Samuel Rasmussen

On April 7, 2024, U.S. Senator Maria Cantwell (D-WA), Chair of the Senate Committee on Commerce, Science and Transportation, and U.S. Representative Cathy McMorris Rodgers (R-WA), Chair of the House Committee on Energy and Commerce, released a discussion draft of the American Privacy Rights Act (APRA). This bipartisan, bicameral draft legislation seeks to unify the fragmented landscape of sectoral-based and state-specific data privacy laws in the United States.

The Financial Industry Regulatory Authority (FINRA) has announced a significant penalty against SoFi Securities LLC, amounting to $1.1 million, for multiple violations related to its customer identification and identity theft prevention programs. SoFi Securities, headquartered in San Francisco, California, and a member of FINRA since 2011, was found to have inadequately established and maintained protocols for its cash management brokerage account, SoFi Money, resulting in vulnerabilities to fraudulent activities.

In a resounding validation of the burgeoning importance of governance, risk management, and compliance (GRC) technology, Corlytics has secured a substantial investment from Verdane, marking what could very well be a pivotal moment in the evolution of the GRC industry. This strategic partnership serves as a bellwether for the remarkable growth trajectory and importance of the broader GRC and RegTech sectors.