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Treasury Announces Marketable Borrowing Estimates
October 31, 2022 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the October – December 2022 and January – March 2023 quarters.[2] During the October – December 2022 quarter, Treasury expects to borrow $550 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $700 billion.[3] The…
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
October 31, 2022 / Source: FinCEN
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with…
CFPB seeks further public input on big tech payment platforms
October 31, 2022 / Source: CFPB
In October 2021, the CFPB ordered six large technology and peer-to-peer platforms that operate payment services (Amazon, Apple, Facebook, Google, PayPal and Square) to provide information about their business practices, including their data collection and use, their policies for removing individuals or businesses from their platforms, and their policies and practices for adhering to key consumer protections…
Remarks by Deputy Secretary of the Treasury Wally Adeyemo at Today’s Stakeholder Roundtable on Climate Impact, Equity, and the Inflation Reduction Act
October 27, 2022 / Source: Treasury
As prepared for delivery Thank you all for joining me today. This is the third of six roundtables that we are hosting on the Inflation Reduction Act’s climate and clean energy tax incentives. I’m looking forward to this discussion of how we realize the IRA’s tremendous potential to address climate change, and to do so…
Updated FFIEC Cybersecurity Resource Guide for Financial Institutions
October 27, 2022 / Source: FDIC
Summary: On October 3, 2022, the Federal Financial Institutions Examination Council (FFIEC) announced an update to its 2018 Cybersecurity Resource Guide for Financial Institutions. The guide includes updated references and now includes ransomware–specific resources. The FDIC is amplifying this resource in recognition of Cybersecurity Awareness Month, which highlights the importance of safeguarding our Nation’s critical…
OCC Announces Office of Financial Technology
October 27, 2022 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency today announced it will establish an Office of Financial Technology early next year to bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape. The Office of Financial Technology will build on and incorporate the Office of Innovation, which the OCC established in…
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, at the FDIC Advisory Committee on Economic Inclusion Meeting
October 27, 2022 / Source: CFPB
Today, the Advisory Committee will be discussing the results of the FDIC’s Survey of Unbanked and Underbanked Households, conducted in partnership with the U.S. Census Bureau. The survey highlights the roles of unexpected and high fees, privacy concerns, and other impediments that contribute to Americans staying away from banking with an insured bank or credit…
Treasury Sanctions Iranian Officials and Entities Responsible for Ongoing Crackdown on Protests and Internet Censorship
October 26, 2022 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action to counter the Government of the Russian Federation’s (GoR) persistent malign influence campaigns and systemic corruption in Moldova by imposing sanctions on nine individuals and 12 entities. The individuals and entities sanctioned today include oligarchs widely recognized for capturing…
Treasury Targets Corruption and the Kremlin’s Malign Influence Operations in Moldova
October 26, 2022 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action to counter the Government of the Russian Federation’s (GoR) persistent malign influence campaigns and systemic corruption in Moldova by imposing sanctions on nine individuals and 12 entities. The individuals and entities sanctioned today include oligarchs widely recognized for capturing…
United States and United Kingdom Hold Second Joint Committee Meeting under the Bilateral Agreement on Prudential Measures Regarding Insurance and Reinsurance
October 26, 2022 / Source: Treasury
On the 18th of October 2022, the United States and the United Kingdom held the second meeting of the Joint Committee established under the U.S.-UK Agreement on Prudential Measures Regarding Insurance and Reinsurance (“the Agreement”). The United States and the United Kingdom signed the Agreement on December 18, 2018, and the Agreement entered into force…
CFPB Issues Guidance to Help Banks Avoid Charging Illegal Junk Fees on Deposit Accounts
October 26, 2022 / Source: CFPB
Agency highlights surprise overdraft and surprise depositor fees Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about two junk fee practices that are likely unfair and unlawful under existing law. The first, surprise overdraft fees, includes overdraft fees charged when consumers had enough money in their account to cover a debit charge…
Director Chopra’s Prepared Remarks at Money 20/20
October 25, 2022 / Source: CFPB
Around the world and here at home, financial services are slowly moving toward open banking and open finance. A more decentralized and neutral consumer financial market structure has the potential to reshape how companies compete in the sphere. This week, the CFPB will launch the process to activate a dormant authority under Section 1033 of…
OCC Joins Military Spouse Employment Partnership
October 25, 2022 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) affirmed its commitment to military families by joining the Military Spouse Employment Partnership (MSEP) at a ceremony today in Arlington, Va. MSEP is a Department of Defense program that connects military spouses with partner employers who have committed to recruit, hire, promote, and retain military spouses….
Despite COVID-19 Pandemic, Record 96% of U.S. Households Were Banked in 2021
October 25, 2022 / Source: FDIC
Latest FDIC national survey finds record low six million households remain unbanked WASHINGTON — Despite unprecedented economic challenges posed by the COVID-19 pandemic, nearly 96 percent of U.S. households were banked in 2021, according to the latest national survey released today by the Federal Deposit Insurance Corporation (FDIC). The FDIC’s 2021 National Survey of Unbanked and…
Remarks by Secretary of the Treasury Janet L. Yellen at the Securities Industry and Financial Markets Association’s Annual Meeting
October 24, 2022 / Source: Treasury
As Prepared for Delivery Thank you for that introduction. I’d like to begin by thanking Ken and SIFMA for inviting me to your Annual Meeting. I’m delighted to be here with all of you. Just over a week ago, I had the opportunity to meet with my counterparts from across the world at the IMF…
Treasury Sanctions Nicaragua Directorate of Mines and Government Official Responsible for Decades of Violence
October 24, 2022 / Source: Treasury
New Executive Order Targets Nicaraguan Gold Sector, Other Sectors May Follow WASHINGTON — Today, the U.S. Department of the Treasury (Treasury) Office of Foreign Assets Control (OFAC) designated the Nicaraguan mining authority General Directorate of Mines (DGM) as well as one official of the Government of Nicaragua, pursuant to Executive Order (E.O.) 13851. Additionally, today…
FDIC Advisory Committee on Economic Inclusion to Meet This Week
October 24, 2022 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet on Thursday, October 27, to discuss the 2021 FDIC National Survey of Unbanked and Underbanked Households. The committee will also discuss the importance of maintaining confidence in banks and deposit insurance in an increasingly digital banking environment, and key…
Joint Release by the United States, Australia, Canada, Japan, Korea, and New Zealand on the Occasion of the APEC Finance Ministers Meeting, 19-20 October 2022
October 20, 2022 / Source: Treasury
“We express our unwavering support for APEC and are fully committed to helping Thailand, as APEC Chair in 2022, deliver a successful host year. We are united in our resolve to ensure peace and stability in our region and to uphold international law, recognizing these are preconditions for the inclusive and sustainable economic growth…
Treasury Releases CFIUS Enforcement and Penalty Guidelines
October 20, 2022 / Source: Treasury
WASHINGTON – The Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), today released the first-ever CFIUS Enforcement and Penalty Guidelines. CFIUS’s mandate of identifying and mitigating certain national security risks while maintaining the U.S. openness to foreign investment often requires the Committee…
Remarks by FDIC Acting Chairman Martin J. Gruenberg at the Brookings Institution on The Prudential Regulation of Crypto-Assets
October 20, 2022 / Source: FDIC
Introduction I would like to thank the Brookings Center on Regulation and Markets for hosting today’s program and giving me the opportunity to share some thoughts on the prudential regulation of crypto–assets. I would particularly like to thank my friend, Aaron Klein, for the invitation. Let me begin with a comment on banking and innovation,…
Report of the CFPB Education Loan Ombudsman
October 20, 2022 / Source: CFPB
Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”) this report analyzes complaint data from September 1, 2021, through August 31, 2022, and notes an overall increase in complaints. This report also covers the student lending market and makes recommendations to policymakers and law enforcement officials. Among other things, the report highlights…
CFPB Takes Action to Address Junk Data in Credit Reports
October 20, 2022 / Source: CFPB
Effort seeks to address false information on the credit reports of children in foster care and the general public Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance to consumer reporting companies about their obligation to screen for and eliminate obviously false “junk data” from consumers’ credit reports. Companies need to take steps…
Overdraft Fees and Economically Insecure Older Adults
October 19, 2022 / Source: CFPB
his issue brief examines how overdraft fees affect economically insecure older adults. An overdraft occurs when a consumer has insufficient funds in their account to cover a transaction, but the financial institution nevertheless pays it. Most financial institutions today charge a fee, which can be as high as $36, for overdraft transactions. Although older adults…
Treasury Sanctions Transporters At Center of Sinaloa Cartel Poly-Drug Network
October 19, 2022 / Source: Treasury
OFAC action targets drug trafficking network that rose to prominence transporting drug-laden trucks across the U.S./Mexico border WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Juan Francisco Valenzuela Valenzuela and the Valenzuela Drug Trafficking Organization (“Valenzuela DTO”), among others, pursuant to Executive Order (E.O.) 14059. Originally established as a…
Treasury Sanctions Russian Military Technology Procurement Network in Coordination with Law Enforcement Action
October 19, 2022 / Source: Treasury
WASHINGTON – Today, in coordination with the U.S. Department of Justice and the Federal Bureau of Investigation (FBI), the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated a Russian network that procured military and sensitive dual-use technologies from U.S. manufacturers and supplied them to Russian end-users. Those designated today are Russian…