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CFI Committee Newsletter | January 2023

January 12, 2023

Federal Trade Commission

Scams Affect Adults of All Ages 

The FTC’s latest “Consumer Protection Data Spotlight” shows that consumers under the age of 60 are 86% more likely to report losing money to online shopping scams than older adults. Based on data reported to the FTC for all of last year, consumers under 60 most often said those scams originated from posts on social media. 

In Case You Missed It: Congressional Committees Investigate FTX Collapse 

The U.S. House Financial Services Committee met on Dec. 13, 2022, to hear from John J. Ray III, chief executive officer of the FTX Group, while on Dec. 14, the U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing with Hilary J. Allen, a professor at American University Washington College of Law; Kevin O’Leary; Jennifer J. Schulp, director of financial regulation studies, at the Cato Institute; and Ben McKenzie Schenkkan.  

NCSL State Legislatures News

Digital Equity Program Aims to Bring Broadband to Underserved Communities 

More than $60 billion from the federal infrastructure law is earmarked for distribution to states to facilitate universal high-speed broadband. 

Congressional Research Service

Banking Provisions in the National Defense Authorization Act for Fiscal Year 2023 

Like authorization bills for previous fiscal years, the National Defense Authorization Act for Fiscal Year 2023 contains provisions relevant to the financial system. In particular, the act revises current FDIC policies regarding bank hiring practices, requires tracking applications for master accounts by emerging fintech and other nontraditional financial services providers, and updates data transparency rules by requiring financial regulators to adopt open-source data standards. This Congressional Research Service report provides an overview of those provisions most pertinent to domestic banking regulation. 

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