Economy Statement for the Treasury Borrowing Advisory Committee
April 28, 2025 / Source: Treasury
Introduction Despite multiple winter storms in January creating a drag early in the quarter, February and March saw stronger performance, indicating that economic growth likely continued in the first quarter of 2025, albeit at a slower pace compared to the previous quarter. Meanwhile, labor markets picked up strength at the end of the first quarter,…
Treasury Targets Vessels Delivering Oil Derivatives to the Houthis
April 28, 2025 / Source: Treasury
WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is targeting three vessels and their owners for providing support to Ansarallah, commonly known as the Houthis, which is part of the Iranian regimeâs network of terrorist proxies and partners. The group has deployed missiles, unmanned aerial vehicles, and naval mines to attack…
OCC Announces Settlements with Former Wells Fargo Internal Auditors
April 28, 2025 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today announced settlements with David Julian, former Chief Auditor at Wells Fargo Bank, N.A. (Bank), and Paul McLinko, former Executive Audit Director at the Bank. In the Consent Orders memorializing the settlements, the OCC assessed a $100,000 civil money penalty against Mr. Julian and a $50,000…
FCC Proposes Closing the Non-IP Network Loophole Exploited by Robocallers to Scam Consumers
April 28, 2025 / Source: FCC
Calls Passing Through Older Networks Should Maintain Their Digital Fingerprints– WASHINGTON, April 28, 2025âThe Federal Communications Commission today sought to close a gap that has allowed far too many robocalls to bypass caller ID authentication tools that protect consumers. The STIR/SHAKEN caller ID authentication framework is a critical element â long championed by the Commission…
FDIC Hosts Empowering Communities Through Financial and Stabilization Resources
April 27, 2025 / Source: Federal Deposit Insurance Corporation
Event Date April 29, 2025, 1 – 2:30pm CDT (2 – 3:30pm EDT) Location Webinar, Webex The Federal Deposit Insurance Corporation (FDIC) will host an event to convene financial institutions, community development financial institutions (CDFIs), and community stakeholders to review community led financial empowerment initiatives including the Dakota County Financial Empowerment Program, America Saves, and FDIC resources. This…
Existing-Home Sales Receded 5.9% in March
April 24, 2025 / Source: National Association of Realtors
Key Highlights WASHINGTON (April 24, 2025) â Existing-home sales descended in March, according to the National Association of REALTORSÂŽ. Sales slid in all four major U.S. regions. Year-over-year, sales dropped in the Midwest and South, increased in the West and were unchanged in the Northeast. Total existing-home sales1 â completed transactions that include single-family homes, townhomes, condominiums…
Mortgage Rates Decrease
April 24, 2025 / Source: Freddie Mac
MCLEAN, Va., April 24, 2025 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market SurveyÂŽ (PMMSÂŽ), showing the 30-year fixed-rate mortgage (FRM) averaged 6.81%. âThe average mortgage rate decreased slightly this week,â said Sam Khater, Freddie Macâs Chief Economist. âOver the last couple of months, the 30-year fixed-rate mortgage has fluctuated less…
Federal Reserve Board announces the withdrawal of guidance for banks related to their crypto-asset and dollar token activities and related changes to its expectations for these activities
April 24, 2025 / Source: Board of Governors of the Federal Reserve System
The Federal Reserve Board on Thursday announced the withdrawal of guidance for banks related to their crypto-asset and dollar token activities and related changes to its expectations for these activities. These actions ensure the Board’s expectations remain aligned with evolving risks and further support innovation in the banking system. The Board is rescinding its 2022 supervisory…
16 CFR Part 312: COPPA – Final Rule Amendments
April 23, 2025 / Source: Federal Trade Commission
The Federal Trade Commission amends the Children’s Online Privacy Protection Rule (the âRuleâ), consistent with the requirements of the Children’s Online Privacy Protection Act. The amendments to the Rule, which are based on the FTC’s review of public comments and its enforcement experience, include one new definition and modifications to several others, as well as…
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Additional Records To Be Made and Retained by Casinos
April 23, 2025 / Source: U.S. Treasury Financial Crimes Enforcement Network
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comments on the proposed renewal, without change, of certain existing information collection requirements found in Bank Secrecy Act (BSA) regulations applicable to casinos and card clubs. Under these regulations, among other requirements, casinos and card clubs (collectively, casinos) must secure and…
Speech: Welcoming Remarks by Governor Christopher J. Waller
April 23, 2025 / Source: Board of Governors of the Federal Reserve System
Thank you, Alberto, it is great to be back in St. Louis. And thank you to everyone here for this great turnout, which is itself a big part of what we are trying to accomplish today.1 Fed Listens is about hearing from the public on the Federal Reserve’s approach to monetary policy, and that begins with…
Treasury Targets Iranian Liquified Petroleum Gas Magnate
April 22, 2025 / Source: U.S. Department of the Treasury
WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is designating Iranian national and liquified petroleum gas (LPG) magnate Seyed Asadoollah Emamjomeh and his corporate network, which is collectively responsible for shipping hundreds of millions of dollarsâ worth of Iranian LPG and crude oil to foreign markets. Emamjomehâs expansive network includes a…
Up to $5 Million Reward Offered for Capture of Archaga CarĂas, a Top 10 Most Wanted Fugitive and Leader of Foreign Terrorist Organization MS-13
April 21, 2025 / Source: U.S. Department of Justice
U.S. Foreign Terrorist Organization MS-13 leader Yulan Andony Archaga CarĂas, also known as âAlexander Mendozaâ and âPorky,â 43, is the highest-ranking member of MS-13, a U.S.-designated Foreign Terrorist Organization (FTO), in Honduras and was previously charged in 2021 in a superseding indictment in the Southern District of New York with racketeering, narcotics trafficking, and firearms offenses. Archaga…
FDIC Modifies Approach to Resolution Planning for Large Banks
April 21, 2025 / Source: Federal Deposit Insurance Corporation
April 18, 2025 The FDIC today took action to modify its approach to insured depository institution (IDI) resolution planning. The purpose of this action is to focus the IDI resolution planning process on the operational information most relevant for the FDIC to (1) resolve a large bank through a weekend sale or (2) operate the…
Mortgage Rates Remain Under Seven Percent
April 17, 2025 / Source: Freddie Mac
MCLEAN, Va., April 17, 2025 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market SurveyÂŽ (PMMSÂŽ), showing the 30-year fixed-rate mortgage (FRM) averaged 6.83%. âThe 30-year fixed-rate mortgage ticked up but remains below the 7% threshold for the thirteenth consecutive week,â said Sam Khater, Freddie Macâs Chief Economist. âAt this time last year,…
Iranian National Indicted for Operating Online Marketplace Offering Fentanyl and Money Laundering Services
April 17, 2025 / Source: U.S. Department of Justice
Nemesis Market Processed Over 400,000 Orders A federal grand jury has charged Behrouz Parsarad, an Iranian national, for his role as the founder and operator of Nemesis Market, a dark web marketplace for illegal drugs and criminal cyber-services, such as stolen financial information, fraudulent identification documents, counterfeit currencies, and computer malware. According to the indictment,…
Deepfakes and the AI Arms Race in Bank Cybersecurity
April 17, 2025 / Source: Board of Governors of the Federal Reserve System
Thank you for the opportunity to speak to you today about artificial intelligence (AI) and cybersecurity.1 In the past, a skilled forger could pass a bad check by replicating a person’s signature. Now, advances in AI can do much more damage by replicating a person’s entire identity. This technologyâknown as deepfakesâhas the potential to supercharge identity…
Federal Reserve Board requests comment on a proposal to reduce the volatility of the capital requirements stemming from the Board’s annual stress test results
April 17, 2025 / Source: Board of Governors of the Federal Reserve System
The Federal Reserve Board on Thursday requested comment on a proposal to reduce the volatility of the capital requirements stemming from the Board’s annual stress test results. The proposal is the first of several actions following the Board’s announcement in December committing to broad stress test changes. In recent years, the framework of administrative law has changed…
Treasury Targets International Bank of Yemen for Support to the Houthis
April 17, 2025 / Source: U.S. Department of the Treasury
April 17, 2025 WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is sanctioning Yemen-based International Bank of Yemen Y.S.C. (IBY) for its financial support to Ansarallah, commonly known as the Houthis, which is part of the Iran threat network. As part of this designation, OFAC is also sanctioning key leaders or…
SECâs Anti-Fraud Public Service Campaign Warns Investors About Relationship Investment Scams
April 16, 2025 / Source: U.S. Securities and Exchange Commission
For Immediate Release 2025-63 Washington D.C., April 16, 2025 â The Securities and Exchange Commissionâs Office of Investor Education and Advocacy (OIEA) today unveiled its anti-fraud public service campaign, which warns investors about the devastating impact relationship investment scams can have on their financial future. Relationship investment scams typically involve a âlong conâ in which…
New FTC Data Show Top Text Message Scams of 2024; Overall Losses to Text Scams Hit $470 Million
April 16, 2025 / Source: Federal Trade Commission
Fake package delivery issues and phony job opportunities were most frequently reported April 16, 2025 Tags: New data from the Federal Trade Commission show that in 2024, consumers reported losing $470 million to scams that started with text messages. This amount is five times higher than what was reported in 2020, even though the number…
OCC Announces Changes to Organizational Structure
April 16, 2025 / Source: Office of the Comptroller of the Currency
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today announced changes to its organizational structure to ensure its approach to supervision evolves to better address todayâs challenges, align similar functions within the agency, and leverage opportunities for efficiencies. The OCC will combine the Midsize and Community Bank Supervision and Large Bank Supervision functions to…
Acting Comptroller of the Currency Discusses Agency Priorities
April 16, 2025 / Source: Office of the Comptroller of the Currency
WASHINGTONâActing Comptroller of the Currency Rodney E. Hood today discussed strategic areas of focus for the Office of the Comptroller of the Currency (OCC) in remarks at the Exchequer Club. In his remarks, Acting Comptroller Hood detailed the OCCâs efforts to reduce regulatory burden; promote financial inclusion; embrace bank-fintech partnerships; and expand responsible bank activities…
Economic Outlook: Chair Jerome H. Powell
April 16, 2025 / Source: Board of Governors of the Federal Reserve System
At the Economic Club of Chicago, Chicago, Illinois Thank you for the introduction. I am looking forward to our conversation, Professor Rajan. First, I will briefly discuss the outlook for the economy and monetary policy. At the Fed, we are always focused on the dual-mandate goals given to us by Congress: maximum employment and stable…
Treasury Increases Pressure on Chinese Importers of Iranian Oil
April 16, 2025 / Source: U.S. Department of the Treasury
April 16, 2025 WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is designating a China-based independent âteapotâ refinery Shandong Shengxing Chemical Co., Ltd. for its role in purchasing more than a billion dollarsâ worth of Iranian crude oil, including from a front company for Iranâs Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF)….