Remarks by Assistant Secretary for Financial Institutions Graham Steele on Community Finance Policy and Building a More Equitable Economy at Inclusivâs 2023 Conference
May 7, 2023 / Source: Treasury
MEMPHIS, TN â Today, Assistant Secretary for Financial Institutions Graham Steele delivered remarks at Inclusivâs 2023 Conference in Memphis, Tennessee on the Treasury Departmentâs approach to community finance policy and efforts to build a more equitable economy. As Prepared for Delivery Good afternoon. Itâs a pleasure to be here and I want to thank Inclusiv…
Medical Credit Cards and Financing Plans
May 4, 2023 / Source: CFPB
Financial institutions and fintech companies are generating a growing number of financing mechanisms for families and individuals struggling to pay their out-of-pocket health care expenses. This report focuses on some of these alternative financing products, including medical credit cards and installment loans, that were once used primarily for elective care but now cover everything from…
CFPB Report Highlights Costly Credit Cards and Loans Pushed on Patients
May 4, 2023 / Source: CFPB
Financial companies work with healthcare providers to sign patients up for specialty credit cards and other targeted financing products WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) published a report on high-cost specialty financial products, such as medical credit cards, that are sold to patients as a way to alleviate the growing costs of…
Federal Reserve issues FOMC statement May 2023
May 3, 2023 / Source: FRB
Economic activity expanded at a modest pace in the first quarter. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The…
Minutes of the Meeting of the Treasury Borrowing Advisory Committee May 2, 2023
May 3, 2023 / Source: Treasury
The Committee convened in a closed session at the Department of the Treasury at 9:15 a.m. All members were present. Under Secretary for Domestic Finance Nellie Liang, Fiscal Assistant Secretary Dave Lebryk, Assistant Secretary for Financial Markets Josh Frost, Deputy Assistant Secretary for Federal Finance Brian Smith, and Director of the Office of Debt Management…
Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee
May 3, 2023 / Source: Treasury
May 2, 2023 Letter to the Secretary Dear Madam Secretary: Since the last TBAC meeting, markets have focused on the outlook for US economic growth, inflation, and Fed policy. In March, emergent risks to financial stability increased market attention on downside risks to economic activity and Fed policy rates, provoking extraordinary volatility in short-term Treasury…
Quarterly Refunding Statement of Assistant Secretary for Financial Markets Josh Frost
May 3, 2023 / Source: Treasury
WASHINGTON â The U.S. Department of the Treasury is offering $96 billion of Treasury securities to refund approximately $75.2 billion of privately-held Treasury notes maturing on May 15, 2023. This issuance will raise new cash from private investors of approximately $20.8 billion. The securities are:  A 3-year note in the amount of $40 billion, maturing…
Treasury Designates Terrorist Financing Facilitators Jointly With TĂźrkiye
May 2, 2023 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC), in a joint action with authorities in the Republic of TĂźrkiye, designated two financial facilitators of Syria-based terrorist groups Hayâat Tahrir al-Sham (HTS) and Katibat al-Tawhid wal-Jihad (KTJ), both of which are sanctioned by the United States and the United…
Statement by Ambassador Chantale Wong, U.S. Executive Director to the Asian Development Bank, on the Launch of the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP)
May 2, 2023 / Source: Treasury
As an ADB shareholder, the United States welcomes the establishment of the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP), a strong signal of the Asian Development Bank (ADB)âs ambition to support sustainable infrastructure, diversify energy systems, boost investment in adaptation, and strengthen resilience in the Asia-Pacific region. IF-CAP will complement G7…
CFPB Proposes New Consumer Protections for Homeowners Seeking Clean Energy Financing
May 1, 2023 / Source: CFPB
WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) proposed a rule to implement a Congressional mandate to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans. PACE loans, secured by a property tax lien on the borrowerâs home, are often promoted as a way to finance clean energy improvements such as solar panels….
FDIC Releases Comprehensive Overview of Deposit Insurance System, Including Options for Deposit Insurance Reform
May 1, 2023 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) today released a comprehensive overview of the deposit insurance system and options for reform to address financial stability concerns stemming from recent bank failures. The report, Options for Deposit Insurance Reform, examines the role of deposit insurance in promoting financial stability and preventing bank runs, as well as…
JPMorgan Chase Bank, National Association, Columbus, Ohio Assumes All the Deposits of First Republic Bank, San Francisco, California
May 1, 2023 / Source: FDIC
WASHINGTON â First Republic Bank, San Francisco, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of…
Treasury Announces Marketable Borrowing Estimates
May 1, 2023 / Source: Treasury
Sources and Uses Table WASHINGTONÂ — The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1]Â for the April â June 2023 and July â September 2023 quarters. During the April â June 2023 quarter, Treasury expects to borrow $726 billion in privately-held net marketable debt, assuming an end-of-June cash balance…
Economy Statement by Eric Van Nostrand, Acting Assistant Secretary for Economic Policy, for the Treasury Borrowing Advisory Committee May 1, 2023
May 1, 2023 / Source: Treasury
INTRODUCTION The American economy showed continued resilience in the first quarter of 2023. Real GDP rose 1.1 percent at an annual rate while employers added 345,000 payroll jobs per month.  Amid the strong job growth and persistently low unemployment rates, there were also signs that labor supply grew to match demand. The overall labor force…
Adjustable-rate loans are changing, because a widely-used interest rate index expires in June
April 30, 2023 / Source: CFPB
LIBOR is the name for an index of interest rates used in loans across the country and across the globe. LIBOR expires on June 30, 2023, as part of a transition that has been planned for several years. Adjustable-rate loans based on LIBOR must change to a replacement index. The transition affects adjustable-rate mortgages, home…
CFPB Issues Rule to Facilitate Orderly Wind Down of LIBOR
April 30, 2023 / Source: CFPB
Interim final rule contains updates to reflect a new law and Federal Reserve Board regulation WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule amending the agencyâs 2021 LIBOR transition rule. The interim final rule contains updates to reflect the subsequent enactment of the Adjustable Interest Rate (LIBOR) Act and…
Federal Reserve Board announces the results from the review of the supervision and regulation of Silicon Valley Bank, led by Vice Chair for Supervision Barr
April 30, 2023 / Source: FRB
The Federal Reserve Board on Friday announced the results from the review of the supervision and regulation of Silicon Valley Bank, led by Vice Chair for Supervision Michael S. Barr. The review finds four key takeaways on the causes of the bank’s failure: Silicon Valley Bank’s board of directors and management failed to manage their…
Report on Foreign Portfolio Holdings of U.S. Securities at End-June 2022
April 30, 2023 / Source: Treasury
Washington – The final results from the annual survey of foreign portfolio holdings of U.S. securities at the end of June 2022 were released today on the Treasury website at https://home.treasury.gov/data/treasury-international-capital-tic-system/us-liabilities-to-foreigners-from-holdings-of-us-securities. The survey was undertaken jointly by Treasury, the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve System. The…
Credit reporting companies should do more to ensure that servicemembers receive the free credit monitoring services they are legally entitled to
April 27, 2023 / Source: CFPB
The unique demands and challenges of serving in the military â including permanent change of duty stations and multiple deployments â can make it difficult for servicemembers to review their credit reports, identify suspicious accounts, and dispute inaccuracies. Unsurprisingly, servicemembers report  more cases of identity theft than other adults. The law requires credit reporting companies to offer…
Securities Transaction Settlement Cycle
April 27, 2023 / Source: FDIC
Summary: FDIC regulations at 12 CFR 344.7 require FDICâsupervised institutions to settle most securities transactions within the number of business days in the âstandard settlement cycle followed by registered broker dealers in the United Statesâ unless otherwise agreed to by the parties at the time of the transaction. The regulation specifies that FDIâinstitutions must determine…
Statement of FinCEN Acting Director Himamauli Das before the House Committee on Financial Services
April 27, 2023 / Source: FinCEN
April 27, 2023 Prepared remarks of FinCEN Acting Director Himamauli Das before the U.S. House Committee on Financial Services HHRG-118-HFSC-DasH-20230427.pdf305.8 KB
READOUT: Treasury Department Convenes Roundtable Discussion on Inflation Reduction Act Incentives for Underserved Communities
April 27, 2023 / Source: Treasury
WASHINGTON, D.C. â Today, Deputy Secretary of the Treasury Wally Adeyemo led the next in a series of roundtable discussions with nearly 40 small climate businesses and nonprofit developers in the clean energy industry on how the Low-Income Communities Bonus Credit Program will incentivize investment in underserved communities, and ensure all Americans benefit from the…
Treasury Sanctions Officials of Iranian Intelligence Agency Responsible for Detention of U.S. Nationals in Iran
April 27, 2023 / Source: Treasury
State Department is concurrently designating Russian and Iranian entities for wrongful detention of U.S. nationals WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned four senior officials of Iranâs Islamic Revolutionary Guard Corps Intelligence Organization (IRGC-IO), an entity that is being concurrently designated by the State Department for…
CFPB Issues Guidance to Protect Homeowners from Illegal Collection Tactics on Zombie Mortgages
April 26, 2023 / Source: CFPB
It is illegal for debt collectors to sue or threaten to sue to collect debts past the statute of limitations WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) issued guidance on debt collectors, covered by the Fair Debt Collection Practices Act, threatening to foreclose on homes with mortgages past the statute of limitations. The…
Consumer Credit and the Removal of Medical Collections from Credit Reports
April 26, 2023 / Source: CFPB
The three nationwide consumer reporting companies announced the removal of medical collections under $500 from consumer credit reports on April 11, 2023. We estimate that this reporting change removed at least one medical collection from the credit reports of 22.8 million people and removed all medical collections from the credit reports of approximately 15.6 million…