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Federal Reserve Board releases annual audited financial statements
March 21, 2025 / Source: FRB
The Federal Reserve Board on Friday released annual audited financial statements for the Federal Reserve System for 2024. An independent accounting firm issued unqualified opinions, asserting that its audit found no material misstatements in accordance with applicable auditing standards. The Board released audited individual and combined statements for the 12 Federal Reserve Banks, the Board,…
Bank Supervision:Â Removing References to Reputation Risk
March 20, 2025 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) has commenced removing references to banksâ1 reputation risk from its Comptrollerâs Handbook booklets and guidance issuances. Concurrently, the OCC has instructed its examiners that they should no longer examine for reputation risk. Note for Community Banks The OCCâs discontinuation of examining for reputation risk applies to community banks….
Treasury Sanctions Network Supporting Iranâs Oil Exports
March 20, 2025 / Source: Treasury
WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is designating a âteapotâ oil refinery and its chief executive officer for purchasing and refining hundreds of millions of dollarsâ worth of Iranian crude oil, including from vessels linked to the Foreign Terrorist Organization, Ansarallah, commonly known as the Houthis, and the…
Federal Reserve Board issues enforcement actions
March 20, 2025 / Source: FRB
The Federal Reserve Board on Thursday announced the execution of the enforcement actions listed below: Frankewing Bancshares, Inc., Frankewing, TennesseeCease and Desist Order dated February 20, 2025 Bank of Hawaii, Honolulu, HawaiiFlood insurance violations, civil money penalty, dated February 24, 2025 Additional enforcement actions can be searched for here. For media inquiries, please email [email protected] or call 202-452-2955.
Digitalization:Â Resources for Community Banks
March 19, 2025 / Source: OCC
The Office of the Comptroller of the Currency (OCC) has established a new Digitalization page on its websiteâwww.occ.govâdedicated to resources to help community banks1 meet their digitalization objectives. Note for Community Banks This bulletin applies to community banks. Highlights Digitalization is the use of technology to change a business model, provide new revenue and value-producing opportunities, or automate…
Treasury International Capital Data for January
March 19, 2025 / Source: Treasury
WASHINGTON â The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for January 2024. The next release, which will report on data for February 2025, is scheduled for April 16, 2025. The sum total in January of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was…
Federal Reserve Board and Federal Open Market Committee release economic projections from the March 18-19 FOMC meeting
March 19, 2025 / 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 18-19 meeting. For media inquiries, email [email protected] or call 202-452-2955. Projections (PDF) | Accessible Materials
Federal Reserve issues FOMC statement
March 19, 2025 / Source: FRB
Recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run….
OCC Conditionally Approves Fintech Business Model for a National Bank
March 18, 2025 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today announced conditional approval of the application for financial technology (fintech) company SmartBiz Loans to change the business model of CenTrust Bank, N.A., Northbrook, Illinois, upon its acquisition of CenTrust Bank, N.A. Upon acquisition, CenTrust Bank, N.A. was renamed SmartBiz Bank, N.A. CenTrust further applied to…
Treasury Targets Mexico-Based Leader of Transnational Criminal Organization Responsible for Smuggling Thousands of Migrants Across the U.S. Southern Border
March 18, 2025 / Source: Treasury
WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned Jumilca Sandivel Hernandez Perez (Hernandez Perez), a key leader of the Lopez Human Smuggling Organization (HSO), a Guatemala-based Transnational Criminal Organization responsible for the smuggling of thousands of illegal aliens from Guatemala, through Mexico, and into the United States. Additionally, Hernandez Perez has coordinated…
U.S. Department of the Treasury Brings Back IRS Whistleblowers Wrongly Punished in Biden Probe
March 18, 2025 / Source: Treasury
WASHINGTON â The United States Department of the Treasury and Internal Revenue Service (IRS) today announced that the two IRS whistleblowers who had been wrongfully targeted for investigating Hunter Bidenâs evasion of taxes on his $8.3 million income would be brought in to the U.S. Department of Treasury as Senior Advisors. âI am pleased to…
Statement by Governor Bowman
March 18, 2025
I would like to express my thanks to President Trump for nominating me as the Vice Chair for Supervision. I am grateful for the continued faith and confidence he has placed in me to fulfill this vital role. If confirmed, I will promote a safe and sound banking system through a pragmatic approach to supervision…
HUD Secretary Scott Turner and DOI Secretary Doug Burgum Announce Joint Task Force To Use Federal Lands for Affordable Housing
March 17, 2025 / Source: HUD
WASHINGTON â U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner and U.S. Department of the Interior (DOI) Secretary Doug Burgum announced a Joint Task Force on Federal Land for Housing to identify underutilized federal lands suitable for residential development, streamline land transfer processes and promote policies that increase the availability of affordable housing. Read more in…
New Report Shows FTC Returned $337.3 Million to Consumers in 2024
March 16, 2025 / Source: FTC
As a result of the agencyâs law enforcement actions, the Federal Trade Commission sent $337.3 million in refunds to consumers in 2024, according to the FTCâs annual report on refunds released today. âGetting money back for people across the country is a top priority for the FTC,â said Chris Mufarrige, Director of the Bureau of…
Treasury Sanctions Iranian Oil Minister, Shadow Fleet Operators
March 13, 2025 / Source: Treasury
WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is designating Iranâs Minister of Petroleum, Mohsen Paknejad, who oversees the export of tens of billions of dollarsâ worth of Iranian oil and has allocated billions of dollarsâ worth of oil to Iranâs armed forces for export. OFAC is also designating several entities in…
OCC to Host Virtual Innovation Office Hours
March 12, 2025 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today announced virtual Office Hours with its Office of Financial Technology on May 6-8, 2025, to promote responsible innovation in the federal banking system. Office Hours are an opportunity for banks and financial technology (fintech) companies to engage with OCC staff on matters related to bank-fintech…
Treasury Sanctions Swedish Gang and Leader Serving Iranian Regime
March 12, 2025 / Source: Treasury
WASHINGTON â Today, Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned the Foxtrot Network, a transnational criminal organization (TCO) primarily based in Sweden that has trafficked illicit drugs and that carried out attacks on Israelis and Jews in Europe, along with its fugitive leader Rawa Majid. In January 2024, the Foxtrot Network orchestrated an attack on the Israeli…
FinCEN Issues Southwest Border Geographic Targeting Order
March 11, 2025 / Source: FinCEN
WASHINGTONâToday, the U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) issued a Geographic Targeting Order (GTO) to further combat the illicit activities and money laundering of Mexico-based cartels and other criminal actors along the southwest border of the United States. The GTO requires all money services businesses (MSBs) located in 30 ZIP codes…
Secretary Turner Denounces DEI Criteria in Ashevilleâs Draft Disaster Plan
March 11, 2025 / Source: HUD
Washington â The U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner released the following statement after the City of Asheville, North Carolina posted a draft action plan on its website which included DEI criteria as part of how it intends to distribute millions of dollars for Hurricane Helene disaster relief. HUD will not approve the…
New FTC Data Show a Big Jump in Reported Losses to Fraud to $12.5 Billion in 2024
March 10, 2025 / Source: FTC
Newly released Federal Trade Commission data show that consumers reported losing more than $12.5 billion to fraud in 2024, which represents a 25% increase over the prior year. According to the FTCâs data book, this number is not driven by an increase in fraud reports, which remained stable. Instead, the percentage of people who reported losing money…
Agencies Issue 2024 Shared National Credit Program Report
March 10, 2025 / Source: FDIC
Federal bank regulatory agencies today reported in the 2024 Shared National Credit (SNC) report that credit risk associated with large, syndicated bank loans remains moderate. However, the agencies noted weakened credit quality trends continue due to the pressure of higher interest rates on leveraged borrowers and compressed operating margins in some industry sectors. The agencies also…
OCC Clarifies Bank Authority to Engage in Certain Cryptocurrency Activities
March 9, 2025 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today took action to reaffirm that a range of cryptocurrency activities are permissible in the federal banking system. The OCC published Interpretive Letter 1183 to confirm that crypto-asset custody, certain stablecoin activities, and participation in independent node verification networks such as distributed ledger are permissible for…
Speech – Economic Outlook
March 9, 2025 / Source: FRB
Thank you, Anil. I appreciate the opportunity to speak at this forum and look forward to our discussion. I will start with some brief remarks about the economy and the path of policy. Despite elevated levels of uncertainty, the U.S. economy continues to be in a good place. The labor market is solid, and inflation…
Treasury Department Announces New Appointments
March 9, 2025 / Source: Treasury
WASHINGTON â Secretary of the Treasury Scott Bessent announced today key appointments for senior positions at the U.S. Department of the Treasury. Biographies of the appointees are listed below in alphabetical order: Jonathan Blum will serve as Principal Deputy Assistant Secretary for Legislative Affairs. Mr. Blum was most recently Vice President of Congressional Relations at the…
Joint Statement from U.S Secretary of the Treasury Scott Bessent and Israeli Minister of Finance Bezalel Smotrich
March 6, 2025 / Source: Treasury
WASHINGTON â Today, March 5th 2025, U.S. Secretary of the Treasury Scott Bessent and Israel’s Minister of Finance Bezalel Smotrich held a highly impactful meeting to discuss the ongoing economic partnership between the United States and Israel. The Secretary and the Minister reaffirmed the strong and enduring commitment of both nations to a strategic economic…