Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Penalties; Correction

February 3, 2023 / Source: FinCEN

Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Penalties; Correction Release Date February 03, 2023 Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Pe… Action Type Notice of Corrections

Statement by Secretary of the Treasury Janet L. Yellen on the Announcement on the Price Caps for Seaborne Russian-Origin Petroleum Products

February 3, 2023 / Source: Treasury

WASHINGTON – Secretary of the Treasury Janet L. Yellen released the following statement following the announcement by the price cap coalition to set price caps on the price of seaborne Russian refined oil products. “I applaud the G7 price cap coalition for jointly setting caps on the price of seaborne Russian refined oil products. Today’s…

Treasury Sanctions Board of Directors of Iranian UAV Manufacturer

February 3, 2023 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating eight senior executives of Paravar Pars Company (Paravar Pars), an Iran-based firm that was previously sanctioned by the United States and European Union for manufacturing Shahed-series unmanned aerial vehicles (UAVs) for Iran’s Islamic Revolutionary Guard Corps Aerospace Force…

Treasury Updates Vehicle Classification Standard for Clean Vehicle Tax Credits Under Inflation Reduction Act

February 3, 2023 / Source: Treasury

WASHINGTON—Today, the U.S. Treasury Department updated the vehicle classification standard used to determine the applicable Manufacturer Suggested Retail Price (MSRP) limitation for clean vehicle tax credits available under the Inflation Reduction Act. On December 29, 2022, Treasury published a notice of intent to propose regulations containing information for consumers and manufacturers in advance of the January 1,…

Treasury Targets Global Sanctions Evasion Network Supporting Russia’s Military-Industrial Complex

February 2, 2023 / Source: Treasury

WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed full blocking sanctions against 22 individuals and entities across multiple countries related to a sanctions evasion network supporting Russia’s military-industrial complex. Today’s action, taken pursuant to Executive Order (E.O.) 14024, are part of the U.S. strategy to methodically and…

Treasury Welcomes Clear Guidance on Pillar Two Global Minimum Tax, Tax Credit Protections

February 2, 2023 / Source: Treasury

Guidance Adopted by Consensus of the 142 Countries and Jurisdictions in the OECD/G20 Inclusive Framework Delivers Greater Certainty for U.S. Taxpayers and Protects Key Climate Incentives WASHINGTON – Today, the OECD/G20 Inclusive Framework released a package of technical and administrative guidance that achieves clarity on the global minimum tax on multinational corporations known as Pillar…

Director Chopra’s Remarks on Press Call for Credit Card Late Fees NPRM

February 1, 2023 / Source: CFPB

Good afternoon. The Consumer Financial Protection Bureau is proposing a rule that we project will reduce credit card late fees paid by Americans by $9 billion each year. Our goal is to ensure that the credit card market is fair and competitive and that the credit card industry is properly following a 2009 law passed…

CFPB Proposes Rule to Rein in Excessive Credit Card Late Fees

February 1, 2023 / Source: CFPB

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule to curb excessive credit card late fees that cost American families about $12 billion each year. Major credit card issuers continue to profit off late fees that are protected by an expansive immunity provision. Credit card companies have also relied on this provision…

Home Mortgage Disclosure Act: Loan Origination Threshold Changes

February 1, 2023 / Source: OCC

Summary The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to inform banks1 and OCC examining personnel that the loan origination threshold for reporting Home Mortgage Disclosure Act (HMDA) data on closed-end mortgage loans has changed. Due to a recent court decision, the threshold for reporting is now 25 closed-end mortgage loans…

Federal Open Market Committee reaffirms its “Statement on Longer-Run Goals and Monetary Policy Strategy”

February 1, 2023 / 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, and 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…

Federal Reserve issues FOMC statement

February 1, 2023 / Source: FRB

Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation has eased somewhat but remains elevated. Russia’s war against Ukraine is causing tremendous human and economic hardship and is contributing to elevated global uncertainty. The Committee is highly attentive…

Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee

February 1, 2023 / Source: Treasury

January 31, 2023 Letter to the Secretary Dear Madam Secretary: GDP rose at a 2.9% annualized rate in the fourth quarter of 2022, reflecting a softer 0.8% growth rate of final sales to domestic purchasers, but a large 1.5pp boost from inventory accumulation.  Consumption grew at a 2.1% rate, residential investment declined at a 26.7%…

Quarterly Refunding Statement of Assistant Secretary for Financial Markets Josh Frost

February 1, 2023 / Source: Treasury

WASHINGTON — The U.S. Department of the Treasury is offering $96 billion of Treasury securities to refund approximately $67.1 billion of privately-held Treasury notes and bonds maturing on February 15, 2023.  This issuance will raise new cash from private investors of approximately $28.9 billion.  The securities are: A 3-year note in the amount of $40…

Implementation of the FDIC’s Information Technology Risk Examination Program

February 1, 2023 / Source: OIG FDIC

February 1, 2023 The Office of Inspector General of the Federal Deposit Insurance Corporation has issued its report on Implementation of the FDIC’s Information Technology Risk Examination Program – otherwise known as InTREx. Cyber risks present some of the greatest systemic threats facing the financial services sector – both domestically in the United States, and globally.  The…

North-Central Florida Blimp Company Executive Sentenced To Over Five Years In Federal Prison For COVID-19 Relief Fraud

January 31, 2023 / Source: OIG FDIC

North-Central Florida Blimp Company Executive Sentenced To Over Five Years In Federal Prison For COVID-19 Relief Fraud GAINESVILLE, FLORIDA – Patrick Parker Walsh, 42, Williston, Florida, was sentenced today, after previously pleading guilty to one count of wire fraud and one count of money laundering in connection to COVID-19 pandemic relief. Walsh was sentenced to 66…

Treasury Sanctions Officials and Military-Affiliated Cronies in Burma Two Years after Military Coup

January 31, 2023 / Source: Treasury

WASHINGTON – Today, on the day before the two-year anniversary of the brutal military coup d’état that deposed Burma’s democratically elected government, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating six individuals and three entities connected to Burma’s military regime pursuant to Executive Order (E.O.) 14014. This action will…

Treasury Sanctions Three Fentanyl Traffickers Contributing to the U.S. Opioid Crisis

January 30, 2023 / Source: Treasury

WASHINGTON – Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated the leader of a Mexico-based network and two associates pursuant to Executive Order (E.O.) 14059 for procuring precursor chemicals to manufacture and traffic illicit fentanyl and other synthetic drugs to the United States. Today’s action is the result of ongoing…

Economy Statement by Benjamin Harris, Assistant Secretary for Economy Policy, for the Treasury Borrowing Advisory Committee

January 30, 2023 / Source: Treasury

INTRODUCTION Despite global and pandemic-related economic headwinds, the U.S. economy proved its resilience in the fourth quarter of 2022 with real gross domestic product (GDP) growing at a healthy 2.9 percent annualized rate.  Labor markets remained tight: employers added an average of 247,000 payroll jobs each month—a pace well-above that needed to maintain a stable…

Treasury Announces Marketable Borrowing Estimates

January 30, 2023 / 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 – March 2023 and April – June 2023 quarters.[2]  During the January – March 2023 quarter, Treasury expects to borrow $932 billion in privately-held net marketable debt, assuming an end-of-March cash balance…

FDIC Announces 45-Day Extension of Comment Period for Proposed Changes to its Regulation Regarding the FDIC Official Sign, Advertising Statement, and Misrepresentations of Deposit Insurance

January 30, 2023 / Source: FDIC

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced a 45-day extension to the public comment period for proposed changes to its regulations relating to the FDIC’s official sign, the FDIC’s official advertising statement, misrepresentations of deposit insurance coverage, and misuse of the FDIC’s name or logo. Comments must be received by the FDIC…

OCC Promotes Earned Income Tax Credit Awareness Day

January 27, 2023 / Source: OCC

WASHINGTON—To make more eligible working families aware of the benefits of the Earned Income Tax Credit (EITC), the Office of the Comptroller of the Currency is promoting EITC Awareness Day on January 27. The EITC is a refundable federal income tax credit for low- to moderate-income households. “The Earned Income Tax Credit is a valuable program that…

Federal Reserve Board issues policy statement to promote a level playing field for all banks with a federal supervisor, regardless of deposit insurance status

January 27, 2023 / Source: FRB

The Federal Reserve Board on Friday issued a policy statement to promote a level playing field for all banks with a federal supervisor, regardless of deposit insurance status. The statement makes clear that uninsured and insured banks supervised by the Board will be subject to the same limitations on activities, including novel banking activities, such…

Treasury Sanctions Paraguay’s Former President and Current Vice President for Corruption

January 26, 2023 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Horacio Manuel Cartes Jara (Cartes), the former President of Paraguay, and Hugo Adalberto Velazquez Moreno (Velazquez), the current Vice President, for their involvement in the rampant corruption that undermines democratic institutions in Paraguay. OFAC is also designating Tabacos USA Inc., Bebidas USA Inc.,…

Treasury Sanctions Russian Proxy Wagner Group as a Transnational Criminal Organization

January 26, 2023 / Source: Treasury

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is taking additional actions to degrade the Russian Federation’s capacity to wage war against Ukraine by sanctioning eight individuals and 16 entities, and four aircraft.  Today’s action, concurrent with additional sanctions actions by the Department of State, targets the infrastructure that supports…

Secretary of the Treasury Janet L. Yellen Announces U.S.-South Africa Task Force to Combat the Financing of Wildlife Trafficking

January 26, 2023 / Source: Treasury

PRETORIA – As part of her meeting with South African officials, Secretary of the Treasury Janet L. Yellen announced a commitment between the U.S. Department of the Treasury and South Africa’s National Treasury to form a United States – South Africa Task Force on Combating the Financing of Wildlife Trafficking. The Task Force will work…