CFPB Secures $12 Million From Ringleaders of Foreclosure Relief Scam
February 8, 2024 / Source: CFPB
WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) today announced that it resolved an appeal in a long-running enforcement suit against a foreclosure relief scam operation for $12 million in consumer redress and penalties. Consumer First Legal Group, LLC and four attorneys, Thomas G. Macey, Jeffrey J. Aleman, Jason Searns, and Harold E. Stafford, charged millions of dollars in…
Treasury Targets Price Cap Violation Network and Implements G7 Ban on Russian Diamonds
February 8, 2024 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is taking its second price cap enforcement action of 2024, imposing sanctions on four entities and identifying one vessel as blocked property. The network of these entities and the vessel were involved in a price cap violation scheme in late…
FinCEN Proposes Rule to Combat Money Laundering and Promote Transparency in Residential Real Estate
February 7, 2024 / Source: FinCEN
WASHINGTONâToday, the U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking to combat and deter money laundering in the U.S. residential real estate sector by increasing transparency. The proposed rule would require certain professionals involved in real estate closings and settlements to report information to FinCEN about non-financed transfers of…
Treasury Publishes 2024 National Risk Assessments for Money Laundering, Terrorist Financing, and Proliferation Financing
February 7, 2024 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasury published the 2024 National Risk Assessments on Money Laundering, Terrorist Financing, and Proliferation Financing. These reports highlight the most significant illicit finance threats, vulnerabilities, and risks facing the United States. The reports detail recent, significant updates to the U.S. anti-money laundering/counter-financing of terrorism framework and explain changes to…
U.S. Department of the Treasury, IRS Release New Analysis Showing the High Return on Investment from Inflation Reduction Act Resources
February 6, 2024 / Source: Treasury
More comprehensive estimates show transformative investments, if sustained, will result in $851 billion in additional revenue through 2034 WASHINGTON â Today the U.S. Department of the Treasury and Internal Revenue Service (IRS) released a new analysis showing the high return on the Inflation Reduction Act (IRA) investment in rebuilding and modernizing the IRS. Taking a more comprehensive…
Federal bank regulatory agencies seek comment on interagency effort to reduce regulatory burden
February 6, 2024 / Source: FRB
The federal bank regulatory agencies today announced their first of a series of requests for comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and federal bank regulatory agencies to review their regulations every 10 years to identify any outdated or otherwise…
Economic Growth and Regulatory Paperwork Reduction Act of 1996: Regulatory Review to Identify Outdated, Unnecessary, or Unduly Burdensome Regulations
February 6, 2024 / Source: OCC
Summary On February 6, 2024, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) published in the Federal Register their first notice requesting comment on their regulations pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996…
FinCEN Exchange in Los Angeles Brings Together Public and Private Sectors to Share Information on Combating Fentanyl Trafficking
February 5, 2024 / Source: FinCEN
LOS ANGELESâToday, the U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) convened a FinCEN Exchangeâa voluntary public-private partnershipâto share strategic and operational information to combat illicit financial networks that enable fentanyl trafficking. In addition to other lines of effort, the Exchange supports Treasuryâs Counter-Fentanyl Strike Force, which launched in December 2023 to bring together…
Agency Information Collection Activities: Proposed Renewal: Comment Request; Renewal Without Change of Reports of Transactions in Currency Regulations and FinCEN Form 112 â Currency Transaction Report
February 5, 2024 / Source: FinCEN
Release Date February 05, 2024 Agency Information Collection Activities: Proposed Renewal: Comment Request; Re⌠Action Type Notice and Request for Comment, Forms Renewal/Update
Treasury Sanctions Transnational Procurement Network Supporting Iranâs Ballistic Missile and UAV Programs
February 4, 2024 / Source: Treasury
Action includes designation of a Qods Force financial front company WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned a key procurement network of prolific suppliers of materials and sensitive technology for Iranâs ballistic missile and Unmanned Aerial Vehicle (UAV) programs, including the Shahed-series UAV produced by Iranâs…
Treasury Sanctions Actors Responsible for Malicious Cyber Activities on Critical Infrastructure
February 4, 2024 / Source: Treasury
WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned six officials in the Iranian Islamic Revolutionary Guard Corps Cyber-Electronic Command (IRGC-CEC), an Iranian government organization responsible for a series of malicious cyber activities against critical infrastructure in the United States and other countries. âThe deliberate targeting of critical infrastructure…
FinCEN Issues Alert on Israeli Extremist Settler Violence Against Palestinians in the West Bank
February 1, 2024 / Source: FinCEN
WASHINGTONâToday, the U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) issued an alert related to the financing of Israeli extremist settler violence against Palestinians in the West Bank. The alert provides select red flags to assist U.S. financial institutions in identifying and reporting suspicious activity that finances such violence. âFinancial institutions can play a critical…
Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee
January 31, 2024 / Source: Treasury
January 30, 2024 Letter to the Secretary Dear Madam Secretary: Since the TBAC last convened in late October, the US economy has continued to expand and inflation has moderated. Financial conditions have eased with higher equity prices and lower Treasury yields. The rapid rise and fall in longer-term Treasury yields reflects a variety of factors,…
FinCEN Assesses $100,000 Civil Money Penalty against Gyanendra Kumar Asre for Violations of the Bank Secrecy Act
January 31, 2024 / Source: FinCEN
WASHINGTONâToday, the United States Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) assessed a $100,000 civil money penalty on Gyanendra Kumar Asre (Asre) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. FinCENâs action also imposes a five-year ban on Asreâs participation in the conduct of the affairs of any financial institution…
Federal Reserve issues FOMC statement
January 31, 2024 / Source: FRB
Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have moderated since early last year but remain strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2…
Federal Open Market Committee announces updates that further enhance its policy on investment and trading
January 31, 2024 / Source: FRB
The Federal Open Market Committee on Wednesday announced updates that further enhance its policy on investment and trading. The policy, which was first adopted in 2022, aims to support public confidence in the impartiality and integrity of the Committee’s work by guarding against even the appearance of any conflict of interest. The updates will increase…
Federal Open Market Committee reaffirms its “Statement on Longer-Run Goals and Monetary Policy Strategy”
January 31, 2024 / Source: FRB
The Federal Open Market Committee, at its annual organization meeting this week, unanimously reaffirmed its “Statement on Longer-Run Goals and Monetary Policy Strategy,” often known as the consensus statement, which articulates its approach to monetary policy. The reaffirmed statement is identical to the version initially adopted in August 2020. The Committee first adopted a similar statement…
OCC Assesses $65 Million Penalty Against City National Bank
January 31, 2024 / Source: OCC
WASHINGTON, D.C. â The Office of the Comptroller of the Currency (OCC) today assessed a $65 million civil money penalty against City National Bank, of Los Angeles, California, related to systemic deficiencies in the Bankâs risk management and internal controls. The OCC found that the bank engaged in unsafe or unsound practices, including its failure to…
Treasury Designates ISIS Cyber Facilitators and Trainers
January 30, 2024 / Source: Treasury
OFAC Designations Coincide with the Virtual Meetings of the Counter ISIS Finance Group WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) designated two cybersecurity experts affiliated with the Islamic State of Iraq and Syria (ISIS) for providing ISIS leadership and supporters with cybersecurity training, enabling their use of…
Agency Information Collection Activities; Proposed Collection; Comment Request; Beneficial Ownership Information Requests
January 30, 2024 / Source: FinCEN
Release Date January 30, 2024 Agency Information Collection Activities; Proposed Collection; Comment Request;⌠Action Type Notice and Request for Comment, Forms Renewal/Update
The CFPBâs enforcement work in 2023 and what lies ahead
January 29, 2024 / Source: CFPB
The CFPB safeguards household financial stability by ensuring that consumer financial markets are fair, transparent, and competitive. Our enforcement authority is among the CFPBâs most impactful toolsâreinforcing compliance with federal consumer financial laws and sending a clear message to entities within our authority and the public that the CFPB remains vigilant on behalf of consumers….
OCC Requests Comments on Proposed Rulemaking and Policy Statement on Bank Mergers
January 29, 2024 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today requested comment on a proposal to update its rules for business combinations involving national banks and federal savings associations. The proposal also includes a policy statement to clarify the OCCâs review of applications under the Bank Merger Act (BMA). The proposed rulemaking is part of…
Treasury Announces Marketable Borrowing Estimates
January 29, 2024 / Source: Treasury
Sources and Uses Table WASHINGTON — The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the January â March 2024 and April â June 2024 quarters. During the January â March 2024 quarter, Treasury expects to borrow $760 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $750…
OCC Promotes 2024 Earned Income Tax Credit Awareness Day
January 28, 2024 / Source: OCC
WASHINGTONâTo increase the awareness of eligible working families about the benefits of the Earned Income Tax Credit (EITC), the Office of the Comptroller of the Currency joins stakeholders across the country in promoting January 26 as EITC Awareness Day. The EITC is a refundable federal income tax credit for low- to moderate-income households. Changes in marital,…
CFPB Proposes Rule to Stop New Junk Fees on Bank Accounts
January 25, 2024 / Source: CFPB
Proposed rule would prohibit non-sufficient funds fees on transactions declined right at the swipe, tap, or click WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) proposed today to block banks and other financial institutions from one potential source of new junk fee revenue â fees on transactions declined right at the swipe, tap, or click….