Compliance Stuff

On October 21, the U.S. Small Business Administration (SBA)  released  a state-by-state analysis of the impact of the ongoing federal government shutdown on small business lending. The SBA reported that its core 7(a) and 504 loan programs were frozen due to the ongoing shutdown, preventing the agency from delivering an estimated $170 million in SBA-backed loans to approximately 320 small businesses each business day. From the beginning of the shutdown to October 21 (the date of SBA’s analysis), the SBA estimated that $2.5 billion in loan proceeds had been blocked from reaching approximately 4,800 small businesses across the country. The SBA’s analysis enumerated, by state, the weekly number and value of SBA loans not approved due to the shutdown, with California, Texas, Florida, and New York experiencing the largest amounts of delayed loan proceeds. [ View source .] Source(s): Small Business Administration releases state-level analysis of government shutdown impact on small b...

On August 18, Governor Pritzker of Illinois  announced  he had signed two comprehensive pieces of consumer protection legislation: The  Digital Assets and Consumer Protection Act ,  which will regulate digital asset companies; and the  Digital Asset Kiosks Act ,  which will regulate cryptoasset kiosk operators. In the press release, Governor Pritzker stated the laws “create first-of-their-kind safeguards in the Midwest for cryptocurrency and other digital assets,” and noted that according to the FBI, Illinois consumers lost $272 million in fraud cases involving cryptocurrency in 2024. Digital Assets and Consumer Protection Act The Digital Assets and Consumer Protection Act establishes a framework to regulate digital assets in the state. The statute designates the Illinois Department of Financial and Professional Regulation (DFPR) as the primary regulator , granting it oversight authority of entities engaging in “digital asset business transactions,” which...