Treasury International Capital Data for May
July 19, 2022 / Source: Treasury
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for May 2022. The next release, which will report on data for June, is scheduled for August 15, 2022. The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a…
Treasury Approves Nine Additional State Plans to Support Underserved Entrepreneurs and Small Business Growth Through the State Small Business Credit Initiative
July 19, 2022 / Source: Treasury
Arizona, Connecticut, Indiana, Maine, New Hampshire, Pennsylvania, South Carolina, South Dakota, and Vermont are the latest state plans approved, bringing the total amount approved by Treasury for investments in small businesses to more than $1.5 billion across all approved state programs. WASHINGTON — Today, the U.S. Department of Treasury announced an additional group of nine…
Consolidated Reports of Condition and Income for Second Quarter 2022
July 12, 2022 / Source: FDIC
Summary: The attached materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the June 30, 2022, report date and provide guidance on certain reporting issues. This Financial Institution Letter and the attached Supplemental Instructions should be shared with the individual responsible for preparing the Call Report at your institution. Please plan…
Treasury Releases Request for Comment on Risks and Opportunities and Presented by Digital Assets
July 12, 2022 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury released a notice seeking public comment regarding potential opportunities and risks presented by developments and adoption of digital assets as part of its work under Section 5 of President Joe Biden’s digital assets Executive Order. Section 5 of Executive Order 14067, “Ensuring Responsible Development of Digital Assets,”…
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change on Information Sharing Between Government Agencies and Financial Institutions
July 11, 2022 / Source: Fincen
Agency Information Collection Activities; Proposed Renewal; Comment Request; Re… Action Type Notice and Request for Comment, Forms Renewal/Update
Cooperation with Mexico Results in Treasury Sanctions of Arms Trafficker Tied to Major Drug Cartel
July 11, 2022 / Source: Teasury
CJNG member operating along the U.S-Mexico border moves high-caliber firearms and ammunition southbound into Mexico. WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated an individual engaged in the trafficking of high-caliber firearms from the United States to one of Mexico’s most powerful drug organizations. OFAC designated Obed Christian…
Promoting competition in our financial markets
July 11, 2022 / Source: CFPB
A year ago, the President issued an executive order to launch a whole-of-government effort to promote competition in the American economy. When families and businesses face limited choices, they can encounter higher prices and worse customer service. Congress has charged the CFPB with ensuring that markets for consumer financial products are competitive, so the CFPB is participating in…
Fact Sheet: Framework for International Engagement on Digital Assets
July 7, 2022 / Source: Treasury
Today, the Secretary of the Treasury, in consultation with the Secretary of State, the Secretary of Commerce, the Administrator of the U.S. Agency for International Development (USAID), and the heads of other relevant agencies, delivered to President Biden a framework for interagency engagement with foreign counterparts and in international fora as directed in the President’s…
CFPB Issues Advisory to Protect Privacy When Companies Compile Personal Data
July 7, 2022 / Source: CFPB
Advisory affirms that “permissible purposes” are required to use and share credit reports and background reports. WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued a legal interpretation to ensure that companies that use and share credit reports and background reports have a permissible purpose under the Fair Credit Reporting Act. The CFPB’s new…
Bank Secrecy Act/Anti-Money Laundering: Joint Statement on the Risk-Based Approach to Assessing Customer Relationships and Conducting Customer Due Diligence
July 6, 2022 / Source: OCC
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, and the National Credit Union Administration (collectively, the agencies) today issued a joint statement to remind banks1 of the risk-based approach to assessing customer relationships and conducting customer due…
Minutes of the Federal Open Market Committee, June 14-15, 2022
July 6, 2022 / Source: FRB
The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on June 14–15, 2022. The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board’s…
Federal Reserve and FDIC Extend Deadline for U.S. GSIB Resolution Plan Feedback
July 5, 2022 / Source: FDIC
The Federal Reserve Board and the Federal Deposit Insurance Corporation today announced that they have extended the period for issuing feedback for the U.S. global systemically important banks’ 2021 resolution plans to allow the agencies additional time to analyze them. Resolution plans, required by the Dodd-Frank Act, must describe the company’s strategy for rapid and…
Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
July 5, 2022 / Source: FFIEC
Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies Federal bank regulatory agencies today made available the 2022 list of distressed or underserved nonmetropolitan middle-income geographies. These are geographic areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration pursuant to the definition of community development…
U.S. Treasury Blocks Over $1 Billion in Suleiman Kerimov Trust
June 30, 2022 / Source: Treasury
Enforcement investigation unearthed oligarch’s use of a network of relatives, advisers, and opaque legal entities to invest in the United States WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced it has issued a Notification of Blocked Property to Heritage Trust, a Delaware-based trust in which OFAC-designated Russian…
CFPB Rescinds Special Regulatory Treatment for Payactiv
June 30, 2022 / Source: CFPB
Termination Follows Request by Company in Order to Change its Product. The Consumer Financial Protection Bureau (CFPB) issued an order today terminating Payactiv’s Sandbox Approval Order relating to its earned wage access products. The CFPB had given Payactiv special regulatory treatment, including as to liability under a relevant federal consumer financial law with respect to…
CFPB Moves to Reduce Junk Fees Charged by Debt Collectors
June 29, 2022 / Source: CFPB
Advisory opinion explains that most “pay-to-pay” fees charged by debt collectors violate federal law. Today, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion affirming that federal law often prohibits debt collectors from charging “pay-to-pay” fees. These charges, commonly described by debt collectors as “convenience fees,” are imposed on consumers who want to make…
Russian Elites, Proxies, and Oligarchs Task Force Joint Statement
June 29, 2022 / Source: Treasury
The Russian Elites, Proxies, and Oligarchs (REPO) Task Force has leveraged extensive multilateral coordination to block or freeze more than $30 billion worth of sanctioned Russians’ assets, freeze or seize sanctioned persons’ high-value goods, and heavily restrict sanctioned Russians’ access to the international financial system. REPO members have achieved these successes through close and extensive…
Agencies Issue Host State Loan-to-Deposit Ratios
June 28, 2022 / Source: OCC
Joint Release Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency Federal bank regulatory agencies today issued the host state loan-to-deposit ratios that are used to evaluate compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace those from…
FinCEN and the U.S. Department of Commerce’s Bureau of Industry and Security Urge Increased Vigilance for Potential Russian and Belarusian Export Control Evasion Attempts
June 28, 2022 / Source: FinCEN
FinCEN and Bis Joint Alert FINAL.pdf
FinCEN and BIS Issue Joint Alert on Potential Russian and Belarusian Export Control Evasion Attempts
June 28, 2022 / Source: FinCEN
FinCEN and BIS Joint Press Release 508 FINAL.pdf
U.S. Treasury Sanctions Nearly 100 Targets in Putin’s War Machine, Prohibits Russian Gold Imports
June 28, 2022 / Source: Treasury
Treasury Implements G7 Commitments by Prohibiting Gold Imports and Targeting Defense Industrial Base, Military and Intelligence Units, and Sanctions Evaders FinCEN and U.S. Department of Commerce Implementing G7 Commitments by Cracking Down on Export Control Evasion WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 70 entities, many…
Treasury Launches New Effort to Improve Resilience of its Market
June 23, 2022 / Source: Treasury
Department Seeks Public Input on Additional Transparency in Treasury Market WASHINGTON — The U.S. Department of the Treasury, in consultation with the Inter-Agency Working Group on Treasury Market Surveillance (IAWG), has taken the next step in its work to bolster Treasury market resilience by publishing a request for information (RFI) to solicit public feedback on…
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
June 23, 2022 / Source: FinCEN
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with…
Federal Reserve Board releases results of annual bank stress test, which show that banks continue to have strong capital levels, allowing them to continue lending to households and businesses during a severe recession
June 23, 2022 / Source: FRB
The Federal Reserve Board on Thursday released the results of its annual bank stress test, which showed that banks continue to have strong capital levels, allowing them to continue lending to households and businesses during a severe recession. All banks tested remained above their minimum capital requirements, despite total projected losses of $612 billion. Under…
OCC Reports on Key Risks Facing Federal Banking System
June 23, 2022 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Spring 2022. As banks continue to navigate the operational- and market-related impacts of the pandemic along with substantial government stimulus, current geopolitics have tightened financial conditions and increased downside risk to…