Treasury Sanctions Entities for Transporting Oil Sold Above the Coalition Price Cap to Restrict Russia’s War Machine
October 12, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is imposing sanctions on two entities and identifying as blocked property two vessels that used Price Cap Coalition service providers while carrying Russian crude oil above the Coalition-agreed price cap. This action underscores the Treasury Department’s commitment with its international…
Price Cap Coalition Advisory for the Maritime Oil Industry and Related Sectors
October 12, 2023 / Source: Treasury
Best Practices in Response to Recent Developments in the Maritime Oil Trade The Price Cap Coalition is issuing this advisory to provide recommendations concerning specific best practices in the maritime oil industry. This advisory reflects our efforts to promote responsible practices in the industry to prevent and disrupt sanctioned trade, and enhance compliance with the…
Protecting immigrant access to fair credit opportunities
October 12, 2023 / Source: CFPB
The Consumer Financial Protection Bureau (CFPB) has launched an initiative to better understand the financial experiences of immigrants in the United States. Like other consumers across the United States, many immigrants borrow to start businesses, purchase automobiles, and buy homes. However, their financial experiences often differ. The CFPB has heard feedback from advocates and consumers that some…
CFPB and Justice Department Issue Joint Statement Cautioning that Financial Institutions May Not Use Immigration Status to Illegally Discriminate Against Credit Applicants
October 12, 2023 / Source: CFPB
Borrowers report being denied loans because of their immigration status WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and Justice Department today issued a joint statement that reminds financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race, and other characteristics covered by the Equal Credit Opportunity…
Joint Statement on Fair Lending and Credit Opportunities for Noncitizen Borrowers under the Equal Credit Opportunity Act
October 12, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau and Department of Justice (collectively, the agencies) jointly issue this statement to assist creditors and borrowers in understanding the potential civil rights implications of a creditor’s consideration of an individual’s immigration status under the Equal Credit Opportunity Act (ECOA). Read joint statement. ###
CFPB Exams Return $140 Million to Consumers Hit by Illegal Junk Fees in Banking, Auto Loans, and Remittances
October 11, 2023 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights focused on the agency’s efforts to protect consumers from illegal junk fees. The junk fees discussed in the report – including fees for fake paper statements and worthless add-on products for auto loans – can strain the financial…
CFPB Issues Guidance to Halt Large Banks from Charging Illegal Junk Fees for Basic Customer Service
October 11, 2023 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion regarding a provision enacted by Congress which generally prohibits large banks and credit unions from imposing unreasonable obstacles on customers, such as charging excessive fees, for basic information about their own accounts. Under a 2010 federal law, large banks and credit unions…
CFPB Sues Repeat Offender Freedom Mortgage Corporation for Providing False Information to Federal Regulators
October 10, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal court today, alleging that Freedom Mortgage Corporation submitted legally-required mortgage loan data that was riddled with errors. The CFPB alleges that Freedom’s practices violate both the Home Mortgage Disclosure Act (HMDA) and a 2019 consent order. In a recent separate matter, in August 2023 the…
Federal Reserve Board finalizes a rule establishing capital requirements for insurers supervised by the Board
October 9, 2023 / Source: FRB
The Federal Reserve Board on Friday finalized a rule establishing capital requirements for insurers supervised by the Board. The final rule is substantially similar to the proposal issued in September 2019. The final rule includes a framework, known as the Building Block Approach, that builds on existing state-based insurance requirements, accounts for risks that are specific to…
U.S. Department of the Treasury, IRS Release Guidance to Expand Access to Clean Vehicle Tax Credits, Help Car Dealers Grow Businesses
October 8, 2023 / Source: Treasury
Starting in January Inflation Reduction Act Provision Will Allow Consumers to Transfer Credit to Car Dealer, Reducing Purchase Price of New and Previously Owned Clean Vehicles at Time of Sale WASHINGTON – As part of Bidenomics and the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of the Treasury and the Internal Revenue Service (IRS)…
Proposed Addition to Part 364 of the FDIC’s Rules and Regulations of Appendix C
October 8, 2023 / Source: FDIC
Summary: The FDIC is issuing a notice of proposed rulemaking (“NPR”) that would add an Appendix C to the FDIC’s regulation for safety and soundness standards 12 C.F.R. § 364 et seq. (Part 364). Appendix C is intended to promote strong corporate governance and risk management at FDIC-supervised institutions that have total consolidated assets of…
CFPB Announces Advisory Committee Appointments
October 5, 2023 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced the appointment of new members to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. The Dodd-Frank Wall Street Reform and Consumer Protection Act charges the CFPB with establishing a Consumer Advisory Board to provide advice on a…
Remarks by Under Secretary for Terrorism and Financial Intelligence Brian Nelson at the U.S.-Mexico High-Level Security Dialogue
October 5, 2023 / Source: Treasury
As Prepared for Delivery Good morning. I am honored to join Secretary Blinken, Secretary Mayorkas, and Attorney General Garland today at the third U.S.-Mexico High-Level Security Dialogue. We appreciate the warm welcome and hospitality here in Mexico City. Treasury values our close and longstanding relationship with Mexican authorities in developing and implementing sanctions actions together…
The Role of Research, Data, and Analysis in Banking Reforms
October 4, 2023 / Source: FRB
At the 2023 Community Banking Research Conference sponsored by the Federal Reserve System, the Conference of State Bank Supervisors, and the Federal Deposit Insurance Corporation, St. Louis, Missouri It’s a pleasure to be back in St. Louis for the annual Community Banking Research Conference. I am grateful for the continued partnership between the Federal Reserve,…
Prepared Remarks of Seth Frotman, General Counsel and Senior Advisor to the Director, at New Jersey Citizen Action Education Fund’s 14th Annual Financial Justice Summit
October 4, 2023 / Source: CFPB
Lessons Learned: The Need for State and Federal Cooperation on Medical Debt Thank you so much for inviting me today. I think this might be the fourth or fifth time I have had the privilege of speaking at this wonderful event. It’s always great to be back home in New Jersey to see what you…
Acting Comptroller Discusses Vital Work of International Data Hub
October 3, 2023 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today issued remarks via webcast at the BIS International Data Hub (IDH) 10th Anniversary Conference. In his remarks, Mr. Hsu discussed how the IDH’s work to gather and analyze data helps national authorities perform ongoing monitoring and analysis of key risks affecting the global financial system. He…
Treasury Targets Large Chinese Network of Illicit Drug Producers
October 3, 2023 / Source: Treasury
Action highlights U.S. whole-of-government approach to address fentanyl crisis WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 28 individuals and entities involved with the international proliferation of illicit drugs, including a China-based network responsible for the manufacturing and distribution of ton quantities of fentanyl, methamphetamine, and MDMA…
Remarks by Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg at the Association of Certified Anti-Money Laundering Specialists Assembly Conference
October 2, 2023 / Source: Treasury
As prepared for delivery INTRO Good morning and thank you Kieran, and thank you to ACAMS for having me here virtually to speak to you today. I’m honored by the invitation, and I wish I could have joined you all in person. My name is Elizabeth Rosenberg, and I am the Assistant Secretary for Terrorist…
Federal Reserve Board launches Instagram and Threads accounts with the aim of increasing the accessibility and availability of Board news and educational content
October 2, 2023 / Source: FRB
The Federal Reserve Board on Monday launched its Instagram and Threads accounts with the aim of increasing the accessibility and availability of Board news and educational content. The first post on Instagram will include a brief welcome video from Chair Jerome H. Powell. Instagram posts generally will include photos, videos, frequently asked questions and answers, economic education content and…
The law requires companies to delete disputed unverified information from consumer reports
October 1, 2023 / Source: CFPB
Credit reports are used to make decisions that affect every facet of peoples’ lives. Credit reports compiled by consumer reporting companies are used by lenders, insurers, employers, landlords, and others—yet these reports frequently contain errors. By one estimate, one in five Americans has an error on at least one credit report. Accordingly, it is critical that…
Four million complaints: More than just a milestone
October 1, 2023 / Source: CFPB
At the Consumer Financial Protection Bureau, consumer complaints help drive our work. They give us insight into what individuals and families are experiencing in the financial marketplace: the problems they face, what’s happening at certain companies or with financial products, and the places where we might need to focus our supervisory and enforcement efforts. Each week,…
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Individual FinCEN Identifier Application
October 1, 2023 / Source: FinCEN
Release Date September 29, 2023 Agency Information Collection Activities; Submission for OMB Review; Comment Re… Action Type Notice and Request for Comment, Forms Renewal/Update
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Beneficial Ownership Information Reports
October 1, 2023 / Source: FinCEN
Release Date September 29, 2023 Agency Information Collection Activities; Submission for OMB Review; Comment Re… Action Type Notice and Request for Comment, Forms Renewal/Update
U.S. Department of the Treasury Releases Report on Climate Change and Household Finances
October 1, 2023 / Source: Treasury
WASHINGTON – Today, the U.S Department of the Treasury released a report prepared in consultation with members of the Financial Literacy and Education Commission, entitled The Impact of Climate Change on American Household Finances. The analysis in the report finds that more than half of U.S. counties – populated by millions of Americans – face heightened…
The FDIC’s Orderly Liquidation Authority
October 1, 2023 / Source: FDIC OIG
The Federal Deposit Insurance Corporation Office of Inspector General has issued its report on The FDIC’s Orderly Liquidation Authority. Before the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (DFA), the FDIC only had the authority to resolve FDIC-insured depository institutions. Title II of the DFA, Orderly Liquidation Authority (OLA) aimed…