Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Penalties
January 25, 2024 / Source: FinCEN
Release Date January 25, 2024 Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Pe… Action Type Final Rule
U.S. and UK Target Houthi Military Officials for Supporting Acts of Terrorism
January 25, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on key officials of the forces of Ansarallah, commonly known as the Houthis, for their support to acts of terrorism targeting commercial shipping. Today’s action targets four individuals who have supported the Houthis’ recent attacks against commercial vessels in…
FACT SHEET: IRS Launches Simple Notice Initiative
January 23, 2024 / Source: Treasury
Around 170 million notices sent to individual taxpayers annually The IRS sends around 170 million notices to individual taxpayers every year to help them claim the credits and deductions they are eligible for and meet their tax obligations. These notices are often long—with extraneous inserts—and difficult for taxpayers to understand. They are filled with complex…
United States, Australia, and the United Kingdom Sanction Russian Cyber Actor Responsible for the Medibank Hack
January 23, 2024 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC), in coordination with Australia and the United Kingdom, designated Alexander Ermakov (Ermakov), a cyber actor who played a pivotal in the 2022 ransomware attack against Medibank Private Limited, an Australian healthcare insurer. “Russian cyber actors continue to wage disruptive ransomware attacks…
Treasury Targets Kata’ib Hizballah Leaders and Airline Enabling IRGC-QF and Militant Proxy Groups
January 22, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Iraqi airline Fly Baghdad and its CEO for providing assistance to the Islamic Revolutionary Guard Corps–Qods Force (IRGC-QF) and its proxy groups in Iraq, Syria, and Lebanon. OFAC is also designating three leaders and supporters of one of the…
U.S., UK, and Australia Target Additional Hamas Financial Networks and Facilitators of Virtual Currency Transfers
January 22, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed a fifth round of sanctions on Hamas since the October 7 terrorist attack on Israel. Today’s action targets networks of Hamas-affiliated financial exchanges in Gaza, their owners, and associates, and particularly financial facilitators that have played key roles in funds…
Federal Reserve Board announces it will extend the comment period on its interchange fee proposal until May 12, 2024 and published additional related data
January 22, 2024 / Source: FRB
The Board on Monday announced that it will extend until May 12, 2024, the comment period on its interchange fee proposal. The Board extended the comment period to allow the public more time to analyze the proposal and prepare their comments. Comments on the proposal were originally due by February 12, 2024. Separately, the Board…
FDIC Demands Five Entities Cease Making False or Misleading Representations about Deposit Insurance
January 21, 2024 / Source: FDIC
WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today issued letters demanding five entities and certain associated parties cease and desist from making false and misleading statements about FDIC deposit insurance. The FDIC is demanding that Atmos Financial, PBC (Atmos); BybitcoinEx, Inc. (BybitcoinEx); ORGANO Payments, Inc. and its subsidiary OGPay (OGPay); Horizon Globex GmbH (Horizon),…
U.S. Department of the Treasury, IRS Release Guidance to Build out U.S. Clean Vehicle Charging Infrastructure
January 21, 2024 / Source: Treasury
WASHINGTON – Today the U.S. Department of the Treasury and Internal Revenue Service (IRS) released additional guidance under President Biden’s Inflation Reduction Act (IRA) to lower Americans’ energy bills by providing clarity on eligibility for incentives to install electric vehicle charging stations and other alternative fuel refueling stations. The Department of Energy is also releasing a mapping tool…
Federal Reserve Board issues enforcement action and fines the Industrial and Commercial Bank of China Ltd. and its New York branch approximately $2.4 million for their unauthorized use and disclosure of confidential supervisory information
January 21, 2024 / Source: FRB
The Federal Reserve Board on Friday issued an enforcement action and fined the Industrial and Commercial Bank of China Ltd. and its New York branch approximately $2.4 million for their unauthorized use and disclosure of confidential supervisory information. Confidential supervisory information includes reports of bank examinations and other confidential communications by banking regulators. It is…
CFPB and Seven State Attorneys General Sue Debt-Relief Enterprise, Strategic Financial Solutions, for Illegally Swindling More Than $100 Million from Financially Struggling Families
January 21, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and seven state attorneys general sued Strategic Financial Solutions (SFS) and its web of shell companies for running an illegal debt-relief enterprise. The CFPB and state attorneys general also sued the chief architects of the illegal enterprise, Ryan Sasson and Jason Blust. The CFPB and attorneys general…
Acting Comptroller Discusses Bank Liquidity Risk
January 18, 2024 / Source: OCC
WASHINGTON — Acting Comptroller of the Currency Michael J. Hsu today issued remarks on bank liquidity risk at Columbia University Law School in New York. In his remarks, Mr. Hsu discussed the characteristics of recent bank runs and lessons learned from recent bank failures. He also discussed a targeted regulatory approach to better classify higher…
Treasury Targets Price Cap Violation-Linked Shipping Company
January 18, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is taking its first oil price cap enforcement action of 2024, targeting a shipping company linked to a price cap violation. “Today’s actions once again demonstrate that anyone who violates the price cap will face the consequences,” said Deputy Secretary of the…
U.S. Department of the Treasury, IRS Announce Major Milestone in Implementation of Key Provisions to Expand the Reach of Clean Energy Tax Credits
January 18, 2024 / Source: Treasury
More than 1000 Projects Registered for New Direct Pay and Transferability Credit Monetization Provisions WASHINGTON – Today the U.S. Department of the Treasury and Internal Revenue Service (IRS) announced reaching a major milestone in implementation of key provisions in the Inflation Reduction Act to expand the reach of the clean energy tax credits and help build…
CFPB Proposes Rule to Close Bank Overdraft Loophole that Costs Americans Billions Each Year in Junk Fees
January 17, 2024 / Source: CFPB
Rule would require nation’s largest banks to apply longstanding consumer protections, including interest rate disclosures, to overdraft loans WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today proposed a rule to rein in excessive overdraft fees charged by the nation’s biggest financial institutions. The proposal would close an outdated loophole that exempts overdraft lending services from longstanding…
Securities Operations: Shortening the Standard Settlement Cycle
January 17, 2024 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to highlight actions that banks1 should take to prepare for a change in the standard securities settlement cycle for most U.S. securities transactions. The compliance date for this change is May 28, 2024. Rescissions This bulletin replaces and rescinds OCC Bulletin 2017-22,…
Agencies Extend Resolution Plan Submission Deadline For Some Large Financial Institutions
January 17, 2024 / Source: FDIC
For release at 12:00 p.m. EST The Federal Reserve Board and the Federal Deposit Insurance Corporation on Wednesday announced that they are extending the resolution plan submission deadline for certain large financial institutions. These companies will be required to submit their resolution plans by March 31, 2025, instead of July 1, 2024. By law, certain…
Beware of new CFPB imposter scams
January 16, 2024 / Source: CFPB
This week, we confirmed that scammers are using CFPB employees’ names to try to defraud members of the public. We’ve heard from people, specifically older adults, who received phone or video calls. We can’t say it enough – the CFPB will NEVER contact you and ask you for sensitive information or to pay money. This includes…
Update on Treasury’s Approach to Equitable Community Finance
January 16, 2024 / Source: Treasury
January 16, 2024 Graham Steele, Assistant Secretary for Financial Institutions Over the past few years, the field of community finance has been transformed both by the historic scale of federal investments and policies focused on supporting equitable economic growth. During the Biden-Harris Administration, the Treasury Department has focused on unlocking the economic potential of financially…
Consolidated Reports of Condition and Income for Fourth Quarter 2023
January 16, 2024 / Source: FDIC
Summary: The attached materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the December 31, 2023, 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…
FACT SHEET: IRS Ramps Up New Initiatives Using Inflation Reduction Act Funding to Ensure Complex Partnerships, Large Corporations Pay Taxes Owed, Continues to Close Millionaire Tax Debt Cases
January 15, 2024 / Source: Treasury
More than half a billion dollars recovered from millionaires who have not paid taxes WASHINGTON – The Internal Revenue Service (IRS) has made continued progress in expanding enforcement efforts related to high-income individuals, large corporations, and complex partnerships as part of wider efforts to transform the agency using Inflation Reduction Act (IRA) resources. In addition…
Federal Reserve Board announces preliminary financial information for the Federal Reserve Banks’ income and expenses in 2023
January 15, 2024 / Source: FRB
The Federal Reserve Board on Friday released preliminary financial information for the Federal Reserve Banks’ income and expenses in 2023. The 2023 audited Reserve Bank financial statements are expected to be published in coming months and may include adjustments to these preliminary unaudited results. Information related to the 2023 preliminary financial results for the Reserve…
Paycheck Protection Program Frequently Asked Questions (FAQs)
January 15, 2024 / Source: FinCEN
Paycheck_Protection_Program_FAQs_Jan2024_508.pdf Immediate Release January 12, 2024
CFPB Addresses Inaccurate Background Check Reports and Sloppy Credit File Sharing Practices
January 11, 2024 / Source: CFPB
False, incomplete, and old information must not appear in background check reports, and a person’s complete consumer file must be provided to them upon request WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance to consumer reporting companies to address inaccurate background check reports, as well as sloppy credit file sharing practices. The…
UBPR Balance Sheet Dollar Page Changes
January 11, 2024 / Source: FFIEC
The Federal Financial Institutions Examination Council’s member agencies are making changes to the Uniform Bank Performance Report’s Balance Sheet dollar page on or shortly after January 15, 2024. These changes, being led by the Task Force on Surveillance Systems, are part of a previously announced ongoing multiyear review of Uniform Bank Performance Report content. More…