Treasury Designates Former President of Iran
September 18, 2023 / Source: Treasury
Action to Promote Accountability for Wrongful Detentions of U.S. Nationals WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Mahmoud Ahmadinejad, the former president of Iran, for having provided material support to the Iranian Ministry of Intelligence and Security (MOIS), an entity concurrently designated by the Department of…
FinCEN Issues Compliance Guide to Help Small Businesses Report Beneficial Ownership Information
September 18, 2023 / Source: FinCen
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule. Starting in 2024, many entities created in or registered to do business in the United States will be required to report information about…
FinCEN Announces $15 Million Civil Money Penalty against Bancrédito International Bank and Trust Corporation for Violations of the Bank Secrecy Act
September 17, 2023 / Source: FinCen
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) assessed a $15 million civil money penalty against Bancrédito International Bank and Trust Corporation (Bancrédito) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. This is FinCEN’s first enforcement action against a Puerto Rican International Banking Entity (IBE), and includes the first violation for failure to implement…
Treasury Sanctions Iranian Officials and Companies Connected to Repression in Advance of the Anniversary of Mahsa “Zhina” Amini’s Death
September 17, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating 29 individuals and entities in connection with the Iranian regime’s violent suppression of nationwide protests following the death of Mahsa “Zhina” Amini in custody of its ‘Morality Police,’ and the regime’s continued efforts to detain dissenting voices and…
FDIC Efforts to Increase Consumer Participation in the Insured Banking System
September 14, 2023 / Source: OIG
The FDIC Office of Inspector General has issued its report on FDIC Efforts to Increase Consumer Participation in the Insured Banking System. By way of background, the FDIC’s 2021 FDIC National Survey of Unbanked and Underbanked Households found that an estimated 4.5 percent of U.S. households were unbanked—meaning no one in the household had a checking or savings…
With Wide-Ranging New Sanctions, Treasury Targets Russian Military-Linked Elites and Industrial Base
September 14, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is imposing nearly 100 sanctions on Russian elites and Russia’s industrial base, financial institutions, and technology suppliers as the United States continues to leverage sanctions and economic restrictions to undermine Russia’s capacity to wage its war against Ukraine. The Department of…
CFPB Report Finds College Tuition Payment Plans Can Put Student Borrowers at Risk
September 14, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a new report finding that students face risk when entering into agreements with colleges to spread the upfront cost of tuition into several, interest-free loan payments. The report, which looks at tuition payment plans offered by nearly 450 institutions, finds that many plans have inconsistent disclosures…
OCC Hosts Mutual Savings Association Advisory Committee Meeting October 3
September 13, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Tuesday, October 3, 2023. The meeting, which will be hosted in person and virtually, is open to the public and will begin at 8:30 a.m. Eastern Daylight Time (EDT)….
Treasury Designates Hizballah Operatives and Financial Facilitators in South America and Lebanon
September 12, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), in coordination with the Drug Enforcement Administration,designated key Hizballah operatives and financial facilitators in South America and Lebanon. This action includes Amer Mohamed Akil Rada, who in addition to his role as a senior Hizballah operative, was one of the operational members…
CFPB Orders Leasing Company Tempoe to Provide $36 Million in Penalties and Relief for Tricking Consumers and Hiding Contract Terms
September 11, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Tempoe, LLC for tricking consumers into expensive leasing agreements by concealing the contract terms and costs, and failing to provide legally required disclosures. Forty-one states and the District of Columbia are entering into a parallel multi-state settlement addressing the same conduct. Tempoe offered…
United States Signs $20 Million Debt Swap Agreement with Peru to Support Amazon Conservation
September 11, 2023 / Source: Treasury
LIMA – The United States of America, the Republic of Peru, and four non-governmental organizations—Conservation International (CI), The Nature Conservancy (TNC), Wildlife Conservation Society (WCS), and World Wildlife Fund (WWF)— have finalized debt-for-nature swap and forest conservation agreements under the Tropical Forest and Coral Reef Conservation Act (TFCCA). The agreements will reduce Peru’s debt payments…
OCC Hosts Risk Governance and Capital Markets Workshops in Dallas
September 11, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) will host two workshops October 24-25 in Dallas for directors, senior management, and other key executives of national community banks and federal savings associations. The Risk Governance: Improving Effectiveness workshop on October 24 combines lectures, discussion, and exercises to provide practical information for participants to effectively…
FinCEN Issues Alert on Prevalent Virtual Currency Investment Scam Commonly Known as “Pig Butchering”
September 10, 2023 / Source: FinCEN
WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN) issued an alert to highlight a prominent virtual currency investment scam known as “pig butchering.” Multiple U.S. law enforcement sources estimate victims in the United States have lost billions of dollars to these scams and other virtual currency investment frauds. “This scam has impacted far too many Americans, which is…
FinCEN Analysis Reveals Trends and Patterns in Suspicious Activity Potentially Tied to Evasion of Russia-Related Export Controls
September 10, 2023 / Source: FinCEN
WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis (FTA) on patterns and trends contained in Bank Secrecy Act (BSA) reporting on suspected evasion of Russia-related export controls. The BSA reports analyzed for this FTA were filed in response to previous joint Alerts on this topic and indicate almost $1 billion in suspicious activity….
The Federal Reserve’s Role in Supporting Responsible Innovation
September 10, 2023 / Source: FRB
Thank you for the opportunity to speak today, in the midst of a wave of innovation in the payments system. There are a range of important players in the payments system and the Federal Reserve has important roles as a supervisor as well as a payments operator. Regardless of who is providing the service, our…
FDIC Releases Report Detailing Supervision of the Former First Republic Bank, San Francisco, California
September 10, 2023 / Source: FDIC
WASHINGTON – Today, Federal Deposit Insurance Corporation (FDIC) Chief Risk Officer Marshall Gentry released FDIC’s Supervision of First Republic Bank, an internal review evaluating the agency’s supervision of First Republic Bank, San Francisco, California, from 2018 until its failure in May 2023. The report provides information on the causes of First Republic Bank’s failure and evaluates…
United States and United Kingdom Sanction Additional Members of the Russia-Based Trickbot Cybercrime Gang
September 7, 2023 / Source: Treasury
U.S. Department of Justice Concurrently Unsealing Nine Indictments WASHINGTON — Today, the United States, in coordination with the United Kingdom, sanctioned eleven individuals who are part of the Russia-based Trickbot cybercrime group. Russia has long been a safe haven for cybercriminals, including the Trickbot group. Today’s action was taken by the U.S. Department of the…
FDIC-Insured Institutions Reported Net Income of $70.8 Billion in Second Quarter 2023
September 7, 2023 / Source: FDIC
For Release Net Income Decreased From the Prior Quarter, Driven By Lower Noninterest Income The Net Interest Margin Declined for the Second Straight Quarter Unrealized Losses on Securities Increased Quarter Over Quarter Community Banks Reported Higher Net Income From the Prior Quarter Loan Balances Increased From Last Quarter and One Year Ago Total Deposits Declined…
CFPB Report Highlights Role of Big Tech Firms in Mobile Payments
September 7, 2023 / Source: CFPB
Apple and Google set regulations on “tap-to-pay” which can impact innovation and competition WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) published a new issue spotlight highlighting the impacts of Big Tech companies’ policies and practices that govern tap-to-pay on mobile devices like smartphones and watches. Apple currently forbids banks and payment apps from accessing…
Federal and State Regulators Release Updates to the BSA/AML Examination Manual
September 6, 2023 / Source: FFIEC
The Federal Financial Institutions Examination Council, on behalf of its members, released updates to the following sections of the Bank Secrecy Act/Anti-Money Laundering Examination Manual. Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions Due Diligence Programs for Private Banking Accounts Prohibition on…
Treasury Sanctions Sudanese Paramilitary Leader
September 6, 2023 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Abdelrahim Hamdan Dagalo (Abdelrahim) for his leadership of the Rapid Support Forces (RSF), an entity whose members have engaged in acts of violence and human rights abuses, including the massacre of civilians, ethnic killings, and use of sexual violence. Since…
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,”…