STATE GOVERNMENT RELATIONS
Legislative session winding down
The General Assembly is scheduled to conclude all legislative business by the end of this month. The coming week will be the final week of committee hearings for bills that are still alive.
Below is a list of legislation the IBA Government Relations team has been actively monitoring this week:
- Senate Bill 169 - Reorganization of consumer lending laws
- Senate Bill 243 - Various tax matters (includes penny phaseout language)
- House Bill 1099 - Foreign adversaries
- House Bill 1116 - Virtual currency kiosks
- House Bill 1217 - Regulation of stablecoin
- House Bill 1273 - Requirements for proxy advisors
- House Bill 1336 - Securities and investment adviser representatives
As always, members are encouraged to contact Dax Denton and Connor Wong with any questions or to provide feedback.
FEDERAL GOVERNMENT RELATIONS
SCAM Act introduced in House
Two House lawmakers have introduced legislation directing social media companies to take steps to fight fraudulent advertisements on their platforms. A companion bill was recently introduced in the Senate.
OFAC launches online portal for self-disclosures of sanctions violations
The Office of Foreign Assets Control has launched an online portal for individuals to submit voluntary self-disclosures of potential violations of OFAC-administered sanctions programs.
Banking agencies rescind Liquidity Coverage Ratio rule FAQs
The banking agencies announced they are rescinding the FAQs on the Liquidity Coverage Ratio but will leave the documents online for public viewing.
Federal court partially upholds Illinois interchange fee law
A federal court in Illinois partially upheld a first-of-its-kind state law restricting interchange fees for debit and credit card payments, striking down only the portion of the law that restricts the sharing of certain data obtained in transactions. Plaintiffs plan to appeal the decision.
GAO releases first report on CFPB cuts
The Government Accountability Office released the first of two reports on the Trump administration’s efforts to scale back the activities of the Consumer Financial Protection Bureau, providing a timeline of bureau layoffs and office closures.