What is the Consolidated Appropriations Act?

In 2022, President Biden signed this act. It provides $1.5 trillion in appropriations and funding through the 2022 fiscal year. Like any other House Resolution, this act is complex and provides funding through 12 appropriations bills.

Funding

This act provides funding for various programs and agencies. Initially, it included more Covid-19 relief funds. However, approximately $15.6 billion of relief funds were removed to focus on other areas. Non-defense spending increased by roughly 6.7 percent from the previous fiscal year. Meanwhile, defense spending increased by 5.6 percent.

Portions of the $1.5 trillion went to:

• Supplemental Nutrition Assistance Program - $140.4 billion
• State and Tribal Assistance Grants - $4.352 billion
• Workforce Innovation and Opportunity State Grants - $2.9 billion
• Department of Homeland Security - $57.5 billion
• Military Constriction and Veterans Affairs - $284.6 billion

Consumer Protections

While funding was the primary focus of this act, it also established consumer protections. The act aims to increase transparency in healthcare and prevent surprise billing for consumers.

The No Surprise Act

A big part of this act is the changes to the QPA, or qualifying payment amount. The QPA determines individual cost-sharing for items in Title I of Division BB of the Consolidated Appropriations Act (CAA). It applies protections broadly to providers, facilities, and the providers of air ambulance services. The goal is to adopt a universal methodology for calculating qualifying payment amounts, offering more transparency and decreasing the chances of inflated costs.

The No Surprise Act also includes details about Remittance Advice Remark Codes (RARCs). The RARCs can be used by plans and insurers to communicate claim information to providers and facilities.

Prescription Drug Transparency

Another detail of this act pertains to drug transparency. Under section 204 of Title II of Division BB, the act states that insurance companies and employer-based health care plans must provide data about spending. They must submit information about prescription drugs and health care spending to various government departments. These include the Departments of Health & Human Services, the Department of Labor, and the Department of Treasury.

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3 Documents You Can Use To Verify Your Identity

The documentary verification process varies based on what you’re trying to accomplish, but several documents tend to qualify for just about any type of verification. If you need to prove you are who you say you are, below are three documents that almost always qualify against documentary verification protocols:

1. Your Birth Certificate

Your birth certificate is issued when you’re born, and a copy is usually given to your parents. If you don’t have a copy of your birth certificate, you can usually contact your state’s department of vital records to request a copy.

It’s worth noting that not just any birth certificate will do in some situations. Someone who needs to verify your identity using your birth certificate may request an official copy, meaning the piece of paper given to your parents won’t qualify. Instead, the document you need is a stamped and dated copy sent by the vital records department in your state.

2. Your Driver’s License

A driver's license or state-issued ID card can also usually pass muster when it comes to verifying your identity. These documents have your picture on them, making it easy to match your face with the identity on the document. Also, a driver’s license or ID card will include your name, date of birth, home address, and a state-issued driver's license or ID number.

It’s important to note that these documents have expiration dates. Even if the picture and all the information on these documents are correct, they technically are no longer legally valid forms of ID upon reaching the expiration date. This is why it’s important to renew your driver’s license or state-issued ID card before they expire so that you always have a valid form of ID on your person.

3. Your Social Security Card

American citizens are issued a Social Security card at birth along with a Social Security number. This card doesn’t contain any identifying information other than your name and Social Security number. However, this is usually sufficient for verification when working with a government agency or an organization with the ability to look up your personal information via your Social Security number.

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Do Companies Sell My Data?

You may not realize it, but every single day you give away some data about yourself. When the cashier asked for your phone number to sign up for that loyalty rewards program at the grocery store. You gave away data. When you entered your email address into a giveaway contest on that one shopping site you like. You gave away data.

Now, is giving away data a bad thing? It all depends on what happens to that data and who has access to it. If your email address is just used to notify you about winning the contest, then that’s great. If the email address is then sold to a few hundred unscrupulous companies to spam your inbox and perhaps even attempt to phish for more data. That’s bad.

What Companies Do With Data

Companies that collect data often sell it. This provides a revenue stream for the company, and it may also allow them to form partnerships with other companies that also collect data. This is all well and good since, in most cases, the data that gets sold is used to market products and services you’re likely interested in.

The problem comes in when the company that bought the data then sells it to another company that then sells it to another and so on. You don’t know where your data will come up, and the more personal your data is, the more potential problems it can cause.

What Can You Do to Protect Yourself?

If you’re concerned about your data ending up in the wrong hands, you can first refuse to give your data away. Next, you can request a copy of any company’s data and privacy policies before giving your data away. Some states, including California, also have laws on the books to protect consumers from predatory data practices.

The California Consumer Privacy Act is a law that allows consumers to request a copy of all of the data a company has saved about them. Consumers can also use the California Consumer Privacy Act to see if third-party companies have bought this data. Colorado, Utah, Connecticut, and Virginia have enacted similar laws.

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7 Benefits of Public Cloud Services for Financial Institutions

In a world where technology is rapidly evolving and security threats are ever-looming, many financial institutions need a partner to maintain a secure, reliable and compliant IT infrastructure. Public cloud services are a viable option for institutions seeking to modernize their IT infrastructure while mitigating cybersecurity risk read more

What is the OFAC Risk Matrix?

The Office of Foreign Assets Control (OFAC) is a part of the United States Department of Treasury. The OFAC provides oversight for sanctions on international trade and economic activity. Additionally, the OFAC regulates sanction activity against named terrorist groups and narcotics trafficking rings. International funds transferred from government agencies are also subject to OFAC oversight in some cases.

To create sanction policy and enforce existing sanctions as well as determine whether there is risk involved in completing financial transactions, the Office of Foreign Assets Control risk management team must utilize several tools to calculate risk. Some of the items reviewed by the Office of Foreign Assets Control risk management team may include the history of an entity receiving funds, and whether or not the entity is registered with its local government as a corporation, charity, government organization, or private individual.

What’s the Point of OFAC Risk Matrix Operations?

A risk matrix is used to determine whether the receiver of funds is considered high-risk, medium-risk, or low-risk. If funds are sent to a high-risk entity, the potential exists for the United States government to become culpable in whatever actions were taken using those funds. As a result, evaluating any recipient of government funds is very important.

Additionally, because sanction activity can be complex depending on the actors and the situation, determining risk may play a role in determining which funds to monitor. A group that has been sanctioned may need to have its financial transactions regulated in terms of funds coming into or going out of the United States to or from a foreign nation. The risk matrix helps to determine the level of scrutiny required for each group.

Can Risk Level Be Changed?

If an entity is considered high-risk, it may be possible to lower the risk level by taking certain steps. In many cases, these are procedural and regulatory in nature, but each case is different. Some recipients may need to take specific actions to become in compliance while others may need to make drastic, sweeping changes to their organizations.

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Four Ways to Prevent Being Catfished Online

It's every online daters nightmare: Catfishing! This term describes a common form of swindling. Catfishing is when someone you're communicating with online presents a fake reality to scam you.

Most associate it with people using fake photos on dating profiles and social media. But you can get catfished other ways, too. It can happen when you're booking vacation rentals, buying products on marketplace sites, and more.

No matter how it occurs, it doesn't feel good! So, how can you prevent yourself from being catfished? Here are some tips to follow.

Turn to Social Media

Social media is a blessing and a curse. It's a great way to connect, but you can also use it to get valuable information. Don't expect things to be as easy as using an official identity verification tool, but it does make a difference.

Go into social media stalking mode and look at all available accounts. Many platforms link up, making it easy to follow the digital breadcrumbs and cross-reference information.

Perform Detailed Web Searched

Don't forget to use traditional web searches. Look up the person's name and location to see if any red flags pop up. If they've tried to scam others in the past, there's a good chance you'll find something about it somewhere.

You can also perform image searches. Reverse image searches are great for spotting fake photos.

Look into Public Records

Most people don't realize how easy it is to find public records! There are multiple sites out there, and your local government likely has several databases that could be useful.

Look up property records, business licenses, and more. Cross-reference that information, and you can learn a lot!

Save Everything and Stay Safe

The best way to avoid catfishing attempts is to use an identity verification tool. It's the easiest way to spot potential fraudsters.

Whatever you do, save all your communications! It can come in handy if you've exchanged any money. But before that happens, do your due diligence. Whether you're dipping your toes into online dating or sending money to book a fancy rental, do your homework and stay safe!

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What are Combating the Financing of Terrorism (CFT) Initiatives?

Terrorism is an ongoing threat that many governments worldwide are trying to stop. Terrorists need funding to finance their activities, and figuring out where that money comes from can help law enforcement stop and catch criminals.

Also known as "Counter financing of Terrorism," Combating the Financing of Terrorism (CFT) is a term that describes several initiatives, policies, and regulations that aim to restrict terrorist funding.

How Do Terrorists Get Funding?

Terrorists obtain money in many ways. In some cases, it comes from legitimate means such as businesses, religious organizations, and more. Money can also come from crimes like drug trafficking and corruption. Either way, that money has to move somehow to fund terrorist activities.

Money laundering and terrorism go hand in hand. It's how terrorists disguise funding and keep the movement under the radar. Through laundering, these organizations can make money from illegal sources look clean and legitimate.

Understanding CFT Initiatives

The Financial Action Task Force (FATF) is the driving force behind CFT policies. The task force includes 37 countries and two regional organizations. The separate entities work together to create processes that protect the international financial system from terrorist infiltration.

After the start of FATF, many countries started adopting CFT policies. As a company leader, you must know your business solutions for CFT and understand how they fit into the bigger picture.

How Financial Institutes Fit In

On a national level, CFT practices are akin to anti-money laundering policies. It's about verifying customer identities and complying with established rules. Financial institutes are at the front lines of CFT. You must know your business solutions and do your due diligence to verify the identity of every customer.

Through KYC regulations and money-laundering prevention techniques, you can report suspicious activity and put an end to a reliable source of funding for terrorist activity.

Terrorists rely on banks to "clean" their money and disguise crucial lifelines that keep terrorism alive. By doing your part to unveil financial sources, you can help to make the world a much safer place.

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