According to the MAS, the legislation will require virtual asset service providers doing business outside Singapore to be licensed and subject to Anti-Money Laundering and Combating the Financing of Terrorism requirements, or AML and CFT, respectively. Records from the Parliament of Singapore show the government passed the Financial Services and Markets Bill on Tuesday following a second reading on Monday. "Instead, the CFPB receives funding directly from the Federal Reserve, which is itself funded outside the appropriations process through bank assessments.The Singaporean government has approved legislation that will give the Monetary Authority of Singapore, or MAS, additional power to respond to crypto firms doing business outside the country. "Unlike most other agencies, the CFPB does not rely on the annual appropriations process for funding," Roberts wrote. also mentioned the agency's funding structure in his decision. In 2020, the Supreme Court ruled that the CFPB's director was not immune from presidential oversight, and Chief Justice John G. Still, Republican lawmakers and conservatives have questioned how the agency functions in the past. For example, the agency hit a student-loan company last year with a $1 million fine for deceiving student-loan borrowers with privately-held student-loans, and it sued for-profit schools accused of fraud.
Elizabeth Warren, who helped create the agency, the CFPB has cracked down on big banks and the student-loan industry in particular. The Supreme Court won't hear the case until next term, though, meaning a final decision isn't likely until the spring of 2024.Ĭreated in 2011 under former President Barack Obama, the CFPB was intended to protect Americans from another financial crisis following the 2008 recession.
Account icon An icon in the shape of a person's head and shoulders.
0 kommentar(er)
