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CFPB Kicks Off Rulemaking to Remove Medical Bills from Credit Reports
September 21, 2023 / Source: CFPB
Proposals under consideration would help end coercive debt collection tactics, clean up inaccurate data, and improve credit score predictiveness WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced it is beginning a rulemaking process to remove medical bills from Americans’ credit reports. The CFPB outlined proposals under consideration that would help families financially recover…
Prepared Remarks of CFPB Director Rohit Chopra on Medical Debt at a Press Call Hosted by Vice President Kamala Harris
September 21, 2023 / Source: CFPB
Thank you, Vice President Harris. Today, the Consumer Financial Protection Bureau is launching a rulemaking to block medical debt collectors from weaponizing the credit reporting system to coerce patients into paying bills they may not even owe. We are also kicking off a rulemaking process to prohibit lenders from using certain medical billing information in…
Agencies Extend Favorable Community Reinvestment Act Consideration of Revitalization Activities in Certain Disaster Areas Affected by Hurricane Maria
September 20, 2023 / Source: FDIC
The federal bank regulatory agencies today announced they are extending the period for giving favorable consideration under their Community Reinvestment Act (CRA) regulations to institutions located outside of Puerto Rico and the U.S. Virgin Islands, for bank activities that continue to help revitalize or stabilize these areas devastated by Hurricane Maria. The agencies have determined…
Federal Reserve issues FOMC statement
September 20, 2023 / Source: FRB
Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity,…
Financial Crimes Conference Aims to Give Law Enforcement Tools to Better Fight Internet Crime
September 20, 2023 / Source: FDIC OIG
MIAMI – Last week, the U.S. Attorney’s Office for the Southern District of Florida recently convened a financial crimes training entitled “Taking the Byte out of Crime—Tools and Techniques for Fighting Internet Crimes Targeting Businesses and Individuals.” More than 90 law enforcement officers and federal agents from Key West to Palm Beach met at Broward…
Treasury Sanctions Multinational Network Supporting Iran’s UAV and Military Aircraft Production
September 19, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned seven individuals and four entities based in Iran, the People’s Republic of China (PRC), Russia, and Türkiye in connection with Iran’s unmanned aerial vehicle (UAV) and military aircraft development. This network has facilitated shipments and financial transactions in support…
Treasury Releases Principles for Net-Zero Financing & Investment, Applauds $340 Million Philanthropic Commitment and Other Pledges
September 19, 2023 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury published the Principles for Net-Zero Financing & Investment (the Principles). The voluntary Principles highlight emerging best practices for private sector financial institutions that have made net-zero commitments and promote consistency and credibility in approaches to implementing them. With the Principles, the Treasury Department is supporting the mobilization of more private sector capital to address the physical and economic impacts of climate change…
CFPB Issues Guidance on Credit Denials by Lenders Using Artificial Intelligence
September 19, 2023 / Source: CFPB
Consumers must receive accurate and specific reasons for credit denials WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models. The guidance describes how lenders must use specific and accurate reasons when taking adverse actions against consumers….
Treasury International Capital Data for July
September 18, 2023 / Source: Treasury
WASHINGTON – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for July 2023. The next release, which will report on data for August 2023, is scheduled for October 18, 2023. The sum total in July of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was…
Treasury Designates Former President of Iran
September 18, 2023 / Source: Treasury
Action to Promote Accountability for Wrongful Detentions of U.S. Nationals WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Mahmoud Ahmadinejad, the former president of Iran, for having provided material support to the Iranian Ministry of Intelligence and Security (MOIS), an entity concurrently designated by the Department of…
FinCEN Issues Compliance Guide to Help Small Businesses Report Beneficial Ownership Information
September 18, 2023 / Source: FinCen
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule. Starting in 2024, many entities created in or registered to do business in the United States will be required to report information about…
FinCEN Announces $15 Million Civil Money Penalty against Bancrédito International Bank and Trust Corporation for Violations of the Bank Secrecy Act
September 17, 2023 / Source: FinCen
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) assessed a $15 million civil money penalty against Bancrédito International Bank and Trust Corporation (Bancrédito) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. This is FinCEN’s first enforcement action against a Puerto Rican International Banking Entity (IBE), and includes the first violation for failure to implement…
Treasury Sanctions Iranian Officials and Companies Connected to Repression in Advance of the Anniversary of Mahsa “Zhina” Amini’s Death
September 17, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating 29 individuals and entities in connection with the Iranian regime’s violent suppression of nationwide protests following the death of Mahsa “Zhina” Amini in custody of its ‘Morality Police,’ and the regime’s continued efforts to detain dissenting voices and…
FDIC Efforts to Increase Consumer Participation in the Insured Banking System
September 14, 2023 / Source: OIG
The FDIC Office of Inspector General has issued its report on FDIC Efforts to Increase Consumer Participation in the Insured Banking System. By way of background, the FDIC’s 2021 FDIC National Survey of Unbanked and Underbanked Households found that an estimated 4.5 percent of U.S. households were unbanked—meaning no one in the household had a checking or savings…
With Wide-Ranging New Sanctions, Treasury Targets Russian Military-Linked Elites and Industrial Base
September 14, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is imposing nearly 100 sanctions on Russian elites and Russia’s industrial base, financial institutions, and technology suppliers as the United States continues to leverage sanctions and economic restrictions to undermine Russia’s capacity to wage its war against Ukraine. The Department of…
CFPB Report Finds College Tuition Payment Plans Can Put Student Borrowers at Risk
September 14, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a new report finding that students face risk when entering into agreements with colleges to spread the upfront cost of tuition into several, interest-free loan payments. The report, which looks at tuition payment plans offered by nearly 450 institutions, finds that many plans have inconsistent disclosures…
OCC Hosts Mutual Savings Association Advisory Committee Meeting October 3
September 13, 2023 / Source: OCC
WASHINGTON—The 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, October 3, 2023. The meeting, which will be hosted in person and virtually, is open to the public and will begin at 8:30 a.m. Eastern Daylight Time (EDT)….
Treasury Designates Hizballah Operatives and Financial Facilitators in South America and Lebanon
September 12, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), in coordination with the Drug Enforcement Administration,designated key Hizballah operatives and financial facilitators in South America and Lebanon. This action includes Amer Mohamed Akil Rada, who in addition to his role as a senior Hizballah operative, was one of the operational members…
CFPB Orders Leasing Company Tempoe to Provide $36 Million in Penalties and Relief for Tricking Consumers and Hiding Contract Terms
September 11, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Tempoe, LLC for tricking consumers into expensive leasing agreements by concealing the contract terms and costs, and failing to provide legally required disclosures. Forty-one states and the District of Columbia are entering into a parallel multi-state settlement addressing the same conduct. Tempoe offered…
United States Signs $20 Million Debt Swap Agreement with Peru to Support Amazon Conservation
September 11, 2023 / Source: Treasury
LIMA – The United States of America, the Republic of Peru, and four non-governmental organizations—Conservation International (CI), The Nature Conservancy (TNC), Wildlife Conservation Society (WCS), and World Wildlife Fund (WWF)— have finalized debt-for-nature swap and forest conservation agreements under the Tropical Forest and Coral Reef Conservation Act (TFCCA). The agreements will reduce Peru’s debt payments…
OCC Hosts Risk Governance and Capital Markets Workshops in Dallas
September 11, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) will host two workshops October 24-25 in Dallas for directors, senior management, and other key executives of national community banks and federal savings associations. The Risk Governance: Improving Effectiveness workshop on October 24 combines lectures, discussion, and exercises to provide practical information for participants to effectively…
FinCEN Issues Alert on Prevalent Virtual Currency Investment Scam Commonly Known as “Pig Butchering”
September 10, 2023 / Source: FinCEN
WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN) issued an alert to highlight a prominent virtual currency investment scam known as “pig butchering.” Multiple U.S. law enforcement sources estimate victims in the United States have lost billions of dollars to these scams and other virtual currency investment frauds. “This scam has impacted far too many Americans, which is…
FinCEN Analysis Reveals Trends and Patterns in Suspicious Activity Potentially Tied to Evasion of Russia-Related Export Controls
September 10, 2023 / Source: FinCEN
WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis (FTA) on patterns and trends contained in Bank Secrecy Act (BSA) reporting on suspected evasion of Russia-related export controls. The BSA reports analyzed for this FTA were filed in response to previous joint Alerts on this topic and indicate almost $1 billion in suspicious activity….
The Federal Reserve’s Role in Supporting Responsible Innovation
September 10, 2023 / Source: FRB
Thank you for the opportunity to speak today, in the midst of a wave of innovation in the payments system. There are a range of important players in the payments system and the Federal Reserve has important roles as a supervisor as well as a payments operator. Regardless of who is providing the service, our…
FDIC Releases Report Detailing Supervision of the Former First Republic Bank, San Francisco, California
September 10, 2023 / Source: FDIC
WASHINGTON – Today, Federal Deposit Insurance Corporation (FDIC) Chief Risk Officer Marshall Gentry released FDIC’s Supervision of First Republic Bank, an internal review evaluating the agency’s supervision of First Republic Bank, San Francisco, California, from 2018 until its failure in May 2023. The report provides information on the causes of First Republic Bank’s failure and evaluates…