Treasury Department Announces Framework to Promote Fairer, More Equitable Compliance Across Programs and Services
June 8, 2023 / Source: Treasury
Guidance a key step in ensuring accountability, transparency in compliance efforts as Department delivers services, payments, benefits WASHINGTON – Today, the U.S. Department of the Treasury announced a new effort to help ensure fairness and increase transparency in the Department’s compliance and enforcement practices. The framework, laid out in a memo authored by Deputy Secretary of…
Agencies propose interagency guidance on reconsiderations of value for residential real estate valuations
June 8, 2023 / Source: FRB
Board of Governors of the Federal Reserve System Consumer Financial Protection Bureau Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Five federal regulatory agencies today requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions. The proposed guidance advises on policies that financial…
Real Estate Appraisals: Notice and Request for Comment on Proposed Interagency Guidance on Reconsiderations of Value of Residential Real Estate
June 8, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, and National Credit Union Administration (collectively, the agencies) today published a request for comment on a proposed interagency guidance on reconsiderations of value (ROV). Comments must be received within…
Semi-Annual Report of the Consumer Financial Protection Bureau
June 8, 2023 / Source: CFPB
The Bureau of Consumer Financial Protection is pleased to present our Semi-Annual Report to Congress for the period beginning April 1, 2022 and ending September 30, 2022. Read the full report
Office of Research blog: Update on student loan borrowers as payment suspension set to expire
June 7, 2023 / Source: CFPB
The pause on federal student loan interest, payments, and collections is now scheduled to end 60 days after June 30th, which means borrowers will have to start making payments soon. In April 2022, we provided an overview of the credit health of student loan borrowers during the first two years of the payment pause. And in an update…
The CFPB has entered the chat
June 7, 2023 / Source: CFPB
Answering customers’ questions, and helping them resolve problems, is the bedrock of relationship banking. Many financial institutions are automating these interactions through chatbots. The role of customer service chatbots has grown as financial institutions are moving from simple, rule-based chatbots toward more sophisticated technologies, including those supported by large language models and those marketed as…
Racial Equity Benefits All Americans
June 7, 2023 / Source: Treasury
By: Deputy Secretary of the Treasury Wally Adeyemo This week, the Treasury Department will host the third meeting of the Treasury Advisory Committee on Racial Equity (TACRE). TACRE is comprised of 25 experts drawn from academia, business, nonprofits, philanthropy, and other fields who help the Treasury Department ensure we are thinking about how our policies…
CFPB Issue Spotlight Analyzes “Artificial Intelligence” Chatbots in Banking
June 6, 2023 / Source: CFPB
Poorly deployed chatbots can impede customers from resolving problems The Consumer Financial Protection Bureau (CFPB) today released a new issue spotlight on the expansive adoption and use of chatbots by financial institutions. Chatbots are intended to simulate human-like responses using computer programming and help institutions reduce the costs of customer service agents. These chatbots sometimes…
Agencies issue final guidance on third-party risk management
June 6, 2023 / Source: FRB
Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Federal bank regulatory agencies today issued final joint guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology companies. The final guidance describes principles and considerations for banking organizations’…
Treasury Sanctions Individuals Linked to CJNG’s Arms Trafficking, Fuel Theft, and Money Laundering
June 6, 2023 / Source: Treasury
WASHINGTON – Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two senior members of the Cartel de Jalisco Nueva Generacion (CJNG) engaged in trafficking high-caliber firearms from the United States and fuel theft in Mexico. Additionally, OFAC designated another individual and one Mexican entity that provide support to CJNG by…
Treasury Sanctions International Procurement Network Supporting Iran’s Missile and Military Programs
June 6, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned a network of seven individuals and six entities in Iran, the People’s Republic of China (PRC), and Hong Kong in connection with Iran’s ballistic missile program. This network has conducted financial transactions and facilitated procurement of sensitive and critical…
New lessons for elder justice networks
June 5, 2023 / Source: CFPB
Communities across the nation are working to prevent and respond to elder financial exploitation, which threatens the financial security of millions of older adults each year. The Consumer Financial Protection Bureau (CFPB) helps state and local organizations create and develop Elder Fraud Prevention and Response Networks, often working with partners to host in-person convenings of…
The U.S. Economic Recovery in International Context
June 5, 2023 / Source: Treasury
By: Assistant Secretary for Economic Policy Benjamin Harris and Deputy Assistant Secretary for Macroeconomic Policy Tara Sinclair OVERVIEW With the American Rescue Plan’s two-year anniversary now behind us, this blog post revisits the economic impact of pandemic response policies of the Biden Administration. The economic recovery from the pandemic in the United States has been…
Using Research to Ensure Equitable Receipt of Tax Credits
June 5, 2023 / Source: Treasury
By Assistant Secretary for Tax Policy Lily Batchelder and Deputy Assistant Secretary for Tax Analysis Greg Leiserson As we have written about often here, President Biden’s first executive order directed agencies to examine their policies and programs to identify whether and how they perpetuate barriers to equal opportunity. As part of this work, a team…
FDIC’s Office of the Ombudsman publishes 2022 Services and Activities Report
June 4, 2023 / Source: FDIC
Summary: The Federal Deposit Insurance Corporation’s (FDIC) Office of the Ombudsman today published a report highlighting its activities and the services provided to stakeholders during 2022. The role of FDIC Ombudsman was created by Congressional action in 1995 to provide an informal alternative to the regulatory appeals process. The Office of the Ombudsman operates independent…
Treasury Sanctions Iranian Company Aiding in Internet Censorship
June 4, 2023 / Source: Treasury
WASHINGTON —Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating the Iran-based technology company known as “Arvan Cloud,” two senior employees of Arvan Cloud, and an affiliated company based in the United Arab Emirates for their roles in facilitating the Iranian regime’s censorship of the Internet in Iran. Arvan…
Atlantic County Resident Admits Laundering Proceeds of COVID-19 Small Business Relief Program Fraud
June 4, 2023 / Source: FDIC OIG
CAMDEN, N.J. – An Atlantic County, New Jersey, man admitted laundering the proceeds of fraudulently obtained Paycheck Protection Program loans, U.S. Attorney Philip R. Sellinger announced today. Jeremy Earley, 41, of Egg Harbor Township, New Jersey, and Lilburn, Georgia, pleaded guilty on June 1, 2023, before U.S. District Judge Karen M. Williams in Camden federal…
Algorithms, artificial intelligence, and fairness in home appraisals
June 1, 2023 / Source: CFPB
Today, the CFPB is taking another step toward accountability for automated systems and models, sometimes marketed as artificial intelligence (AI). The CFPB is proposing a rule to make home appraisals computed by algorithms fairer and more accurate. This initiative is one of many steps we are taking to ensure that algorithms and AI are complying…
CFPB Finds that Billions of Dollars Stored on Popular Payment Apps May Lack Federal Insurance
June 1, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) published an issue spotlight on digital payment apps heavily used by consumers and businesses. The analysis finds that funds stored on these apps may not be safe in the event of financial distress, since the funds may not be held in accounts with federal deposit insurance coverage….
FDIC-Insured Institutions Reported Net Income of $79.8 Billion in First Quarter 2023
June 1, 2023 / Source: FDIC
For Release Net Income Increased From the Prior Quarter, Led By Higher Noninterest Income The Net Interest Margin Declined Quarter Over Quarter to 3.31 Percent Unrealized Losses on Securities Declined For a Second Consecutive Quarter Loan Balances Declined Modestly From Last Quarter, But Grew From a Year Ago Total Deposits Declined For a Fourth Consecutive…
Agencies Request Comment on Quality Control Standards for Automated Valuation Models Proposed Rule
June 1, 2023 / Source: FDIC
WASHINGTON, D.C. — Six federal regulatory agencies today requested public comment on a proposed rule designed to ensure the credibility and integrity of models used in real estate valuations. In particular, the proposed rule would implement quality control standards for automated valuation models (AVMs) used by mortgage originators and secondary market issuers in valuing real…
Federal Reserve Board announces consent order against Silvergate Capital Corporation and Silvergate Bank to facilitate the voluntary self-liquidation that Silvergate announced on March 8, 2023
June 1, 2023 / Source: FRB
The Federal Reserve Board on Thursday announced a consent order against Silvergate Capital Corporation and Silvergate Bank, both of La Jolla, California, to facilitate the voluntary self-liquidation that Silvergate announced on March 8, 2023. The Federal Reserve’s order ensures Silvergate will implement its previously announced plan for winding down the bank’s operations in a manner…
Financial Stability and the U.S. Economy Governor Philip N. Jefferson
May 31, 2023 / Source: FRB
Good afternoon, everyone. It is a pleasure to be here and share my perspective on some key challenges policymakers currently face. Before I begin, let me remind you that the views I will express today are my own and are not necessarily those of my colleagues in the Federal Reserve System. This conference is timely…
Governor Michelle W. Bowman At a Fed Listens Event on Transitioning to the Post-Pandemic Economy, Federal Reserve Bank of Boston, Boston, Massachusetts
May 31, 2023 / Source: FRB
It is very good to be here, and to be part of this Fed Listens event and discussion about the effects of the pandemic experience on the U.S. economy, highlighting challenges in the labor and housing markets. While there are many ways to think about the impact of these effects, I find it helpful to consider both…
Testimony of Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg Before the Committee on Banking, Housing and Urban Affairs Committee, U.S. Senate
May 31, 2023 / Source: Treasury
As Prepared for Delivery Chairman Brown, Ranking Member Scott, and Distinguished Members of the Committee: Thank you for the opportunity to testify today on “Countering China: Advancing U.S. National Security, Economic Security, and Foreign Policy.” I also want to thank the Committee for its work on addressing our relationship with the People’s Republic of China…