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CFI Committee Newsletter | February 2023

February 9, 2023

The Pew Charitable Trusts

What States Need to Know About Federal BEAD Funding for High-Speed Internet Expansion 

In a recently published primer, Pew summarizes how states will be affected by the federal government's Broadband Equity, Adoption and Deployment (BEAD) Program, created by the Infrastructure Investment and Jobs Act in 2021. 


TurboTax Tax Trends Report 

The report analyzes data spanning major financial areas including income and inflation, employment, and cryptocurrency. Notably, the median adjusted gross income for U.S. tax returns was $46,000 in 2021, a 10.2% increase compared with 2020. When adjusting for inflation, the median income increased by 5.3% year-over-year. Meanwhile, 4.5% of Gen Zers and millennials in the 25-to-34 age group of single filers included cryptocurrency sales transactions in their returns, compared with 2.9% overall. 

Consumer Financial Protection Bureau

Report Finds Household Financial Health Is Declining After Several Years of Increased Savings 

In the newest “Making Ends Meet” report covering the financial health of American households, data from early 2022 revealed a decline in several key measures, as well as a rapid deterioration in financial health for Hispanic consumers, consumers under the age of 40 and low-income renters. In addition, while unemployment remains low, more than 37% of households were unable to cover expenses for longer than one month if they lost their main source of income. 

National Institute of Standards and Technology

Risk Management Framework Aims to Improve Trustworthiness of Artificial Intelligence 

The U.S. Department of Commerce’s National Institute of Standards and Technology issued guidance for voluntary use to help manage the many risks of AI technologies. The AI Risk Management Framework, along with the companion playbook, will enable organizations designing, developing, deploying or using AI systems to reduce the likelihood of negative impacts to individuals, groups, communities, organizations and society. 

U.S. Treasury Financial Crimes Enforcement Network

FinCEN Analysis Reveals Ransomware Reporting in BSA Filings Increased Significantly in 2021 

The Financial Crimes Enforcement Network (FinCEN) today issued its most recent analysis of ransomware-related Bank Secrecy Act filings for 2021, indicating that ransomware continued to pose a significant threat to U.S. critical infrastructure sectors, businesses and the public. The report focuses on filings from July to Dec. 2021, and addresses the extent to which a substantial number of ransomware attacks appear to be connected to actors in Russia. 

Federal Communications Commission

Intergovernmental Advisory Committee 

The FCC’s Intergovernmental Advisory Committee recently reported on ideas and best practices to enhance state, local and tribal outreach and awareness efforts associated with the agency’s new $14.2 billion broadband Affordable Connectivity Program. 

U.S. House of Representatives

House Establishes New Financial Services Subcommittee on Digital Assets 

Republicans on the House Financial Services Committee announced that they are launching a new subcommittee on cryptocurrency after a troubled year for the industry. Rep. French Hill, R-Ark., will serve as the inaugural chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion. The new panel’s responsibilities will include providing directives to federal regulators who oversee the burgeoning industry and cultivating policies to reach underserved communities, according to Hill. 

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