Core Points - The Consumer Financial Protection Bureau (CFPB) has reported that the Trump administration has blocked its access to funds from the Federal Reserve, which could lead to the agency running out of money by the end of the year [1] - The Department of Justice has ruled that the CFPB's current funding procedures are illegal based on a new interpretation of the term "consolidated revenue" in the Dodd-Frank Act, equating revenue with profit rather than income, effectively eliminating the Federal Reserve's ability to provide funding to the CFPB [1] - CFPB expects to have sufficient funds to continue operations at least until December 31, but this move is seen as part of a broader effort by the Trump administration to dismantle the agency [1] Summary by Sections - **Funding Issues** - CFPB's access to Federal Reserve funds has been blocked, risking its financial sustainability [1] - New legal interpretation by the Department of Justice affects CFPB's funding procedures [1] - **Legal Interpretation** - The term "consolidated revenue" is now interpreted as profit, impacting the funding mechanism from the Federal Reserve [1] - **Operational Outlook** - CFPB anticipates enough funds to operate until the end of December [1] - The administration's actions are perceived as attempts to undermine the CFPB [1]

美国消费者金融保护局（CFPB）周一向联邦法院表示，特朗普政府已经依据一项新的法律意见，阻止 其从美联储提取资金，这将导致该机构的资金在年底前耗尽。 （文章来源：新华财经） CFPB称，司法部已裁定，根据《多德-弗兰克法案》中"合并收入"一词的新解释，CFPB当前的资金拨 付程序是非法的。新的法律审查将收入等同于利润，而非收入，从而基本消除了美联储向CFPB提供资 金的能力。 CFPB预计，至少到12月31日之前，仍将拥有足够的资金继续运营。这一举措是特朗普政府一系列行动 中的最新一步，许多消费者权益倡导者认为这些举措意图完全拆解CFPB。白宫预算主任沃特上个月表 示，他认为自己能在"未来两三个月内"关闭该机构。 ...

总台记者11日了解到，美国政府已正式认定美消费者金融保护局目前的资金来源非法，此举意味着该机 构将在未来几个月内耗尽现有资金后关闭。 央广网北京11月12日消息 据中央广播电视总台中国之声《新闻和报纸摘要》报道，美国联邦政府"停 摆"11日仍严重影响美国航空运营。当天，全美约6%的航班被取消，包括芝加哥、纽约、华盛顿、亚特 兰大等主要机场。 截至当天上午，美国境内已有超过1100趟航班被取消、850趟航班延误。联邦航空管理局表示，为缓解 空管和安检人手短缺问题，航班削减比例将在13日增至8%、14日增至10%。美国交通部长表示，航空 系统恢复正常可能仍需数日。 美国政府认定，法律禁止美消费者金融保护局向美联储寻求额外资金，而美联储是该机构通常的资金来 源。 美国消费者金融保护局是为应对2008年金融危机后金融业弊端而成立的联邦政府单位，美国总统特朗普 此前表示，该机构应该被解散。美国上诉法院裁定，美国政府可以裁减员工，但不能解散这一机构。 ...

格隆汇11月12日｜美国消费者金融保护局（CFPB）周一向联邦法院表示，特朗普政府已经依据一项新 的法律意见，阻止其从美联储提取资金，这将导致该机构的资金在年底前耗尽。CFPB称，司法部已裁 定，根据《多德-弗兰克法案》中"合并收入"一词的新解释，CFPB当前的资金拨付程序是非法的。新的 法律审查将收入等同于利润，而非收入，从而基本消除了美联储向CFPB提供资金的能力。CFPB预计， 至少到12月31日之前，仍将拥有足够的资金继续运营。这一举措是特朗普政府一系列行动中的最新一 步，许多消费者权益倡导者认为这些举措意图完全拆解CFPB。白宫预算主任沃特上个月表示，他认为 自己能在"未来两三个月内"关闭该机构。 来源：格隆汇APP ...

11月11日获悉，美国特朗普政府已正式认定消费者金融保护局目前的资金来源非法，此举意味着该机构 将在未来几个月内耗尽现有资金后关闭。10日晚间披露的法庭文件公布了这一决定。文件显示，特朗普 政府认定，法律禁止消费者金融保护局向美联储寻求额外资金，而美联储是该机构通常的资金来源。 ...

人民财讯11月11日电，11月11日，金融监管总局举行学习贯彻党的二十届四中全会精神专题宣讲电视电 话报告会，党委书记、局长李云泽作宣讲报告。李云泽指出，要始终坚持党中央对金融工作的集中统一 领导，持之以恒推进全面从严治党，牢牢把握防风险、强监管、促高质量发展工作主线，有效防范化解 重点领域金融风险，全面加强金融监管，优化金融机构体系，统筹做好金融"五篇大文章"，推动金融强 国建设取得新的重大进展。 ...

Core Viewpoint - The joint initiative aims to combat financial black and gray industries by establishing a comprehensive prevention and control system to create a clear, safe, and trustworthy financial ecosystem [1] Group 1: Regulatory Framework - The financial black and gray industries exploit consumers' urgent need for rights protection, engaging in illegal activities under the guise of "legitimate rights protection" [1] - Despite efforts from regulatory bodies, the effectiveness of combating these industries remains inadequate, necessitating a robust legal framework and enhanced collaboration among various stakeholders [1] Group 2: Social Interaction System - Establishing a social interaction system that standardizes rights protection and enforces responsibilities is crucial for gathering societal support against financial black and gray industries [2] - Strengthening consumer rights protection and ensuring efficient complaint handling can prevent illegal actors from exploiting consumers' urgent need for rights protection [2] Group 3: Public Awareness and Education - A multi-faceted approach involving regular interaction among financial regulators, prosecutorial agencies, and academic institutions is essential for clarifying legal boundaries and enhancing practical applications [3] - Public education initiatives, such as "Financial Knowledge Promotion Month," are vital for improving the public's ability to identify and resist financial black and gray industries [3]

Group 1 - Hong Kong's Securities and Futures Commission (SFC) is outlining a comprehensive regulatory framework for virtual assets, transitioning from a "safety closed-loop" model to a more open "safety connection" model while maintaining a 99.5% safety threshold for traditional finance [1] - The SFC plans to introduce innovative measures such as a "global order book" and an "accelerator program" to address liquidity and innovation efficiency challenges [1] - Upcoming priorities for Hong Kong's regulatory bodies include the swift release of consultation summaries for "digital asset trading licenses" and "custody licenses," with the Monetary Authority expected to announce the first stablecoin issuer licenses by early next year [1] Group 2 - AIMA's survey indicates that the exposure of global hedge funds to the cryptocurrency market is increasing, with 55% of hedge funds holding cryptocurrency-related assets in the first half of 2025, up from 47% the previous year [4] - The average allocation of these funds to cryptocurrencies represents 7% of their total assets [4]

Core Insights - The Bank of Ghana has released a policy document outlining the country's first regulatory framework for virtual assets, including cryptocurrencies and tokens, establishing a Virtual Asset Regulatory Office (VARO) to enhance oversight [1][2] - The new regulatory approach marks a significant shift from previous warnings against cryptocurrencies, moving towards a risk-based regulatory framework that aligns regulatory intensity with the risks associated with different virtual asset services [2] Group 1: Regulatory Framework - The VARO will act as a bridge between government regulation and the virtual asset industry, collaborating with various institutions such as the SEC, FIC, GRA, and NCA to enforce anti-money laundering and counter-terrorism financing standards [1][2] - The policy emphasizes that virtual assets are not recognized as legal tender in Ghana, aiming to promote innovation, protect consumer rights, and maintain financial stability while mitigating risks of money laundering, fraud, and terrorism financing [2] Group 2: Public Awareness and Education - A National Virtual Asset Literacy Initiative (NaVALI) will be developed in collaboration with the SEC and the Ministry of Education to enhance public awareness and financial literacy, particularly among the youth who constitute the majority of cryptocurrency users in Ghana [2] - Ghana's regulatory direction aligns with international standards set by organizations such as FATF, IMF, and BIS, positioning the country among a select few African nations that have implemented systematic measures to regulate digital assets while supporting innovation [2]

Core Insights - The Financial Action Task Force (FATF) has removed Burkina Faso, Mozambique, Nigeria, and South Africa from its "grey list" due to significant progress in improving their anti-money laundering and counter-terrorism financing systems [1][2] - Cameroon remains under enhanced monitoring, alongside other countries, indicating ongoing strategic deficiencies in its financial regulatory framework [1][2] Group 1: FATF Actions - FATF commended the four countries for their advancements in anti-money laundering and counter-terrorism financing [1] - Cameroon must continue to implement its action plan to address several strategic deficiencies identified by FATF [2] Group 2: Areas of Focus for Cameroon - Five priority areas have been identified for Cameroon: enhancing financial institution regulation based on risk, improving information exchange among financial intelligence units and authorities, demonstrating capabilities in money laundering investigations and prosecutions, implementing asset seizure and forfeiture policies, and effectively enforcing counter-terrorism financing measures without disrupting legitimate non-profit activities [2] Group 3: Implications for Foreign Investment - Cameroon's status on the "grey list" serves as a negative signal for foreign investors, as jurisdictions on this list are viewed as high-risk areas for international capital flows [2] - Financial institutions are compelled to adopt enhanced due diligence measures, potentially extending financing processes and increasing compliance costs, which may deter some institutional investors [2] Group 4: Reforms and Recommendations - The International Monetary Fund (IMF) has previously recommended that Cameroon modernize its national anti-money laundering framework and enhance coordination among relevant entities [2] - President Paul Biya has allocated additional human and technical resources to the national financial intelligence unit to improve monitoring and prevention of suspicious transactions [2] - Following its inclusion on the FATF grey list in June 2023, Cameroon has initiated several reforms, including establishing inter-agency coordination mechanisms and revising certain regulatory frameworks [2]