According to the FDIC, 8.4 million U.S. households lacked a bank account as of 2017, putting America behind other rich countries. Minorities and the young are heavily overrepresented among the unbanked, so addressing this problem is a matter of both financial inclusion and equal opportunity. Fortunately, the…
The SEC’s “accredited investor” definition bars investors who earn less than $200,000 a year or have a net worth less than $1 million from taking part in private securities offerings. It’s a definition even its mother no longer loves: SEC Commissioner Elad Roisman says it “stands between…
It’s difficult to outdo the crypto community when it comes to making bold quantitative claims that, stripped out of context, mislead the incautious. But Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco recently came close. In remarks last week to the annual (and, alas, virtual) Consensus conference…
This question has gained new urgency as the federal government scrambles to bring emergency funding to millions of small businesses across the country under the Paycheck Protection Program (PPP). The PPP consists of forgivable loans that borrowers may use to cover employee payroll, rent, and utilities for…
Thanks to COVID-19, most of the financial business in the United States that was previously being done on-site is now being conducted virtually: financial markets are open, investment continues, and public companies continue to report. Normally, virtual business and certain securities law requirements, such as manual signatures,…