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Governor Baker Names Mark Nunnelly New Commissioner of Revenue

Today, Mark Nunnelly, a former Managing Director of Bain Capital, was named the new Commissioner of the Department of Revenue. Mr. Nunnelly replaces outgoing Commissioner Amy Pitter effective March 30, 2015. ...more

PayPal To Pay Dearly for Alleged Violations of OFAC Sanctions

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced a $7,658,300 settlement with PayPal, Inc. (PayPal) to resolve potential civil liability for 486 alleged violations of the Iranian,...more

Washington Healthcare Update

This Week: Senate HELP Committee Hosts Hearing on Medical Innovation... HHS Announces Next Generation Accountable Care Organization (ACO) Model... CBO Releases New Long-range Cost Estimates for ACA....more

Digital Currency (incl bitcoin) inquiry report delayed; GST position should be clarified

The Senate referred an inquiry into Digital Currency (which includes, but is not limited to, bitcoin) to its Economics References Committee on 2 October 2014. Submissions to the inquiry closed on 28 November 2014 and the...more

Telecommunications in Cuba and the U.S. Embargo: History, Opportunities, and Challenges

Since President Obama announced the United States’ new policy to normalize relations with Cuba, talk about opportunities for U.S. telecommunications companies has flourished. That reaction only intensified when the Treasury...more

Legislative Initiative: The Rhode Island Identity Theft Protection Act of 2015

President Barack Obama recognized in a speech he gave at the Federal Trade Commission on January 12th that identity theft poses a direct threat to the financial security of Americans. ...more

Industry Trade Groups Urge Congress to Pass Legislation to Protect Consumers from Data Breaches

On February 12, seven industry trade associations co-authored a letter to Congress regarding anticipated data breach legislation. The letter urges Congress to protect its constituents from the impact of identity theft and...more

White House Summit on Cybersecurity and Consumer Protection

Many of the nation's leading cyber, data and privacy experts convened Friday at a White House Summit at Stanford University to discuss ways to improve our nation's cybersecurity. During the summit, President Obama signed an...more

Blog: Agenda Overload For Audit Committees?

In its 2015 Global Audit Committee Survey, KPMG found that audit committee members around the world had four key concerns: “economic and political uncertainty and volatility, regulation and the impact of public policy...more

New Opportunities in Cuba for U.S. Travel and Medical Companies – Cigars but not Commerce

After President Obama's announcement that his Administration will pursue a policy aimed at improving U.S.-Cuba diplomatic relations and ultimately eliminating the economic embargo on Cuba, the U.S. Treasury and Commerce...more

Alert: Obama Makes Cybersecurity A National Priority

Over the past two weeks, President Obama has made clear that cybersecurity continues to be a concern, and he and the administration are increasing their focus on the issue. ...more

U.S. Relaxes the Half-Century-Old Embargo on Cuba

As promised by President Obama in December 2014, the Commerce Department's Bureau of Industry and Security (BIS) and the Treasury Department's Office of Foreign Assets Control (OFAC) today issued regulations that lessen the...more

Sharing is Caring: The OCC Testifies Before the Senate Banking Committee

On December 10, 2014, Valerie Abend, Senior Critical Infrastructure Officer for the Office of the Comptroller of the Currency (OCC) testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on the...more

US Issues Executive Order Imposing Sanctions with Respect to North Korea in Response to Recent Provocations

On January 2, 2015, President Obama signed an Executive Order (EO) authorizing the imposition of sanctions against the Government of North Korea and the Workers’ Party of Korea. Pursuant to this EO, the United States added...more

Effects of the New Federal Spending Package on the Health Sector

In mid-December, President Obama signed into law a $1.1 trillion spending bill known as the “Consolidated and Further Continuing Appropriations Act, 2015” or “Cromnibus.”[1] This post explores provisions that relate to the...more

The Current State of Online Lottery Sales and the Outlook for 2015

As states continue to search for ways to generate additional revenue, several states have explored the possibility of selling lottery tickets online. Online lottery ticket sales represent an untapped market for state...more

Congress Confirms NIST’s Role in Cybersecurity – and the Continuation of the Cybersecurity Framework

The Cybersecurity Enhancement Act of 2014 (CEA) was passed by the House and the Senate on December 11th, and signed by the President on the 18th. The bill formalizes the role of the National Institute for Standards and...more

Congress Funds Cybersecurity: Spending Bill Allocates over $1 Billion to Cybersecurity

The final spending bill of the 113th Congress, which keeps the government doors open until September 30th of 2015, was passed by the House on December 11th, the Senate on the 13th, and signed by the President on December...more

Lawmakers Query Banks About Data Security

Why it matters - Suffered a cyber attack over the last year? Members of Congress want to hear about it, and all financial institutions should be prepared to competently respond to government inquiries if they are a...more

Executive Order Mandates Heightened Data Security Measures for Government Agencies

On October 17, 2014, President Obama signed an executive order for its BuySecure Initiative requiring government agencies to transition payment processing terminals and credit, debit and other payment cards to employ enhanced...more

Trade Associations Submit Letter to Congress regarding Cybersecurity Information Sharing

On December 3, the Merchant and Financial Associations Cybersecurity Partnership (“Partnership”) submitted a letter to Congress requesting its consideration of adopting cybersecurity information sharing legislation. ...more

President Obama Announces $300 Million Investment In Emerging Manufacturing Technologies

On October 27, 2014, President Obama announced new plans to strengthen the manufacturing sector. One of the listed plans involved the Departments of Defense, Energy, and Agriculture, and the National Aeronautics and Space...more

New Executive Order Seeks to Improve Security of Consumer Financial Transactions

The Obama Administration is taking new steps aimed at improving the security of consumer financial transactions. Specifically recognizing that identity crimes, including credit card fraud, are a risk to U.S. economic...more

Alert: The "Chip-and-PIN" Executive Order

On Friday, October 17, Obama signed his second major cyber-related executive order in the past two years. This most recent EO, entitled "Improving the Security of Consumer Financial Transactions," focuses squarely on the...more

Administration and SIFMA Announce New Steps to Make Financial Data More Secure

On October 17, 2014, President Obama directed the federal government to take steps to improve the security of financial transactions in the United States. As part of the “BuySecure” Initiative, the President pledged a...more

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