During a recent CSG eCademy webcast, “Rideshare Companies: Insurance and Regulatory Issues for States,” Staking discussed insurance coverage and the risks associated with rideshare services, which he also referred to as transportation network companies. The webcast was part of a collaboration between CSG and The Griffith Insurance Education Foundation.

The Act establishes ABLE savings trust accounts to be administered by the Virginia College Savings Plan to facilitate the saving of private funds for paying the qualified disability expenses of certain disabled individuals. Under the federal Achieving a Better Life Experience Act of 2014, Congress authorized states to establish ABLE savings trust accounts to assist individuals and families in saving and paying for the education, housing, transportation, employment training and support, assistive technology and personal support services, health, prevention and wellness, financial management and administrative services, and other expenses of individuals who were disabled or blind prior to the age of 26. Earnings on contributions to ABLE savings trust accounts are exempt from federal income tax. Because Virginia conforms to the federal income tax laws, earnings on contributions to ABLE savings trust accounts will also be excluded from Virginia taxable income.

The Uniform Voidable Transactions Act (UVTA), formerly named the Uniform Fraudulent Transfer Act (UFTA), strengthens creditor protections by providing remedies for certain transactions by a debtor that are unfair to the debtor’s creditors. The 2014 amendments to the UVTA address a small number of narrowly-defined issues, and are not a comprehensive revision of the act. The Uniform Fraudulent Transfer Act was promulgated in 1984 and has been enacted by 43 states, the District of Columbia, and the U.S. Virgin Islands as of 2014. The act replaced the very similar Uniform Fraudulent Conveyance Act, which was promulgated in 1918 and remains in force in two states as of 2014.

April is Financial Literacy Month. On Friday, April 24, Financial Services Institute—a CSG Associate member—is sponsoring Financial Literacy Day on Capitol Hill. Since its 2003 inception, Financial Literacy Day has united members of Congress and other public officials with financial literacy organizations in support of financial education policy. According to Money Management International, Americans are crippled by more than $2 trillion in consumer debt, and the American Bankruptcy Institute reported that there were more than one million nonbusiness bankruptcy filings in 2013.

The U.S. Securities and Exchange Commission has not yet finalized rules governing “general solicitation” for the purpose of equity crowdfunding. As such, several states have implemented their own regulatory guidelines governing intrastate crowdfunding.

According to the Washington Post, New York has become the first state to propose separate regulations for virtual currencies like Bitcoin. The New York Department of Financial Services announced yesterday in a press release that it has released it’s first draft of regulations. According to the press release, the proposed regulatory framework "is the product of a nearly year-long DFS inquiry, including public hearings that the Department held in January 2014 – contains consumer protection, anti-money laundering compliance, and cyber security rules tailored for virtual currency firms". The proposed rules will be published in the New York State Register’s July 23, 2014 edition at which point the 45-day public comment period will begin. After the comment period, the rules are subject to additional review and revision based on that public feedback before DFS finalizes them.

According to the Washington Post, the Federal Election Commission voted unanimously in May 2014 to allow political action committees (PAC's) to accept bitcoin donations or purchase them, but they must sell the bitcoins and convert them into U.S. dollars before they are deposited into an official campaign account. The commission did not approve the use of bitcoin to acquire goods and services. This is one of the first rulings by a government agency on how to treat the virtual currency.

CSG Midwest logo
Not far from the North Dakota state Capitol in Bismarck stands a sleek, glass-covered building that, at first glance, belies its historic ties to the state’s progressive-era roots.
Despite its modern façade, however, the Bank of North Dakota — the nation’s only state-owned and state-operated bank — stands in part as a testament to the agrarian revolt that engulfed the young state and eventually ushered in a sweeping series of government reforms almost 100 years ago.

In recent years, states in the CSG-South area—as well as the nation as a whole—have been exposed to significant risks due to hurricanes and tornadoes. These immense storms have caused immeasurable damage in terms of the loss of human life and billions of dollars in economic costs.

According to the latest economic indicators, the US economy is holding steady but also hitting a soft patch as evidenced by lower consumer spending in the month of April.  This news in conjunction with the fact that inflation has halted to just 0.7 percent over the past year seems to indicate that the Fed will not start curtailing the buying of bonds as originally proposed by Chairman Bernanke.  The Fed is currently purchasing 85 billion dollars’ worth of bonds per month. 

Pages