FATF Advances Work to Combat Money Laundering and Terrorist Financing
February 25, 2024 / Source: Treasury
PARIS â Today, the Financial Action Task Force (FATF), the global standard-setting body for anti-money laundering and countering the financing of terrorism (AML/CFT), concluded its fifth Plenary under the Singaporean presidency. The FATF made several key advances, including kicking off a public consultation on potential changes to the FATF Recommendation on wire transfer information and…
Miami man arrested in multimillion-dollar bank fraud scheme targeting dozens of victims nationwide
February 25, 2024 / Source: OIG
MIAMI â On Feb. 21, a man was arrested after a federal grand jury returned an indictment charging him with multiple counts of bank fraud and aggravated identity theft. According to allegations in the indictment and statements made in court, from April 2022 through March 2023, Latron Earl Williams, 24, of Miami, Florida, fraudulently obtained…
Credit card interest rate margins at all-time high
February 22, 2024 / Source: CFPB
By some measures, credit cards have never been this expensive. For cardholders who carry a balance without paying it off in full each month, issuers generally charge interest based on annual percentage rates (APRs). In 2022 alone, major credit card companies charged over $105 billion in interest, the primary cost of credit cards to consumers….
Acting Comptroller Discusses Consolidated Supervision of Crypto-Asset Intermediaries
February 22, 2024 / Source: OCC
WASHINGTONâActing Comptroller of the Currency Michael J. Hsu today offered remarks to the Financial Stability Boardâs Crypto Working Group. In his remarks, Mr. Hsu shared his perspective on the importance of coordination and collaboration on the supervision of global institutions, particularly with regard to crypto-asset activities. He also discussed the relationship between crypto and tokenization….
FinCEN Director Andrea Gacki Travels to Puerto Rico, Holds First FinCEN Exchange with Puerto Rican Financial Institutions and Law Enforcement
February 22, 2024 / Source: FinCEN
SAN JUAN, Puerto RicoâAndrea Gacki, Director of the U.S. Treasury Departmentâs Financial Crimes Enforcement Network (FinCEN), traveled to Puerto Rico from February 20-22 to highlight collaborative efforts to combat public corruption, fraud, and drug trafficking. Director Gacki hosted the first FinCEN Exchange in Puerto Rico, addressed the 20th Annual Puerto Rico Bankers Association Symposium of Anti-Money…
Acting Comptroller Discusses Banking and Commerce
February 21, 2024 / Source: OCC
WASHINGTONâActing Comptroller of the Currency Michael J. Hsu today discussed banking and commerce, regulatory effectiveness, and financial stability in remarks at Vanderbilt University in Nashville, Tenn. In his remarks, Mr. Hsu discussed the blurring of the lines between banking and commerce in payments and private credit/equity, and how this might lead to financial instability. He…
United States and United Kingdom Hold Third Joint Committee Meeting under the Bilateral Agreement on Prudential Measures Regarding Insurance and Reinsurance
February 21, 2024 / Source: Treasury
On the 20th of February 2024, the United States and the United Kingdom held the third meeting of the Joint Committee established under the U.S.-UK Agreement on Prudential Measures Regarding Insurance and Reinsurance (âthe Agreementâ). The United States and the United Kingdom signed the Agreement on December 18, 2018, and the Agreement entered into force…
United States Sanctions Affiliates of Russia-Based LockBit Ransomware Group
February 20, 2024 / Source: Treasury
WASHINGTON â Today, the United States is designating two individuals who are affiliates of the Russia-based ransomware group LockBit. This action is the first in an ongoing collaborative effort with the U.S. Department of Justice, Federal Bureau of Investigation, and our international partners targeting LockBit. âThe United States will not tolerate attempts to extort and…
CFPB Report Finds Large Banks Charge Higher Credit Card Interest Rates than Small Banks and Credit Unions
February 20, 2024 / Source: CFPB
WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) today reported on the first set of results from the newly updated Terms of Credit Card Plans survey. The survey data reveal that large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk. In fact, the 25 largest…
CFPB Issues Revised Supervisory Appeals Process
February 19, 2024 / Source: CFPB
Streamlined rule details how financial institutions can appeal findings from supervisory examinations WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) issued a procedural rule updating the process by which financial institutions can appeal supervisory findings. The updated rule broadens the CFPB officials eligible to evaluate appeals, the options for resolving an appeal, the matters subject…
Agencies issue 2023 Shared National Credit Program report
February 19, 2024 / Source: OCC
Joint Release Federal Reserve BoardFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency Federal bank regulatory agencies today reported in the 2023 Shared National Credit (SNC) report that credit quality associated with large, syndicated bank loans remains moderate. However, the agencies noted declining credit quality trends due to the pressure of higher interest rates…
CFPB to distribute more than $10.9 million to consumers harmed by student loan debt-relief business
February 15, 2024 / Source: CFPB
This month, 8,571 consumers who were charged illegal fees and misled by Performance SLC for their federal student loan debt-relief services will receive checks in the mail. From 2015 to 2022, Performance SLC charged thousands of consumers with federal student loans approximately $9.2 million in illegal upfront fees, violating the Telemarketing Sales Rule, to file…
FDIC Releases Economic Scenarios for 2024 Stress Testing
February 15, 2024 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) today released the hypothetical economic scenarios for use in the upcoming stress tests for covered institutions with total consolidated assets of more than $250 billion. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 requires certain financial companies, including certain state nonmember banks and state…
Federal Reserve Board releases the hypothetical scenarios for its annual stress test
February 15, 2024 / Source: FRB
The Federal Reserve Board on Thursday released the hypothetical scenarios for its annual stress test, which helps ensure that large banks can lend to households and businesses even in a severe recession. Additionally, for the first time, the Board released four hypothetical elements designed to probe different risks through its “exploratory analysis” of the banking…
Treasury International Capital Data for December
February 15, 2024 / Source: Treasury
WASHINGTON â The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for December 2023. The next release, which will report on data for January 2024, is scheduled for March 19, 2024. The sum total in December of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net…
Trade associations sue regulators for exceeding statutory authority in new CRA rules
February 15, 2024 / Source: TBA
The American Bankers Association, the U.S. Chamber of Commerce, Independent Community Bankers of America, Texas Bankers Association, Independent Bankers Association of Texas, Amarillo Chamber of Commerce and Longview Chamber of Commerce today filed a lawsuit in the Northern District of Texas against the Federal Reserve, FDIC and OCC for exceeding their statutory authority and acting…
OCC Hosts Mutual Savings Association Advisory Committee Meeting March 5
February 14, 2024 / Source: OCC
WASHINGTONâThe 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, March 5, 2024. The meeting, which will be hosted in person and virtually, is open to the public and will begin at 8:30 a.m. Eastern Standard Time (EST)….
OCC Opens Registration for Community Bank Director and Senior Management Workshops
February 14, 2024 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today opened registration for its 2024 schedule of in-person workshops for board directors and senior management of national community banks and federal savings associations. The OCC examiner-led workshops provide practical training and guidance to directors and senior management of national community banks and federal savings associations…
FinCEN Proposes Rule to Combat Illicit Finance and National Security Threats in Investment Adviser Sector
February 13, 2024 / Source: FinCEN
WASHINGTONâToday, the U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) to keep criminals and foreign adversaries from exploiting the U.S. financial system and assets through investment advisers. This proposed rule, which complements Treasuryâs other recent actions to combat the illicit finance risks from anonymous companies and all-cash real…
FinCEN Sees Increase in BSA Reporting Involving the Use of Convertible Virtual Currency for Online Child Sexual Exploitation and Human Trafficking
February 13, 2024 / Source: FinCEN
WASHINGTONâThe U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis (FTA)  today reflecting an increase in Bank Secrecy Act (BSA) reporting associated with the use of convertible virtual currency (CVC) and online child sexual exploitation (OCSE) and human trafficking. This FTA is based on BSA reporting filed between January 2020 and…
Fact Sheet: Anti-Money Laundering Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers Notice of Proposed Rulemaking (NPRM)
February 13, 2024 / Source: FinCEN
The U.S. investment adviser industry provides an important service to investors in the United States and across the world in driving investment opportunities and supporting innovation, growth, and prosperity in the United States. But investment advisers, in their role as gatekeepers to the U.S. financial system, are at risk of abuse by money launderers, corrupt…
Acting Comptroller Discusses Appraisal Bias
February 13, 2024 / Source: OCC
WASHINGTONâActing Comptroller of the Currency Michael J. Hsu today discussed the importance of eliminating appraisal bias in the financial industry in remarks at an Appraisal Subcommittee (ASC) Hearing. The ASC is a subcommittee of the Federal Financial Institutions Examination Council, of which the Office of the Comptroller of the Currency is a member. In his…
Agency Information Collection Activities: Proposed Renewal: Comment Request; Renewal Without Change of Reports by Financial Institutions of Suspicious Transactions and and FinCEN Form 111 â Suspicious Activity Report
February 12, 2024 / Source: FinCEN
Release Date February 12, 2024 Agency Information Collection Activities: Proposed Renewal: Comment Request; Re⌠Action Type Notice and Request for Comment, Forms Renewal/Update
FFIEC Issues Statement on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending
February 12, 2024 / Source: CFPB
WASHINGTON, D.C. â The Federal Financial Institutions Examination Council today issued a statement of principles related to valuation discrimination and bias for member entities to consider in their consumer compliance and safety and soundness examinations. The principles aid member entities in assessing whether their supervised institutionsâ compliance and risk management practices are appropriate to identify and…
HUD Calls for Input to Strengthen Domestic Manufacturing for Housing Infrastructure Projects under President Biden’s Investing in America Agenda
February 11, 2024 / Source: HUD
Public Feedback sought to enhance Build America, Buy America implementation, understand market readiness, and foster domestic supply chains in housing infrastructure development. WASHINGTONÂ – Today, the U.S. Department of Housing and Urban Development announced a Request for Information (RFI) regarding infrastructure projects that receive Federal Financial Assistance (FFA) and are or will be subject to the…