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Treasury Targets Financial and Shipping Facilitators of Iranian Petrochemicals and Petroleum Sales.
September 29, 2022 / Source: Treausry
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned an international network of companies involved in the sale of hundreds of millions of dollars’ worth of Iranian petrochemicals and petroleum products to end users in South and East Asia. Today’s action targets Iranian brokers and several front companies…
FinCEN Issues Final Rule for Beneficial Ownership Reporting to Support Law Enforcement Efforts, Counter Illicit Finance, and Increase Transparency.
September 29, 2022 / Source: FinCEN
WASHINGTON—Today, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) took a historic step in support of U.S. government efforts to crack down on illicit finance and enhance transparency by issuing a final rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act (CTA). The rule will require most corporations, limited liability companies,…
Federal Reserve Board announces that six of the nation’s largest banks will participate in a pilot climate scenario analysis exercise designed to enhance the ability of supervisors and firms to measure and manage climate-related financial risks.
September 29, 2022 / Source: FRB
The Federal Reserve Board on Thursday announced that six of the nation’s largest banks will participate in a pilot climate scenario analysis exercise designed to enhance the ability of supervisors and firms to measure and manage climate-related financial risks. Scenario analysis—in which the resilience of financial institutions is assessed under different hypothetical climate scenarios—is an…
The New Landscape for Banking Competition
September 28, 2022 / Source: FRB
Good morning and thank you, Jim, it’s great to be back here in St. Louis for this year’s research conference. While the Federal Reserve learned a lot about how to operate virtually during these past two-and-a-half years of the pandemic, there are certain interactions and discussions that are just better face to face. For me,…
Help us spur new opportunities for homeowners in the mortgage market
September 28, 2022 / Source: CFPB
Mortgage payments are often a household’s single largest expense, so the terms of a mortgage greatly impact a household’s financial stability. When interest rates decline, many borrowers benefit from the lower rates by refinancing their loans. However, mortgage refinancing can be harder to access for borrowers with smaller loan balances. Black and Hispanic borrowers, who…
Recovering from Elder Financial Exploitation: A framework for policy and research.
September 28, 2022 / Source: CFPB
Elder financial exploitation (EFE) robs millions of older adults of their money and property. Despite the frequency and magnitude of the monetary losses in elder financial exploitation, little is known about how, and when older adults recover the money they have lost. This report provides the first comprehensive description of the experience of how older…
Federal Reserve Board finalizes supervisory framework for insurance organizations that are overseen by the Board
September 28, 2022 / Source: FRB
The Federal Reserve Board on Wednesday finalized a supervisory framework for insurance organizations that are overseen by the Board. The final framework is substantially similar to the proposal made earlier this year. The supervisory framework applies supervisory guidance and resources based on a supervised insurance organization’s risk. It also establishes a supervisory rating system for firms based…
Mortgage Rates Now at 20-Year Highs.
September 27, 2022 / Source: Mortgage
The most recent historical high water market for mortgage rates was “14 years.” It was broken so many times in September that we officially declared it to be boring last Tuesday. Now, less than a week later, 14-year highs would be more exciting than boring. As of mid-day today, we’re officially at 20 year highs. Perhaps it should be…
Treasury Sanctions Iran’s Morality Police and Senior Security Officials for Violence Against Protesters and the Death of Mahsa Amini.
September 22, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating Iran’s Morality Police for abuse and violence against Iranian women and the violation of the rights of peaceful Iranian protestors. The Morality Police are responsible for the recent death of 22-year-old Mahsa Amini, who was arrested and detained…
CFPB Launches Effort to Spur New Opportunities for Homeowners in the Mortgage Market.
September 22, 2022 / Source: CFPB
Agency seeks information on refinances, mortgage products to promote competition and support household financial stability. Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) is asking for public input on ways to spur new mortgage products that help households. The CFPB seeks insights on ways to improve mortgage refinances for homeowners who would benefit from refinancing,…
Federal Reserve issues FOMC statement
September 21, 2022 / Source: FRB
Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures. Russia’s war against Ukraine is causing tremendous human and…
California to Receive up to $1.1 Billion from U.S. Treasury Department to Promote Small Business Growth and Entrepreneurship through the American Rescue Plan.
September 21, 2022 / Source: Treasury
California Approved to Receive Federal Funding Through the State Small Business Credit Initiative WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of California’s application for funding under the State Small Business Credit Initiative (SSBCI) for up to $1.1 billion, the largest funding amount that has been approved in the SSBCI program. The…
FDIC Launches 3rd Annual Academic Challenge
September 20, 2022 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the launch of the agency’s third annual Academic Challenge, a competition among teams of university and college students to address questions concerning the U.S. banking sector. This year’s challenge will focus on “The Impacts of Higher Interest Rates on the Banking Sector.” The FDIC’s Center for Financial…
Remarks by Counselor to the Secretary of the Treasury Brent Neiman at the Peterson Institute for International Economics.
September 20, 2022 / Source: Treasury
As Prepared for Delivery Thank you, Adam, I appreciate the opportunity to speak here today. I last gave a talk at PIIE a couple of years ago, while wearing my previous hat as an academic. One great thing that you immediately notice about PIIE’s experts and affiliates is that in addition to economic theory, they…
Treasury Seeks Public Input on Illicit Finance, National Security Risks Posed by Digital Assets
September 19, 2022 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury today filed a Request for Comment (RFC) to seek feedback from the American people on the illicit finance and national security risks posed by digital assets. The filing is pursuant to President Joe Biden’s Executive Order, “Ensuring Responsible Development of Digital Assets” and the subsequent Illicit Finance…
CFPB Annual Report of 2021 Mortgage Market Activity Reveals an End to the Refinancing Boom and an Increase in Home Purchase Loans.
September 19, 2022 / Source: CFPB
Asian, Black, and Hispanic white shares of home purchase loans increased. WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on residential mortgage lending activity and trends for 2021. The report’s data are submitted by thousands of the nation’s lending institutions under the Home Mortgage Disclosure Act (HMDA). The report shows…
Treasury Targets Additional Facilitators of Russia’s Aggression in Ukraine.
September 15, 2022 / Source: Treasury
WASHINGTON –– Today, as part of its continued response to Russia’s horrific war of aggression against Ukraine, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 22 individuals and 2 entities, including multiple individuals who have furthered the Government of the Russian Federation’s (GoR) objectives in Ukraine, both prior to and…
Treasury Takes Actions in Zimbabwe
September 15, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated one Zimbabwe individual and removed eleven others from the Specially Designated Nationals List (SDN List) under the Zimbabwe sanctions program. The Zimbabwe sanctions program targets human rights abusers and those who undermine democratic processes or facilitate corruption. U.S. sanctions…
Racial Differences in Economic Security: The Racial Wealth Gap
September 15, 2022 / Source: Treasury
By: Assistant Secretary for Economic Policy Benjamin Harris and Economist Sydney Schreiner Wertz This summer the Treasury Department initiated a blog series focusing on economic issues surrounding racial equity. This post is the second blog entry in this series, focusing on the racial wealth gap as a key component to assessing economic security. Indeed, racial…
OCC Reports Improvement in Overall Mortgage Performance.
September 15, 2022 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system improved during the second quarter of 2022. The OCC Mortgage Metrics Report, Second Quarter 2022 showed that 97 percent of mortgages included in the report were current and performing at the end of the quarter, compared…
Buy Now, Pay Later: Market trends and consumer impacts.
September 15, 2022 / Source: CFPB
Buy Now, Pay Later (BNPL) is a form of credit that allows a consumer to split a retail transaction into smaller, interest-free installments and repay over time. The typical BNPL structure divides a $50 to $1,000 purchase into four equal installments, with the first installment paid as a down payment due at checkout, and the…
Statement by Group of Creditors of Ukraine.
September 14, 2022 / Source: Treasury
The representatives of the Group of creditors of Ukraine (“The Group”) and the government of Ukraine met virtually on September 14, 2022 to conclude a Memorandum of Understanding (MoU) in order to implement the debt service suspension announced on July 20, 2022. This MoU eases Ukraine’s liquidity pressures and allows its government to increase social,…
Checks sent to consumers harassed by Yorba Capital Management
September 14, 2022 / Source: CFPB
Obtaining consumer redress is a top priority in any enforcement action, and when the CFPB enforces the law, we or a court may require the person or company to compensate its victims for this harm by providing consumer redress out of its own funds. In certain circumstances, when the person or company doesn’t have sufficient…
OCC Hosts Miami Workshop for National Community Bank Board Directors, Bank Management.
September 13, 2022 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) will host a workshop October 25-26 in Miami for directors, senior management, and other key executives of national community banks and federal savings associations. The Building Blocks: Keys to Success for Directors and Senior Management workshop combines lectures, discussions, and exercises to provide practical information…
OCC Reports Second Quarter 2022 Bank Trading Revenue
September 13, 2022 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $10.3 billion in the second quarter of 2022. The second quarter trading revenue was $273.0 million, or 2.6 percent, less than in the previous quarter and $2.2 billion, or 26.8 percent, more than in…