Treasury Imposes Sanctions on Russian Elites and a Russian Business Association
August 13, 2023 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) issued a new round of sanctions targeting prominent members of Russiaâs financial elite, as well as a Russian business association. The four individuals targeted today include Petr Olegovich Aven, Mikhail Maratovich Fridman, German Borisovich Khan, and Alexey Viktorovich Kuzmichev, all…
Agency Information Collection Activities; Proposed Renewal; Comment Request: Renewal Without Change of Reports of Foreign Financial Accounts Regulations and FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)
August 10, 2023 / Source: FinCEN
Release Date August 10, 2023 Agency Information Collection Activities; Proposed Renewal; Comment Request: Re⌠Action Type Notice and Request for Comment, Forms Renewal/Update
Joining Partners, U.S. Treasury Sanctions Former Central Bank Governor of Lebanon and Co-conspirators in International Corruption Scheme
August 10, 2023 / Source: Treasury
Action Taken in Coordination with United Kingdom and Canada WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is designating the former governor of Lebanonâs central bank, Riad Salameh (Salameh), whose corrupt and unlawful actions have contributed to the breakdown of the rule of law in Lebanon. Salameh abused his position…
The Low-Income Communities Bonus Credit Program: Our Approach to an Inclusive Clean Energy Economy
August 10, 2023 / Source: Treasury
Earlier this summer, I toured the RYSE Youth Center in Richmond, California. RYSE empowers young people to engage in service to their community, from economic and health justice to arts and culture. Recently, RYSE started a community-based solar and battery project led and governed by Richmondâs youth leaders. This project will power the center with…
What weâre hearing from consumers in New Mexico
August 10, 2023 / Source: CFPB
This week, Consumer Financial Protection Bureau Director Rohit Chopra will visit Gallup and Albuquerque, New Mexico, to meet with elected officials, tribal leaders, community leaders, and consumer advocates to discuss issues New Mexicans are facingâparticularly issues related to medical debt and junk fees. The CFPBâs public Consumer Complaint Database lends valuable insights into these subjects. Since 2011,…
Treasury Seeks Public Comment on Implementation of Executive Order Addressing U.S. Investments in Certain National Security Technologies and Products in Countries of Concern
August 9, 2023 / Source: Treasury
WASHINGTON â The U.S. Department of the Treasury (Treasury) today issued an Advance Notice of Proposed Rulemaking (ANPRM) seeking public comment related to the implementation of the Executive Order of August 9, âAddressing United States Investments in Certain National Security Technologies and Products in Countries of Concernâ (the E.O.). In the E.O., the President identified…
Joint Statement on the official level dialogue as follow up to the 9th India-U.S. Economic and Financial Partnership
August 9, 2023 / Source: Treasury
Senior officials from Indiaâs Ministry of Finance and the U.S. Department of Treasury met in New Delhi on August 3, 2023, as their second sub-ministerial meeting following the 9th ministerial meeting of the Indian-U.S. Economic and Financial Partnership (EFP) held in November of 2022. The Indian delegation was led by Chief Economic Advisor Dr. V….
Federal Reserve Board provides additional information on its program to supervise novel activities in the banks it oversees
August 8, 2023 / Source: FRB
The Federal Reserve Board on Tuesday provided additional information on its program to supervise novel activities in the banks it oversees. Novel activities include complex, technology-driven partnerships with non-banks to provide banking services to customers; and activities that involve crypto-assets and distributed ledger or “blockchain” technology. The goal of the novel activities supervision program is…
Loan Purchase Activities: Legal Lending Limit Guidance
August 8, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to provide banks1Â with guidance regarding the applicability of the legal lending limit (LLL) to purchased loans. Note for Community Banks This bulletin applies to community banksâ purchases of loans. Highlights This bulletin provides background information on loan purchase activities and the…
Federal Reserve Board announces it is seeking individuals with a diverse set of expert insurance perspectives in life, property and casualty, and reinsurance issues to serve on its Insurance Policy Advisory Committee (IPAC)
August 7, 2023 / Source: FRB
The Federal Reserve Board on Monday announced that it is seeking individuals with a diverse set of expert insurance perspectives in life, property and casualty, and reinsurance issues to serve on its Insurance Policy Advisory Committee, or IPAC. The IPAC is comprised of 21 members who serve staggered three-year terms and have diverse professional backgrounds,…
FDIC Demands Unbanked, Inc. Cease Making False or Misleading Representations about Deposit Insurance
August 6, 2023 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) today demanded Unbanked, Inc. (Unbanked) of Alpharetta, Georgia, as well as certain of the companyâs officers, cease and desist from making false and misleading statements about FDIC deposit insurance and to immediately correct these statements. Unbanked is a non-bank company that has represented banking relationships with two…
Vice President Harris, Treasury Department Announce Over $175 Million to Support Small Businesses as Part of the Biden-Harris Administrationâs Investing in America Agenda
August 6, 2023 / Source: Treasury
The Minority Business Development Agency announces first awardees under the Capital Readiness Program â funded by the Treasury Departmentâs State Small Business Credit Initiative â to support small businesses applying for government small business programs In addition, Treasury Department awards first State Small Business Credit Initiative Technical Assistance grants to help small businesses in 12…
OCC Hosts Risk Governance and Capital Markets Workshops in Charlotte
August 3, 2023 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) will host two workshops September 19-20 in Charlotte, N.C., for directors, senior management, and other key executives of national community banks and federal savings associations. The Risk Governance: Improving Effectiveness workshop on September 19 combines lectures, discussion, and exercises to provide practical information for participants to…
FDIC Issues List of Banks Examined for CRA Compliance
August 3, 2023 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in May 2023. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
Federal and State Regulators Release Updates to the BSA/AML Examination Manual
August 2, 2023 / Source: FFIEC
The Federal Financial Institutions Examination Council, on behalf of its members, released updates to the following sections of the Bank Secrecy Act/Anti-Money Laundering Examination Manual. Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions Due Diligence Programs for Private Banking Accounts Prohibition on…
CFPB Sues USASF Servicing for Illegally Disabling Vehicles and for Improper Double-Billing Practices
August 2, 2023 / Source: CFPB
AUG 02, 2023 WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal court against auto-loan servicer USASF Servicing (USASF) for a host of illegal practices that harmed individuals with auto loans. These practices include wrongfully disabling borrowersâ vehicles, improperly repossessing vehicles, double-billing borrowers for insurance premiums, and failing to return…
Orange County Woman and Man Charged with Running $2.2 Million Scheme that Tricked Banks into Cashing Out Victimsâ Mortgages
August 2, 2023 / Source: OIG
August 1, 2023 SANTA ANA, California â Two Orange County residents have been charged by a federal grand jury with fraudulently obtaining more than $2 million by stealing the identities of homeowners â primarily elderly Vietnamese Americans â and duping banks into âcashing outâ mortgages on those properties, the Justice Department announced today. Thao Thi Kim…
Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances
August 1, 2023 / Source: FRB
The Federal Reserve Board on Tuesday released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. The Senior Financial Officer Survey is used by the Board to obtain information about banks’ reserve balance management strategies and practices, their deposit pricing strategies, their expectations for potential…
OCC Releases CRA Evaluations for 27 National Banks and Federal Savings Associations
August 1, 2023 / Source: OCC
WASHINGTON â The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of July 1, 2023, through July 31, 2023. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received…
Treasury Releases CFIUS Annual Report for 2022
July 31, 2023 / Source: Treasury
WASHINGTON â The Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (CFIUS), released its Annual Report to Congress for calendar year 2022. The Annual Report highlights key indicators of the CFIUS process and provides statistics on transactions that were filed with the Committee in 2022. Â The Committeeâs…
Economy Statement by Eric Van Nostrand, Acting Assistant Secretary for Economic Policy, for the Treasury Borrowing Advisory Committee July 31, 2023
July 31, 2023 / Source: Treasury
INTRODUCTION The U.S. economy continued to show resilience and strength in the second quarter of 2023. Real GDP grew for the fourth consecutive quarter, picking up slightly from the pace in the first quarter. Labor markets remained tight: payroll job growth was strong and unemployment rates remained near historically low levels. Labor supplyâparticularly among prime-age…
Agencies update guidance on liquidity risks and contingency planning
July 30, 2023 / Source: FRB
Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Federal financial institution regulatory agencies today updated their existing guidance on liquidity risks and contingency planning. The updated guidance highlights that depository institutions should regularly evaluate and update their contingency funding plans….
OFACâs âIntroduction to OFACâ Web Series
July 30, 2023 / Source: Treasury
By: Andrea Gacki, Director, and Bradley Smith, Deputy Director, Office of Foreign Assets Control, U.S. Department of the Treasury Financial sanctions continue to be a vital tool to support the United Statesâ foreign policy goals and national security, and the private sector is a critical partner in the success of our mission. The U.S. Department…
FSOC Staff Committee Releases Progress Report on Interagency Efforts on Climate-related Financial Risk
July 30, 2023 / Source: Treasury
WASHINGTONâ The Financial Stability Oversight Council âs (FSOC) Climate-related Financial Risk Committee (CFRC) today issued a staff progress report on a range of actions underway to support capacity building and disclosure, address data gaps, and assess climate-related financial risks. The CFRC brings together staff from the FSOCâs member agencies. The FSOC committed to forming the…
Liquidity: Addendum to the Interagency Policy Statement on Funding and Liquidity Risk Management
July 30, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and National Credit Union Administration (collectively, the agencies1) are issuing an addendum to the âInteragency Policy Statement on Funding and Liquidity Risk Managementâ issued March 22, 2010. The addendum reminds banks2Â of the importance…