured Stories

FCC Commissioner Starks Issues Statement on Promoting Consumer Choice & Wireless Competition Through Handset Unlocking Requirements, Policies
WASHINGTON, July 21 -- The Federal Communications Commission issued the following statement on July 19, 2024, by Commissioner Geoffrey Starks on an action entitled "Promoting Consumer Choice and Wireless Competition Through Handset Unlocking Requirements and Policies, Notice of Proposed Rulemaking" (WT Docket No. 24-186):

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The bedrock of any healthy market has always been meaningful consumer choice. With it, companies compete for business by constantly improving and refining their products. Without it, consumers can be locked into expensive or outdated services that don't meet their needs. ... Show Full Article

FCC Commissioner Starks Issues Statement on Facilitating Implementation of Next Generation 911 Services
WASHINGTON, July 21 -- The Federal Communications Commission issued the following statement on July 19, 2024, by Commissioner Geoffrey Starks on an action entitled "Facilitating Implementation of Next Generation 911 Services (NG911); Location-Based Routing for Wireless 911 Calls, Report and Order" (PS Dockets No. 21-479, 18-64):

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All Americans deserve to benefit from the most robust and resilient 911 service possible. This is the goal that has motived repeated Commission action for 911 - from the extension of the emergency number to wireless, texting, satellite, and VoIP, to our actions ... Show Full Article

NCUA, Agencies Request Comment on Anti-Money Laundering/Countering Financing of Terrorism Proposed Rule
ALEXANDRIA, Virginia, July 20 -- The National Credit Union Administration posted the following joint news release on July 19, 2024, with the Federal Deposit Insurance Corporation, Treasury Office of the Comptroller of the Currency and the Federal Reserve System:

Four federal financial institution regulatory agencies today requested comment on a proposal to update their requirements for supervised institutions to establish, implement, and maintain effective, risk-based, and reasonably designed anti-money laundering and countering the financing of terrorism (AML/CFT) programs. The amendments are ... Show Full Article

Merit Systems Protection Board: Court Decisions
WASHINGTON, July 20 -- The Merit Systems Protection Board issued the following case report for July 19, 2024:

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NONPRECEDENTIAL:

Payne v. Merit Systems Protection Board, No. 2023-2204 (Fed. Cir. July 16, 2024) (https://cafc.uscourts.gov/opinions-orders/23-2204.OPINION.7-16-2024_2350843.pdf). The court affirmed the Board's decision, which dismissed the petitioner's Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA) claim as barred by the doctrine of laches.

The court agreed with the administrative judge's reasons for dismissing the appeal based on laches, when the ... Show Full Article

Litigation: SEC Obtains Final Judgment Against Los Angeles Individual for Perpetrating $47 Million Affinity Fraud
WASHINGTON, July 20 -- The Securities and Exchange Commission issued the following litigation release (No. 2:23-cv-00213-PA; C.D. Ca. Jan. 12, 2023) involving Yossi Engel:

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On July 15, 2024, the Securities and Exchange Commission obtained a final judgment against Yossi Engel, whom the SEC charged for perpetrating a $47 million affinity fraud from December 2018 to January 2020, targeting at least 29 members of the Orthodox Jewish community.

The complaint alleged that Engel, through his company, iWitness Tech, LLC, initially induced members of the Orthodox community to invest by falsely telling ... Show Full Article

Litigation: SEC Charges Ex-Special Purpose Acquisition Company CEO With Fraud
WASHINGTON, July 20 -- The Securities and Exchange Commission issued the following litigation release (No. 1:24-cv-2097; D.D.C. filed July 17, 2024) involving Patrick Orlando:

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On July 17, 2024, the Securities and Exchange Commission filed a complaint in federal court in the District of Columbia alleging that Patrick Orlando, the former CEO and Chairman of Digital World Acquisition Corporation ("DWAC"), a special purpose acquisition company ("SPAC"), made materially false and misleading statements in forms filed with the SEC as part of DWAC's initial public offering ("IPO") in September ... Show Full Article

FDIC: Agencies Request Comment on Anti-Money Laundering/Countering Financing of Terrorism Proposed Rule
WASHINGTON, July 20 -- The Federal Deposit Insurance Corporation posted the following joint news release on July 19, 2024, with National Credit Union Administration, the Treasury Office of the Comptroller of the Currency and the Federal Reserve System:

Four federal financial institution regulatory agencies today requested comment on a proposal to update their requirements for supervised institutions to establish, implement, and maintain effective, risk-based, and reasonably designed anti-money laundering and countering the financing of terrorism (AML/CFT) programs. The amendments are intended ... Show Full Article