Joint 10-Year Plans for the U.S. Strategy to Prevent Conflict and Promote Stability
March 27, 2023 / Source: Treasury
The following is being released jointly by the U.S. Department of State, the U.S. Department of the Treasury, the U.S. Department of Defense, and the U.S. Agency for International Development (USAID). On Friday, President Biden announced 10-year plans for implementing the U.S. Strategy to Prevent Conflict and Promote Stability in partnership with Haiti, Libya, Mozambique,…
FinCEN Issues Initial Beneficial Ownership Information Reporting Guidance
March 26, 2023 / Source: FinCEN
WASHINGTONâToday, the Financial Crimes Enforcement Network (FinCEN) published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial ownership information (BOI) reporting requirements taking effect on January 1, 2024. The new regulations require many corporations, limited liability companies, and other entities created in or…
Federal Reserve Board releases annual audited financial statements
March 26, 2023 / Source: FRB
The Federal Reserve Board on Friday released the 2022 combined annual audited financial statements for the Reserve Banks. An independent public accounting firm engaged by the Board issued unqualified opinions, asserting that its audit found the financial statements for the Board and the Reserve Banks to be free of material misstatements in accordance with the…
Tell us your experiences with data brokers
March 26, 2023 / Source: CFPB
We often donât get to choose the companies that control our most personal and sensitive information. Data brokers is a term to describe those companies that collect, aggregate, sell, resell, license, or share our personal information with others. Data brokers play a decisive role in our financial lives, impacting whether weâre able to buy a…
Former Warren County Businessman Sentenced to Three Years in Prison for Fraudulently Obtaining $1.8 Million in COVID-19 Loans Meant for Small Businesses
March 23, 2023 / Source: FDIC OIG
NEWARK, N.J. â A Warren County, New Jersey, businessman was sentenced today to 36 months in prison for fraudulently obtaining nearly $1.8 million in federal Paycheck Protection Program (PPP) loans, U.S. Attorney Philip R. Sellinger and Assistant Attorney General Kenneth A. Polite, Jr., of the Justice Departmentâs Criminal Division announced. Rocco A. Malanga, 39, formerly…
CFPB Orders Repeat Offender Portfolio Recovery Associates to Pay More Than $24 Million for Continued Illegal Debt Collection Practices and Consumer Reporting Violations
March 23, 2023 / Source: CFPB
WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) took action today against Portfolio Recovery Associates, one of the largest debt collectors in the nation, for violating a 2015 CFPB order and engaging in other violations of law. The CFPB filed a proposed order today that, if entered by the court, would require Portfolio Recovery Associates…
Former Florida State Representative Pleads Guilty To Wire Fraud, Money Laundering, And Making False Statements In Connection With Covid-19 Relief Fraud
March 22, 2023 / Source: FDIC OIG
FOR IMMEDIATE RELEASE Tuesday, March 21, 2023 Former Florida State Representative Pleads Guilty To Wire Fraud, Money Laundering, And Making False Statements In Connection With Covid-19 Relief Fraud GAINESVILLE, FLORIDAÂ âJoseph Harding, 35, of Williston, Florida, plead guilty today to wire fraud, money laundering, and making false statements in connection with COVID-19 relief fraud. Jason R….
At Low Income Housing Forum, Deputy Secretary Adeyemo Announces Nearly 10.8 Million Emergency Rental Assistance Program Payments to Families at Risk of Eviction
March 22, 2023 / Source: Treasury
Alongside data, Treasury releases new blog detailing how ERA had expanded reach to tenants in need while building long-term eviction prevention infrastructure WASHINGTON â During remarks at the National Low Income Housing Coalitionâs 2023 Housing Policy Forum, Deputy Secretary of the Treasury Wally Adeyemo announced new data from the U.S. Department of the Treasury showing nearly 10.8 million Emergency Rental Assistance (ERA) payments made…
Implementation Note issued March 22, 2023
March 22, 2023 / Source: FRB
Decisions Regarding Monetary Policy Implementation The Federal Reserve has made the following decisions to implement the monetary policy stance announced by the Federal Open Market Committee in its statement on March 22, 2023: The Board of Governors of the Federal Reserve System voted unanimously to raise the interest rate paid on reserve balances to 4.9 percent, effective March…
Federal Reserve Board and Federal Open Market Committee release economic projections from the March 21-22 FOMC meeting
March 22, 2023 / Source: FRB
The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the March 21-22 meeting. For media inquiries, email [email protected] or call 202-452-2955. Projections (PDF) | Accessible Materials
CFPB Enhances Tool to Promote Competition and Comparison Shopping in Credit Card Market
March 21, 2023 / Source: CFPB
Price transparency will help families find better credit card deals in a time of rising interest rates WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) launched an improved survey of credit card issuers that can help consumers and families compare interest rates and other features when shopping for a new credit card. Americans pay…
Treasury Department Mobilizes Semiconductor Supply Chain Investment Incentives with Key CHIPS Investment Tax Credit Guidance
March 21, 2023 / Source: Treasury
Proposed Rules Aim to Bolster Semiconductor Supply Chain Resilience and Spur Job Growth by Providing Clarity and Certainty to Taxpayers WASHINGTON â The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today is releasing a notice of proposed rulemaking for the Advanced Manufacturing Investment Credit (CHIPS ITC) established by the CHIPS Act…
Treasury Continues to Sanction Procurement Networks for Iranâs UAV and Weapons Programs
March 21, 2023 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC), in coordination with the Federal Bureau of Investigation (FBI), designated four entities and three individuals in Iran and Turkey for their involvement in the procurement of equipment, including European-origin engines of unmanned aerial vehicles (UAV) in support of Iranâs UAV…
OCC Hosts Mutual Savings Association Advisory Committee Meeting April 4
March 20, 2023 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Tuesday, April 4, 2023. The meeting, which will be hosted in person and virtually, is open to the public and will begin at 8:15 a.m. Eastern Daylight Time (EDT)….
FDIC Extends Bid Window For Silicon Valley Bridge Bank, N.A.
March 20, 2023 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) has extended the bidding process for Silicon Valley Bridge Bank, National Association, Santa Clara, California. There has been substantial interest from multiple parties, and the FDIC and the bidders need more time to explore all options in order to maximize value and achieve an optimal outcome. To…
Subsidiary of New York Community Bancorp, Inc., to Assume Deposits of Signature Bridge Bank, N.A., From the FDIC
March 20, 2023 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement for substantially all deposits and certain loan portfolios of Signature Bridge Bank, National Association, by Flagstar Bank, National Association, Hicksville, New York, a wholly owned subsidiary of New York Community Bancorp, Inc., Westbury, New York. The 40 former branches of…
Coordinated central bank action to enhance the provision of U.S. dollar liquidity
March 20, 2023 / Source: FRB
The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements. To improve the swap lines’ effectiveness in providing U.S. dollar…
WHAT THEY ARE SAYING: New Analyses Highlight American Rescue Planâs Historic Investments in Economic Growth
March 19, 2023 / Source: Treasury
WASHINGTON â To mark the two-year anniversary of President Joe Bidenâs American Rescue Plan (ARP), local government organizations and various interest groups released new analyses detailing the transformative impact ARP funds have had on communities across the nation, supporting both immediate pandemic recovery and long-term economic growth. These analyses join a new Department of the Treasury…
Equal Employment Opportunity (EEO) program status report for fiscal year (FY) 2022
March 19, 2023 / Source: CFPB
The U.S. Equal Employment Opportunity Commissionâs (EEOC) Management Directive 715 (MD-715) requires federal agencies to submit an annual report that evaluates whether agencies are establishing and maintaining effective programs of equal employment opportunity under Section 717 of Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e et seq., and…
CFPB Heightens Scrutiny of Unlawful Collection of Payments on Discharged Student Loans
March 16, 2023 / Source: CFPB
CFPB examiners found servicers engaging in unfair practices in trying to collect on loans discharged in bankruptcy WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) released a bulletin warning servicers of their obligation to halt unlawful conduct with respect to private student loans that have been discharged by bankruptcy courts. The bulletin details recent…
Joint Statement by the Department of the Treasury, Federal Reserve, FDIC, and OCC
March 16, 2023 / Source: FDIC
For release Washington, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, FDIC Chairman Martin J. Gruenberg, and Acting Comptroller of the Currency Michael J. Hsu: Today, 11 banks announced $30 billion in deposits into First Republic Bank. This show of support…
The FDIC’s Security Controls Over Microsoft Windows Active Directory
March 16, 2023 / Source: FDIC OIG
The Office of Inspector General of the Federal Deposit Insurance Corporation (FDIC) has issued its report on The FDIC’s Security Controls Over Microsoft Windows Active Directory. It is important for the FDIC to ensure that only individuals with a business need are allowed access to its many systems that contain sensitive information. The FDIC uses Active…
2022 Financial Literacy Annual Report
March 15, 2023 / Source: CFPB
The 2022 Financial Literacy Annual Report of the Consumer Financial Protection Bureau (CFPB) is required under Section 1013 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. It details the CFPBâs financial literacy strategy and activities to improve the financial literacy of consumers. Overall, this report describes the CFPBâs efforts in a broad range…
OCC Issues Prohibition Order, Fines Former Wells Fargo Executive $17 Million in Settlement
March 15, 2023 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today announced the issuance of a prohibition order and a $17 million civil money penalty by consent against Carrie Tolstedt, former head of Wells Fargo Bank, N.A.âs Community Bank, for her role in systemic sales practices misconduct. This settlement resolves the administrative enforcement action against Ms….
Federal Reserve announces July launch for the FedNow Service
March 15, 2023 / Source: FRB
The Service will Debut with Financial Institutions and the U.S. Treasury on Board CHICAGO â The Federal Reserve announced that the FedNow Service will start operating in July and provided details on preparations for launch. The first week of April, the Federal Reserve will begin the formal certification of participants for launch of the service….