Mortgage data shows that borrowers could save $100 a month (or more) by choosing cheaper lenders
May 24, 2023 / Source: CFPB
In this blog we take a look at how mortgage rates paid by consumers vary across lenders. This phenomenon, called price dispersion, exists in virtually every segment of the mortgage market, including loans backed by Fannie Mae and Freddie Mac, Federal Housing Administration loans, U.S. Department of Veterans Affairs (Veterans Affairs) loans, as well as…
Overdraft/NSF revenue down nearly 50% versus pre-pandemic levels
May 24, 2023 / Source: CFPB
Q4 2022 data suggest over $5.5 billion reduction on annual basis going forward; fees still totaled $7.7 billion in 2022 By Offices of Consumer Populations and Markets – MAY 23, 2023 Overdraft/NSF revenue for the fourth quarter of 2022 alone was approximately $1.5 billion lower than in the fourth quarter of 2019 – a decrease of…
Minutes of the Federal Open Market Committee, May 2-3, 2023
May 24, 2023 / Source: FRB
The Federal Reserve on Wednesday released the minutes of the Federal Open Market Committee meeting that was held on May 2–3, 2023. The minutes for each regularly scheduled meeting of the Committee ordinarily are published three weeks after the day of the policy decision. The descriptions of economic and financial conditions contained in these minutes…
Treasury Designates Terror Operatives and Illicit Charcoal Smugglers in Somalia
May 24, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) targeted 26 individuals and entities connected with the terrorist group al-Shabaab, including 15 financial facilitators and operatives, four charcoal smugglers, and seven of their associated companies. This action targets key regional leaders, affiliates, and members of the terrorist group in…
Acting Comptroller Discusses Financial Inclusion
May 23, 2023 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the Office of the Comptroller of the Currency’s (OCC) commitment to a fair and inclusive financial system in remarks at the Bank On National Conference. In his remarks, the Acting Comptroller discussed progress made by the CFE Fund and Bank On partners in improving access…
Treasury Targets DPRK Malicious Cyber and Illicit IT Worker Activities
May 23, 2023 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned four entities and one individual involved in obfuscated revenue generation and malicious cyber activities that support the Democratic People’s Republic of Korea (DPRK) Government. The DPRK conducts malicious cyber activities and deploys information technology (IT) workers who fraudulently obtain employment…
Federal Reserve Board issues Economic Well-Being of U.S. Households in 2022 report
May 22, 2023 / Source: FRB
The Federal Reserve Board on Monday issued its Economic Well-Being of U.S. Households in 2022 report, which examines the financial lives of U.S. adults and their families. Overall, the report shows that higher prices have negatively affected most households and overall financial well-being declined over the prior year, though workers continued to benefit from a strong labor…
Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit
May 22, 2023 / Source: Treasury
WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen sent a letter to all members of Congressional leadership regarding the debt limit. The full text of the letter can be found here and is available below. The Honorable Kevin McCarthy Speaker U.S. House of Representatives Washington, DC 20515 Dear Mr. Speaker: I am writing to…
Agencies issue host state loan-to-deposit ratios
May 21, 2023 / Source: FRB
Federal bank regulatory agencies today issued the host state loan-to-deposit ratios that are used to evaluate compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace those from June 2022. By law, a bank is generally prohibited from establishing or acquiring branches outside of its home state…
Supplemental Alert: FinCEN and the U.S. Department of Commerce’s Bureau of Industry and Security Urge Continued Vigilance for Potential Russian Export Control Evasion Attempts
May 21, 2023 / Source: FinCEN
Today, the Financial Crimes Enforcement Network (FinCEN) and the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) are issuing a supplemental joint alert urging continued vigilance on the part of U.S. financial institutions for potential attempts by Russia to evade U.S. export controls. The alert reinforces ongoing U.S. Government engagements and initiatives designed to further…
With Over 300 Sanctions, U.S. Targets Russia’s Circumvention and Evasion, Military-Industrial Supply Chains, and Future Energy Revenues
May 21, 2023 / Source: Treasury
U.S. Actions, With Touchpoints in More Than 20 Jurisdictions, Coordinated with G7 and Other International Partners WASHINGTON – Today, the United States, in coordination with the G7 and other international partners, is strengthening the unprecedented global sanctions and other restrictive economic measures to further degrade the Russian Federation’s capacity to wage war against Ukraine. The…
Consumer experiences with overdraft programs
May 18, 2023 / Source: CFPB
The CFPB held interviews and focus groups with low- and moderate-income consumers during the summer of 2022 to better understand their experiences with overdraft programs. For this engagement, 36 participants—14 in individual interviews and 22 across four focus groups—were asked about their use of deposit accounts and debit cards, their understanding of overdraft, specific incidents…
Acting Comptroller of the Currency Testifies on Bank Supervision
May 18, 2023 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today testified on bank supervision before the Committee on Banking, Housing, and Urban Affairs of the U.S. Senate. In his testimony, Mr. Hsu shared his observations on recent bank failures and discussed the resiliency of the federal banking system. He also discussed the Office of the Comptroller…
Treasury Department Releases Progress Report Detailing Price Cap’s Success One Year After Launch
May 18, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Terrorist Financing & Financial Crimes and Office Economic Policy released a progress report that underscores the price cap on Russian oil’s success in achieving its dual goals: reducing Russia’s revenue and keeping the global energy market stable. Treasury, the U.S. government, and the price…
Building resilience and durability into mortgage rules
May 17, 2023 / Source: CFPB
Since 2021, the CFPB has been reviewing a number of its rules and guidance documents, including those published by predecessor agencies like the Federal Reserve Board of Governors and the Federal Trade Commission. We have found that many of these policies were drafted in ways that are unnecessarily complex, often to accommodate the preferences of…
Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the National Asian / Pacific Islander American Chamber of Commerce and Entrepreneurship 2023 Business Summit
May 17, 2023 / Source: Treasury
WASHINGTON – Today, Deputy Secretary of the Treasury Wally Adeyemo delivered remarks at the National Asian / Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE) 2023 Business Summit celebrating Asian American, Native Hawaiian, and Pacific Islander (AANHPI) Heritage Month. During his remarks, Deputy Secretary Adeyemo outlined how the Treasury Department has worked to…
Remarks by Secretary of the Treasury Janet L. Yellen at Independent Community Bankers of America (ICBA) 2023 Capital Summit
May 16, 2023 / Source: Treasury
Good morning, everyone. It’s great to be back at ICBA. And it’s wonderful to see so many familiar faces. I’d like to first thank Derek and Rebeca for their leadership of this important organization. As some of you know, this is not my first time speaking at ICBA. One of my first major speeches as…
Acting Comptroller of the Currency Testifies on Prudential Regulation
May 16, 2023 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today testified before the U.S. House of Representatives’ Committee on Financial Services on the agency’s actions and responses to recent market stress and how the agency is ensuring that national banks and federal savings associations operate in a safe, sound, and fair manner. In his testimony, Hsu…
Treasury Sanctions Russian Ransomware Actor Complicit in Attacks on Police and U.S. Critical Infrastructure
May 16, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), designated Mikhail Matveev (Matveev) for his role in launching cyberattacks against U.S. law enforcement, businesses, and critical infrastructure. Concurrently, the U.S. District Courts for the District of New Jersey and the District of Columbia unsealed indictments against Matveev. Additionally, the U.S….
Remarks by Chairman Martin J. Gruenberg on “Oversight of Prudential Regulators” before the Committee on Financial Services, United States House of Representatives
May 15, 2023 / Source: FDIC
Chairman McHenry, Ranking Member Waters, and Members of the Committee, I am pleased to appear at today’s hearing on “Oversight of Prudential Regulators,” to discuss the condition of the banking industry and the Deposit Insurance Fund (DIF), provide the Committee with an update on the Federal Deposit Insurance Corporation’s (FDIC) resolution of three recently closed…
Testimony Before the Financial Services Committee, U.S. House of Representatives, Washington, D.C.
May 15, 2023 / Source: FRB
Testimony Supervision and Regulation Vice Chair for Supervision Michael S. Barr Before the Financial Services Committee, U.S. House of Representatives, Washington, D.C. Chairman McHenry, Ranking Member Waters, and other members of the Committee, thank you for the opportunity to testify today. Overall, the U.S. banking system remains strong and resilient, and depositors should be confident…
Treasury Department Announces Awards to Connect More Families and Businesses to High-Speed Internet as Part of President Biden’s Investing in America Agenda
May 15, 2023 / Source: Treasury
May 15, 2023 Delaware, Idaho approved to receive approximately $185.9 million under the American Rescue Plan Combined with other Administration initiatives, President Biden’s Investing in America agenda has brought affordable internet to over 17 million American households WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of federal funds for multi-purpose community…
The Evolving Nature of Banking, Bank Culture, and Bank Runs
May 14, 2023 / Source: FRB
Governor Michelle W. Bowman At the 21st Annual Symposium on Building the Financial System of the 21st Century: An Agenda for Europe and the United States, European Central Bank, Frankfurt, Germany It is a pleasure to be with you here today.1 This symposium, focused on building the financial system of the twenty-first century, is very timely….
Treasury Department Releases Guidance to Boost American Clean Energy Manufacturing
May 14, 2023 / Source: Treasury
WASHINGTON, D.C. – As part of the Biden-Harris Administration’s Investing in America strategy, the U.S. Department of the Treasury and Internal Revenue Service (IRS) today released guidance that provides detailed information about the domestic content bonus under the Inflation Reduction Act for clean energy projects and facilities that meet American manufacturing and sourcing requirements. The guidance was…
FDIC Board of Directors Issues a Proposed Rule on Special Assessment Pursuant to Systemic Risk Determination
May 11, 2023 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a notice of proposed rulemaking, which would implement a special assessment to recover the cost associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. The Federal Deposit Insurance Act (FDI Act) requires the FDIC to take this action in…