Treasury Releases 2023 DeFi Illicit Finance Risk Assessment
April 6, 2023 / Source: Treasury
WASHINGTON â Today the U.S. Department of the Treasury published the 2023 DeFi Illicit Finance Risk Assessment, the first illicit finance risk assessment conducted on decentralized finance (DeFi) in the world. The assessment considers risks associated with what are commonly called DeFi services. While there is currently no generally accepted definition of DeFi, the term…
Treasury, IRS Release Plan to Deliver Improved Service for Americans, Reduce Deficit by Hundreds of Billions
April 6, 2023 / Source: Treasury
WASHINGTON, D.C. â Today the U.S. Treasury Department and Internal Revenue Service (IRS) released the Strategic Operating Plan, a comprehensive roadmap to transform the IRS using Inflation Reduction Act resources. The Strategic Operating Plan shows how the IRS will use these long-term resources to provide taxpayers with world-class customer service and reduce the deficit by hundreds…
Treasury Sanctions Illicit Marketplace Genesis Market
April 5, 2023 / Source: Treasury
United States and international partners disrupt darknet marketplace selling stolen credentials to cybercriminals WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) took action to designate Genesis Market, one of the worldâs largest illicit marketplaces, for its part in the theft and sale of device credentials and related sensitive…
Treasury Sanctions Former President of Haitiâs Chamber of Deputies
April 5, 2023 / Source: Treasury
WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned the former President of the Haitian Chamber of Deputies Gary Bodeau (Bodeau), pursuant to Executive Order (E.O.) 13818, for his extensive involvement in corruption in Haiti. E.O. 13818 builds upon and implements the Global Magnitsky Human Rights Accountability Act and targets perpetrators…
FDIC Consumer Compliance Supervisory Highlights
April 5, 2023 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) issued the March 2023 edition of the Consumer Compliance Supervisory Highlights. The purpose of this publication is to enhance transparency regarding the FDICâs consumer compliance supervisory activities and to provide a highâlevel overview of consumer compliance issues identified in 2022 through the FDICâs supervision of state nonâmember banks…
FDIC Announces Retention of Financial Advisor to Assist with the Liquidation of Securities of the Former Signature Bank, New York, NY, and Silicon Valley Bank, Santa Clara, CA
April 5, 2023 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) as receiver of the former Signature Bank, New York, NY, and Silicon Valley Bank, Santa Clara, CA, will undertake a marketing process to sell the securities portfolios retained from the two receiverships. The face values of the two portfolios are approximately $27 billion and $87 billion, respectively….
Treasury Targets Two Politically Connected Brothers in Lebanon for Profiting from Public Corruption
April 4, 2023 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) designated two Lebanese brothers â Raymond Zina Rahme and Teddy Zina Rahme â who used their wealth, power, and influence to engage in corrupt practices that contribute to the breakdown of the rule of law in Lebanon, thereby undermining Lebanonâs democratic processes to the…
Former Start-Up CEO Charged In $175 Million Fraud
April 4, 2023 / Source: FDIC OIG
Tuesday, April 4, 2023 Former Start-Up CEO Charged In $175 Million Fraud Former CEO of Frank Charged with Making False Claims and Submitting False Data to J.P. Morgan Chase in $175 Million Acquisition Fraud Scheme Damian Williams, the United States Attorney for the Southern District of New York, and Patricia Tarasca, the Special Agent in…
FDIC Announces Upcoming Sale of the Loan Portfolio from the Former Signature Bank, New York, New York
April 3, 2023 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) today announced the framework of a marketing process for the approximately $60 billion loan portfolio retained in receivership following the failure of Signature Bank, New York, New York. The portfolio is comprised primarily of commercial real estate (CRE) loans, commercial loans and a smaller pool of singleâfamily residential…
CFPB Issues Guidance to Address Abusive Conduct in Consumer Financial Markets
April 3, 2023 / Source: CFPB
Policy statement details post-financial crisis prohibition on illegal abusive conduct WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) issued a policy statement that explains the legal prohibition on abusive conduct in consumer financial markets and summarizes over a decade of precedent. The CFPB leads enforcement and supervision efforts to identify and end abusive conduct…
FDIC Oversight of a Telecommunications Contract
April 3, 2023 / Source: FDIC OIG
The Office of Inspector General of the Federal Deposit Insurance Corporation (FDIC) has issued its report on FDIC Oversight of a Telecommunications Contract. The FDIC procures goods and services from contractors to support its mission. It needs a strong culture of compliance and internal controls related to acquisition and procurement. These internal controls must include comprehensive…
OCC Reports Mortgage Performance for Fourth Quarter of 2022
April 2, 2023 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) reported a slight decline in the performance of first-lien mortgages in the federal banking system during the fourth quarter of 2022 compared to the previous quarter. The OCC Mortgage Metrics Report, Fourth Quarter 2022 showed that 97.1 percent of mortgages included in the report were current and performing…
2022 Consumer Response annual report
April 2, 2023 / Source: CFPB
The Consumer Financial Protection Bureau began consumer response operations on July 21, 2011, and became the first federal agency solely focused on consumer financial protection. The Bureauâs Consumer Response team hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of financial institutions, and assists in addressing…
User testing for sample data collection form for the small business lending final rule
March 30, 2023 / Source: CFPB
On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) released a final rule to amend Regulation B to implement changes to the Equal Credit Opportunity Act made by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Consistent with section 1071, the CFPB is requiring covered financial institutions to collect and report to…
CFPB Finalizes Rule to Create a New Data Set on Small Business Lending in America
March 30, 2023 / Source: CFPB
Rule will fulfill congressional mandate and shine light on key engine of American economy WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) has finalized a rule required by Congress to increase transparency in small business lending, promote economic development, and combat unlawful discrimination. Lenders will collect and report information about the small business credit applications…
Supplemental estimation methodology for institutional coverage and market-level cost estimates in the small business lending rulemaking
March 30, 2023 / Source: CFPB
On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) released a final rule to amend Regulation B to implement changes to the Equal Credit Opportunity Act made by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Consistent with section 1071, the CFPB is requiring covered financial institutions to collect and report data…
Acting Comptroller Emphasizes Focus on Safe and Sound Banking System, Discusses Elevating Fairness in Banking
March 30, 2023 / Source: OCC
WASHINGTONâActing Comptroller of the Currency Michael J. Hsu today emphasized the Office of the Comptroller of the Currencyâs (OCC) continued focus on the safety, soundness and fairness of the federal banking system and its work to elevate fairness in banking in remarks at the National Community Reinvestment Coalitionâs Just Economy Conference. In his remarks, the…
OCC Establishes Office of Financial Technology
March 30, 2023 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today announced the establishment of its Office of Financial Technology and the selection of Prashant Bhardwaj to lead the office as Deputy Comptroller and Chief Financial Technology Officer, effective April 10, 2023. In October 2022, the OCC announced that it would expand upon its Office of Innovation and…
FinCEN Analysis of Business Email Compromise in the Real Estate Sector Reveals Threat Patterns and Trends
March 30, 2023 / Source: FinCEN
Immediate Release March 30, 2023 WASHINGTONâThe Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis on patterns and trends identified in Bank Secrecy Act (BSA) data relating to business email compromise (BEC) in the real estate sector in 2020 and 2021. The report contains relevant information for the public, particularly individual homebuyers and the multiple entities…
Speech – At the National Community Reinvestment Coalition Just Economy Conference, Washington, D.C.
March 29, 2023 / Source: FRB
Speech March 29, 2023 Brief Remarks Vice Chair for Supervision Michael S. Barr At the National Community Reinvestment Coalition Just Economy Conference, Washington, D.C. Good morning. Thank you to the National Community Reinvestment Coalition (NCRC) for the invitation to speak with you today. I regret that I cannot be there in person, but I can…
Treasury Department Announces New Yorkâs Capital Projects Fund Award, Connecting 100,000 Low-Income Housing Units to Affordable, High-Speed Internet
March 29, 2023 / Source: Treasury
Combined with other Administration initiatives, President Bidenâs Investing in America agenda has brought affordable internet to over 16 million American households WASHINGTON â Today, the U.S. Department of the Treasury announced the approval of high-speed internet projects in New York under the American Rescue Planâs Capital Projects Fund, part of President Bidenâs Investing in America agenda. The…
CFPB Issues Determination that State Disclosure Laws on Business Lending are Consistent with the Truth in Lending Act
March 28, 2023 / Source: CFPB
New York law â as well as similar laws in California, Utah, and Virginia â are not preempted by federal law WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) announced it has determined that state disclosure laws covering lending to businesses in California, New York, Utah, and Virginia are not preempted by the federal…
Treasury Sanctions Syrian Regime and Lebanese Actors Involved in Illicit Drug Production and Trafficking
March 28, 2023 / Source: Treasury
Action taken in Coordination with the United Kingdom WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) took action in coordination with counterparts in the United Kingdom to designate key individuals supporting the regime of Syrian President Bashar al-Assad (al-Assad) and the production or export of Captagon, a dangerous…
FirstâCitizens Bank & Trust Company, Raleigh, NC, to Assume All Deposits and Loans of Silicon Valley Bridge Bank, N.A., From the FDIC
March 27, 2023 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association, by FirstâCitizens Bank & Trust Company, Raleigh, North Carolina. The 17 former branches of Silicon Valley Bridge Bank, National Association, will open as FirstâCitizens Bank & Trust Company…
FDIC Demands Utoppia Inc. and Its Officers Cease Making False or Misleading Representations about Deposit Insurance in English and Spanish
March 27, 2023 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) issued a letter demanding Utoppia Inc. (Utoppia) and certain of its officers cease and desist from making false and misleading statements about FDIC deposit insurance and take immediate corrective action to address these false or misleading statements. Based upon evidence collected by the FDIC, Utoppia and/or its…