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Economy Statement by Benjamin Harris, Assistant Secretary for Economy Policy, for the Treasury Borrowing Advisory Committee January 31, 2022
January 31, 2022 / Source: Treasury
Real GDP growth accelerated in the fourth quarter of 2021, returning to a pace consistent with that seen in the first half of the year. Economic growth this quarter was driven primarily by inventory investment—as firms restocked depleted inventories—as well as strong export growth and robust consumer spending on services. By the end of 2021,…
Treasury Announces Marketable Borrowing Estimates
January 31, 2022 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing for the January – March 2022 and April – June 2022 quarters. During the January – March 2022 quarter, Treasury expects to borrow $729 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $650 billion. The…
CFPB Report Shows Criminal Justice Financial Ecosystem Exploits Families at Every Stage
January 31, 2022 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published a review of the financial issues facing people and families who come in contact with the criminal justice system. The report, “Justice-Involved Individuals and the Consumer Financial Marketplace,” describes an ecosystem rife with burdensome fees and lack of choice, and where families are increasingly being forced to…
CFPB 2022 Lists of Rural, Underserved Counties Release
January 29, 2022 / Source: CFPB
The CFPB released the lists of rural counties and rural or underserved counties entities can use in 2022 to determine status as exempt from certain regulatory requirements of the Truth in Lending Act. Some entities that do business in rural or underserved counties are exempt from certain regulatory requirements of the Truth in Lending Act. In…
Federal Reserve announces members of its Community Depository Institutions Advisory Council for 2022
January 29, 2022 / Source: FRB
The Federal Reserve Board on Friday announced the members of its Community Depository Institutions Advisory Council, or CDIAC, and the president and vice president of the council for 2022. CDIAC advises the Board on the economy, lending conditions, and other issues of interest to community depository institutions. Members are selected from representatives of commercial banks,…
FDIC Names Three New Members to Its Systemic Resolution Advisory Committee
January 29, 2022 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) named three new members to its Systemic Resolution Advisory Committee (SRAC), which was created by the Board of Directors in 2011 to provide the agency with advice and recommendations on a broad range of issues regarding the resolution of systemically important financial companies. The three individuals were…
CFPB Identifies Consumer Reporting Companies the Public Can Hold Accountable
January 27, 2022 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its annual list of consumer reporting companies. The list identifies dozens of specialty reporting companies that collect and sell access to people’s data, including individuals’ finances, employment, check writing histories, or rental history records, often without their knowledge. Using the list, people can exercise their right…
Know your data: Our updated list of reporting companies
January 27, 2022 / Source: CFPB
By Aarthi Kannan and Jonah Kaplan – JAN 27, 2022 You may know that your credit records, also known as consumer reports, affect your ability to get an affordable loan, a job, an apartment, or many other essentials of daily life. These include credit reports through the three nationwide consumer reporting companies – Equifax, TransUnion,…
Federal Reserve issues FOMC statement Jan 2022
January 26, 2022 / Source: FRB
Indicators of economic activity and employment have continued to strengthen. The sectors most adversely affected by the pandemic have improved in recent months but are being affected by the recent sharp rise in COVID-19 cases. Job gains have been solid in recent months, and the unemployment rate has declined substantially. Supply and demand imbalances related…
Principles for Reducing the Size of the Federal Reserve’s Balance Sheet
January 26, 2022 / Source: FRB
The Federal Open Market Committee agreed that it is appropriate at this time to provide information regarding its planned approach for significantly reducing the size of the Federal Reserve's balance sheet. All participants agreed on the following elements: The Committee views changes in the target range for the federal funds rate as its primary means…
Consumer Financial Protection Bureau Launches Initiative to Save Americans Billions in Junk Fees
January 26, 2022 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) launched an initiative to save households billions of dollars a year by reducing exploitative junk fees charged by banks and financial companies. Today’s request is a chance for the public to share input that will help shape the agency’s rulemaking and guidance agenda, as well as…
Tax Filing Season Challenges Illustrate the Importance of Funding the IRS
January 25, 2022 / Source: Treasury
January, 25, 2022 By Lily Batchelder, Assistant Secretary for Tax Policy and Natasha Sarin, Deputy Assistant Secretary for Economic Policy Yesterday, tax filing season began. Over the course of the next several months, the IRS will receive and process around 160 million returns from individuals, and nearly 50 million returns from businesses. It will collect…
FDIC Announces Collaboration with Operation HOPE, Inc. to Expand Financial Education and Minority/Women-Owned Business Opportunities
January 25, 2022 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced a collaboration with Operation HOPE, Inc., to promote financial education using the FDIC’s Money Smart curriculum and other resources and to help educate minority- and/or women-owned businesses on how to do business with the agency. The arrangement expands upon a longstanding relationship between the FDIC…
Treasury and The White House Announce New ChildTaxCredit.gov to Help Families Access the Full Child Tax Credit
January 24, 2022 / Source: Treasury
January 24, 2022 The revamped ChildTaxCredit.gov has new features to meet taxpayers where they are and help them file their tax returns as filing season begins. WASHINGTON – Today, the U.S. Department of the Treasury and the White House announced the re-launch of a revamped website – ChildTaxCredit.gov – with several new features to help taxpayers file…
Federal Financial Institutions Examination Council Issues Statement of Principles on Examination Information Requests
January 24, 2022 / Source: FFIEC
For Immediate Release January 21, 2022 Federal Financial Institutions Examination Council Issues Statement of Principles on Examination Information Requests The Federal Financial Institutions Examination Council on behalf of its members today issued a statement announcing best practices for requesting examination information from supervised entities, and a common authentication solution for secure access…
FinCEN Issues Proposed Rule for Suspicious Activity Report Sharing Pilot Program to Combat Illicit Finance Risks
January 24, 2022 / Source: FinCEN
Pilot Program on Sharing of Suspicious Activity Reports and Related Information… WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today issued a Notice of Proposed Rulemaking (NPRM) that proposes and solicits public comment on the establishment of a limited-duration pilot program for sharing suspicious activity reports (SARs), in accordance with Section 6212 of the Anti-Money Laundering Act of 2020….
Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Penalties
January 21, 2022 / Source: FinCEN
Release Date January 21, 2022 Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Pe… Action Type Final Rule
FDIC Approves Final Rule Regarding Deposit Insurance Simplification
January 21, 2022 / Source: FDIC
WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today approved a final rule to simplify aspects of the agency’s deposit insurance coverage rules. The final rule simplifies deposit insurance coverage for deposits held in connection with revocable and irrevocable trusts by merging these two deposit insurance categories and applying a simpler, common calculation to determine…
Federal Reserve Board releases discussion paper that examines pros and cons of a potential U.S. central bank digital currency (CBDC)
January 20, 2022 / Source: FRB
The Federal Reserve Board on Thursday released a discussion paper that examines the pros and cons of a potential U.S. central bank digital currency, or CBDC. It invites comment from the public and is the first step in a discussion of whether and how a CBDC could improve the safe and effective domestic payments system….
Consumer Financial Protection Bureau to Examine Colleges’ In-House Lending Practices
January 20, 2022 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced it will begin examining the operations of post-secondary schools, such as for-profit colleges, that extend private loans directly to students. The CFPB is issuing an update to its exam procedures including a new section on institutional student loans. As the CFPB begins its supervision, the…
CFPB Releases Report on Diversity and Inclusion within Financial Services
January 19, 2022 / Source: CFPB
By Office of Minority and Women Inclusion (OMWI) – JAN 19, 2022 Today the Bureau’s Office of Minority Women and Inclusion (OMWI) released the CFPB Report on Diversity and Inclusion within Financial Services. As part of the mandate of Section 342 of the Dodd-Frank Act, the Bureau’s Office of Minority and Women Inclusion (OMWI) is charged…
Americans pay $120 billion in credit card interest and fees each year
January 19, 2022 / Source: CFPB
By Ashwin Vasan and Wei Zhang – JAN 19, 2022 At almost a trillion dollars outstanding, credit cards are the largest consumer lending product by number of users – over 175 million consumers have at least one credit card – and one of the largest sources of consumer debt.1 From 2018 to 2020, the CFPB estimates that…
Civil Money Penalties: Notice Adjusting Maximum Civil Money Penalties for 2022
January 19, 2022 / Source: OCC
OCC Bulletin 2022-1| January 19, 2022 Summary On January 12, 2022, the Office of the Comptroller of the Currency (OCC) published in the Federal Register the attached notice to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the…
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Tennessee Affected by Severe Storms, Straight-line Winds and Tornadoes
January 19, 2022 / Source: FDIC
Summary: The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Tennessee affected by severe storms, straight-line winds and tornadoes. A copy of the Guidance can be found on the FDIC’s website. Statement of Applicability: This Financial Institution Letter (FIL) applies to all FDIC-supervised financial institutions….
Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances Jan 2022
January 18, 2022 / 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 deposit pricing and behavior, bank liability management, the provision of financial services, and reserve management…