Next public hearing on appraisal bias: November 1
October 23, 2023 / Source: CFPB
On Wednesday, November 1, 2023, the Federal Financial Institutions Examination Council’s Appraisal Subcommittee (ASC) will hold its third public hearing on appraisal bias to discuss how a residential appraisal is developed and reviewed, the process for reconsiderations of value for residential real estate valuations, and the development of rural appraisals. The following witnesses will share testimony during…
Remarks by Assistant Secretary of Treasury for International Finance Brent Neiman at John Hopkins School for Advanced International Studies
October 23, 2023 / Source: Treasury
As Prepared for Delivery Thank you for the invitation to speak here today at SAIS. As an academic, I’ve had brilliant colleagues and former PhD students of mine join your faculty. As a policymaker, I get to work closely with your impressive alumni, many of which are on the Treasury team and working across the…
U.S. Treasury Department Releases Report on the Historically Equitable Economic Recovery From the Pandemic
October 23, 2023 / Source: Treasury
New report shows that President Biden’s American Rescue Plan effectively delivered resources and aid to historically underserved communities, enabling economic recovery far more quickly than in previous downturns. WASHINGTON – Today, the U.S. Department of the Treasury released a report providing new evidence that the recovery from the economic harm of the COVID-19 pandemic was the most…
U.S. Treasury Sanctions Members of Milorad Dodik’s Family and Patronage Network
October 22, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating two individuals and four entities that form a core part of Specially Designated National (SDN) and Republika Srpska (RS) President Milorad Dodik’s (Dodik) patronage network. Members of this network, which include Dodik’s adult children, facilitate Dodik’s ongoing corruption…
FACT SHEET: How the Inflation Reduction Act’s Tax Incentives Are Ensuring All Americans Benefit from the Growth of the Clean Energy Economy
October 22, 2023 / Source: Treasury
WASHINGTON—President Biden’s Inflation Reduction Act is the most significant legislation to combat climate change in our nation’s history, and one of the largest investments in the American economy in a generation. Already, this investment and the U.S. Department of the Treasury’s implementation of the law has unleashed an investment and manufacturing boom in the United…
IRS Launches New Initiatives Using Inflation Reduction Act Funding to Ensure Large Corporations Pay Taxes Owed, Continues to Improve Service and Modernize Technology with Launch of Business Tax Account
October 22, 2023 / Source: Treasury
WASHINGTON—Following a dramatically improved 2023 Filing Season thanks to Inflation Reduction Act (IRA) investments, the Internal Revenue Service (IRS) has targeted IRA resources on strengthening enforcement, with announcements on new initiatives to pursue high-income, high-wealth individuals who do not pay overdue tax bills and complex partnerships. Today the IRS is announcing new initiatives to ensure…
FinCEN Renews and Expands Real Estate Geographic Targeting Orders
October 22, 2023 / Source: FinCEN
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the renewal and expansion of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind companies used in non-financed purchases of residential real estate. The terms of the GTOs are effective beginning October 22, 2023 and ending on April 18,…
FinCEN Alert to Financial Institutions to Counter Financing to Hamas and its Terrorist Activities
October 22, 2023 / Source: FinCEN
FinCEN_Alert_Terrorist_Financing_FINAL508.pdf352.14 KB Immediate Release October 20, 2023 The Financial Crimes Enforcement Network (FinCEN) issued an alert today to assist financial institutions in identifying funding streams for the terrorist organization Hamas in response to Hamas’s horrific terrorist attack on the people of Israel, which left more than 1,000 innocent civilians, including citizens of the United States…
Agencies extend comment period on proposed rules to strengthen large bank capital requirements
October 22, 2023 / Source: FRB
Federal bank regulatory agencies announced today that they will extend until January 16, 2024, the comment period on their large bank capital proposal to increase the strength and resilience of the banking system. The agencies extended the comment period to allow interested parties more time to analyze the issues and prepare their comments. The Federal Reserve Board…
Report of the CFPB Education Loan Ombudsman
October 22, 2023 / Source: CFPB
This report analyzes the 9,284 student loan complaints submitted by consumers from September 1, 2022, through August 31, 2023.1 Complaints submitted to the CFPB suggest that across the federal and private student loan markets, failures on the part of industry participants are excluding some borrowers from protections and benefits intended for them under law. Read…
CFPB Proposes Rule to Jumpstart Competition and Accelerate Shift to Open Banking
October 19, 2023 / Source: CFPB
Personal Financial Data Rights rule would challenge industry to compete for customers, protect consumers from excessive surveillance, and help people walk away from bad service WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would accelerate a shift toward open banking, where consumers would have control over data about their financial…
Interest Rate Risk: Interest Rate Risk Statistics Report
October 19, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) today published the fall 2023 edition of the Interest Rate Risk Statistics Report. The report presents interest rate risk data gathered during examinations of OCC-supervised midsize and community banks and federal savings associations (collectively, banks). The statistics are for informational purposes only and do not represent…
Federal Reserve Board issues enforcement action and fines Metropolitan Commercial Bank approximately $14.5 million for violations of customer identification rules and for deficient third-party risk management practices
October 19, 2023 / Source: FRB
The Federal Reserve Board on Thursday issued an enforcement action and fined Metropolitan Commercial Bank, of New York, New York, approximately $14.5 million for violations of customer identification rules and for deficient third-party risk management practices relating to the bank’s issuance of prepaid card accounts. In 2020, Metropolitan opened prepaid card accounts for illicit actors…
FinCEN Proposes New Regulation to Enhance Transparency in Convertible Virtual Currency Mixing and Combat Terrorist Financing
October 19, 2023 / Source: FinCEN
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rule Making (NPRM) that identifies international Convertible Virtual Currency Mixing (CVC mixing) as a class of transactions of primary money laundering concern. This NPRM highlights the risks posed by the extensive use of CVC mixing services by a…
OCC to Host Symposium on the Tokenization of Real-World Assets and Liabilities
October 18, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) will host a symposium on tokenization at its headquarters in Washington, D.C., on February 8, 2024. The symposium will promote public discussion of the potential for the tokenization of real-world financial assets and liabilities to improve the efficiency and robustness of financial settlements, with a particular…
Treasury International Capital Data for August
October 18, 2023 / Source: Treasury
WASHINGTON – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for August 2023. The next release, which will report on data for September 2023, is scheduled for November 16, 2023. The sum total in August of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was…
Following Terrorist Attack on Israel, Treasury Sanctions Hamas Operatives and Financial Facilitators
October 18, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on ten key Hamas terrorist group members, operatives, and financial facilitators in Gaza and elsewhere including Sudan, Türkiye, Algeria, and Qatar. This action targets members managing assets in a secret Hamas investment portfolio, a Qatar-based financial facilitator with…
Treasury Sanctions Actors Supporting Iran’s Missile and UAV Programs
October 18, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 11 individuals, eight entities, and one vessel based in Iran, Hong Kong, the People’s Republic of China (PRC), and Venezuela that are enabling Iran’s destabilizing ballistic missile and unmanned aerial vehicle (UAV) programs. The persons designated today have materially…
FDIC Strategies Related to Crypto-Asset Risks
October 18, 2023 / Source: FDIC OIG
The Federal Deposit Insurance Corporation (FDIC) Office of Inspector General has issued its report on FDIC Strategies Related to Crypto-Asset Risks. In recent years, the crypto-asset sector has experienced significant volatility. The total market capitalization of crypto assets fluctuated from about $132 billion in January 2019 to $3 trillion in November 2021. More concerning, the market…
Minutes of the Board’s discount rate meetings from August 21 and September 20, 2023
October 17, 2023 / Source: FRB
The Federal Reserve Board on Tuesday released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window. Today’s minutes cover the Board meetings that occurred on August 21 and September 20, 2023. The Board’s process for setting the discount rate is distinct from the…
CFPB Takes Action Against Operator of Sendwave App for Illegally Cheating People on International Money Transfers
October 17, 2023 / Source: CFPB
Chime’s mobile app deceived consumers about costs and speed of international remittance transfers, illegally required consumers to waive their rights and protections WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Chime Inc. for deceiving consumers about the speed and cost of remittance transfers through its mobile app, Sendwave. Chime also illegally…
Treasury Announces Cyber Security Cooperation Memorandum of Understanding with the United Arab Emirates
October 16, 2023 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury and the Cyber Security Council of the United Arab Emirates (UAE) announced the finalization of a bilateral Memorandum of Understanding (“MoU”) on Cybersecurity Cooperation during a fireside chat between H.E. Dr. Mohamad Al Kuwaiti, Head of Cyber Security for the UAE Government and Treasury’s Deputy Assistant Secretary…
FACT SHEET: New Treasury Department Data Illustrates How American Rescue Plan Resources Are Expanding Access to Affordable Housing and Keeping Families in their Homes
October 16, 2023 / Source: Treasury
New data shows communities have dedicated nearly $63 billion of program funds on housing projects across three American Rescue Plan programs; the largest State and Local Fiscal Recovery Fund recipients have budgeted 85% of total resources, and total projects are up 18% over first quarter of 2023 WASHINGTON – Today, the U.S. Department of…
CFPB and FTC Take Actions Against TransUnion for Illegal Rental Background Check and Credit Reporting Practices
October 15, 2023 / Source: CFPB
Credit reporting conglomerate to pay $23 million for tenant screening and security freeze failures WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) took action against a rental screening subsidiary of the TransUnion conglomerate for violations of the Fair Credit Reporting Act. The TransUnion company failed to take steps to…
CEO Pleads Guilty to Transnational Scheme Involving Foreign Exchange and Cryptocurrency Futures Contracts
October 15, 2023 / Source: FDIC OIG
First Criminal Charge Against a Commodities Trading Advisor and Commodities Pool Operator for Engaging in a “Cherry-Picking” Scheme Involving Cryptocurrency Futures Contracts A former chief executive officer of an investment firm pleaded guilty yesterday to a “cherry-picking” scheme, in which he fraudulently misappropriated profitable trades to himself, and saddled his investors with losses. According to…