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Testimony of Secretary of the Treasury Janet L. Yellen before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate
November 30, 2021 / Source: Treasury
As prepared for delivery Chairman Brown, Ranking Member Toomey, members of the Committee: It is a pleasure to testify today. November has been a very significant month for our economy, and Congress is a large part of the reason why. Our economy has needed updated roads, ports, and broadband networks for many years now,…
Coronavirus and CARES Act
November 30, 2021 / Source: FRB
Chairman Brown, Ranking Member Toomey, and other members of the Committee, thank you for the opportunity to testify today. The economy has continued to strengthen. The rise in Delta variant cases temporarily slowed progress this past summer, restraining previously rapid growth in household and business spending, intensifying supply chain disruptions, and, in some cases, keeping…
Federal Reserve Independence: Foundations and Responsibilities
November 30, 2021 / Source: FRB
The COVID-19 pandemic and the mitigation efforts put in place to contain it delivered the most severe blow to the U.S. and global economies since the Great Depression.1 Gross domestic product (GDP) collapsed at a nearly 33 percent annual rate in the second quarter of 2020. More than 22 million jobs were lost in just the…
FDIC-Insured Institutions Reported Net Income of $69.5 Billion in Third Quarter 2021
November 30, 2021 / Source: FDIC
“With strong capital and liquidity levels to support lending and protect against potential losses, the banking industry continued to support the country's needs for financial services while navigating the challenges presented by the pandemic.” — FDIC Chairman Jelena McWilliams WASHINGTON— Reports from the 4,914 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation…
Emergency Rental Assistance Program Surpasses 2.5 Million Payments to Renters and Landlords
November 29, 2021 / Source: Treasury
WASHINGTON — State and local governments provided assistance to more than 521,000 renters and landlords in October through the Department of the Treasury’s Emergency Rental Assistance (ERA) programs, bringing the total number of payments for the ERA programs to more than 2.5 million. Over the last six months, Treasury’s efforts to provide grantees with additional flexibilities and…
Engagement, Research and Policy: Integrating Indigenous Voices into Economic Inclusion at the Federal Reserve
November 29, 2021 / Source: FRB
Thank you to the Bank of Canada for the invitation to speak at today's symposium.1 It is an honor to be with you virtually today as the Federal Reserve Board's representative to the Central Bank Network for Indigenous Inclusion. I am pleased to add my voice to those of my colleagues today and to recognize and…
Bank Activities: Chief Counsel’s Interpretation Clarifying Authority of a Bank to Engage in Certain Cryptocurrency Activities and Authority of the OCC to Charter a National Trust Bank
November 24, 2021 / Source: OCC
To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary On November 23, 2021, the Chief Counsel of the Office of the Comptroller of the Currency (OCC) issued Interpretive Letter 1179, which clarified and elaborated on aspects…
Computer-Security Incident Notification: Final Rule
November 24, 2021 / Source: OCC
To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary On November 23, 2021, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation…
Investments: Venture Capital Funds
November 24, 2021 / Source: OCC
To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency is issuing this bulletin to remind banks1 that they are prohibited from making most equity investments in venture capital funds….
Joint Statement on Crypto-Asset Policy Sprint Initiative and Next Steps
November 23, 2021 / Source: FDIC
Summary: The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (FRB), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) are jointly issuing this statement to summarize the work undertaken during the interagency policy sprints focused on crypto-assets, and to provide a roadmap of future…
Crypto-Assets: Joint Statement on Crypto-Asset Policy Sprint Initiative and Next Steps
November 23, 2021 / Source: OCC
To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies)…
Statement by FDIC Chairman Jelena McWilliams on the Final Rule on Computer-Security Incident Notification at the FDIC Board Meeting
November 22, 2021 / Source: FDIC
Technological advancement in banking has lowered the cost of financial services and products, expanded the pool of creditworthy consumers, and increased access to financial services. As the nation’s deposit insurer and primary supervisor of community banks, the FDIC is also cognizant of the critical role of innovation in allowing community banks to remain competitive in…
Ethics Guidance to Protect the Public Trust and Detect Revolving Door Misconduct
November 22, 2021 / Source: CFPB
This year, the Consumer Financial Protection Bureau turned ten years old. The agency has been lucky to attract so many skilled public servants committed to the mission of promoting fair, transparent, and competitive markets. At the same time, the CFPB knows it must take steps to protect the public interest from potential risks and misconduct…
FinCEN Notice: FinCEN Calls Attention to Environmental Crimes and Related Financial Activity
November 18, 2021 / Source: FinCEN
FinCEN Environmental Crimes Notice 508 FINAL.pdf Immediate Release November 18, 2021
Agencies approve final rule requiring computer-security incident notification Federal Reserve Bank
November 18, 2021 / Source: FRB
Federal bank regulatory agencies today announced the approval of a final rule to improve the sharing of information about cyber incidents that may affect the U.S. banking system. The final rule requires a banking organization to notify its primary federal regulator of any significant computer-security incident as soon as possible and no later than 36…
Agencies Approve Final Rule Requiring Computer-Security Incident Notification
November 18, 2021 / Source: OCC
Federal bank regulatory agencies today announced the approval of a final rule to improve the sharing of information about cyber incidents that may affect the U.S. banking system. The final rule requires a banking organization to notify its primary federal regulator of any significant computer-security incident as soon as possible and no later than 36…
Agencies Approve Final Rule Requiring Computer-Security Incident Notification
November 18, 2021 / Source: FDIC
Federal bank regulatory agencies today announced the approval of a final rule to improve the sharing of information about cyber incidents that may affect the U.S. banking system. The final rule requires a banking organization to notify its primary federal regulator of any significant computer-security incident as soon as possible and no later than 36…
Remarks by Under Secretary for Domestic Finance Nellie Liang at the 2021 Treasury Market Conference
November 17, 2021 / Source: Treasury
As prepared for delivery: Good morning. It’s a pleasure and honor to be here today. Having participated in a panel at last year’s conference, I appreciate the opportunity to speak again at this conference in a completely different role, and to share some of Treasury’s current priorities related to debt management and potential Treasury market…
Reflections on Stablecoins and Payments Innovations
November 17, 2021 / Source: FRB
Governor Christopher J. Waller At “Planning for Surprises, Learning from Crises” 2021 Financial Stability Conference, cohosted by the Federal Reserve Bank of Cleveland and the Office of Financial Research, Cleveland, Ohio (via webcast) The U.S. payment system is experiencing a technology-driven revolution. Shifting consumer preferences and the introduction of new products and services from a…
CFPB Seeks Input on Detecting Discrimination in Mortgage Lending
November 17, 2021 / Source: CF
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) to seek input on rules implementing the Home Mortgage Disclosure Act (HMDA). The CFPB plans to review recent changes to the rule and evaluate their effectiveness. This evaluation will strengthen the CFPB’s ability to maintain a fair, competitive, and non-discriminatory…
FinCEN Holds FinCEN Exchange on Environmental Crimes and Related Financial Activity
November 16, 2021 / Source: FinCEN
Contact Office of Strategic Communications, [email protected] Immediate Release November 16, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today convened a virtual FinCEN Exchange focused on identifying and combatting illicit financial flows associated with environmental crimes and related money laundering. Representatives from financial institutions, law enforcement, and Federal government agencies attended the session. Topics discussed included…
Treasury International Capital Data for September
November 16, 2021 / Source: Treasury
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for September 2021. The next release, which will report on data for October 2021, is scheduled for December 15, 2021. The sum total in September of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a…
Acting Comptroller Discusses Modernizing the Financial Regulatory Perimeter
November 16, 2021 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed modernizing the financial regulatory perimeter at the Federal Reserve Bank of Philadelphia’s Fifth Annual Fintech Conference. Related Links Remarks (PDF) Acting Comptroller of the Currency Michael J. Hsu
Remarks by FDIC Chairman Jelena McWilliams at the 2021 Bank On National Conference
November 15, 2021 / Source: FDIC
Thank you for welcoming me here today. The FDIC is the nation’s deposit insurer and primary supervisor of community banks. We are cognizant, therefore, of the important role the FDIC plays in helping banks meet the needs of their customers and communities. We have seen meaningful improvements in recent years in reaching the “last mile”…
Orders Imposing Additional Reporting and Recordkeeping Requirements
November 15, 2021 / Source: FinCEN
Release Date November 15, 2021 Orders Imposing Additional Reporting and Recordkeeping Requirements Action Type Final Rule