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Financial institutions news from around the web: May 2 – 6, 2022

Written on May 6, 2022

Pot stores, lawmakers call on Congress to pass SAFE Banking Act. Here’s what the law would do 
How can an industry that is not federally legal yet get protection from a federal law? That is a question some lawmakers and Washington cannabis dispensary operators are trying to figure out. 

New bank computer-security incident notification requirements in place as of May 1 
Under the Federal Reserve’s final rule to improve information sharing about cyber incidents that may affect the U.S. banking system, banks and their service providers must notify their primary federal regulators within 36 hours after a notification incident has occurred. Access the contact information for each regulator. 

Utah enacts commercial finance disclosure and registration law 
Merchant Cash Advance providers, commercial litigation funders, online SMB lending platforms and other nonbank small-business lenders, take note: Following the lead of California and New York, Utah is now the third state to enact disclosure requirements for commercial lending transactions. Several similar laws are pending in various other states. 

Modern bank heists 5.0: The escalation from dwell to destruction 
There has been a fundamental restructuring of cybercrime cartels thanks to a booming dark web economy of scale. Cybercrime cartels are more organized than ever before and enjoy greater protection and resources from the nation-states that view them as national assets.