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Economy Statement by Eric Van Nostrand, Acting Assistant Secretary for Economic Policy, for the Treasury Borrowing Advisory Committee
October 30, 2023 / Source: Treasury
INTRODUCTION The United States continues to deliver strong economic growth amid resilient labor markets, even as core inflation continues to cool. In the third quarter, real GDP grew at the fastest rate since late 2021, boosted by strong household consumption and a stronger build in private inventories. Labor force participation rate rose to a post-pandemic…
Treasury Announces Marketable Borrowing Estimates
October 30, 2023 / Source: Treasury
Sources and Uses Table WASHINGTON — The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the October – December 2023 and January – March 2024 quarters. During the October – December 2023 quarter, Treasury expects to borrow $776 billion in privately-held net marketable debt, assuming an end-of-December cash balance of…
Joint Statement on the U.S.-UK Financial Innovation Partnership Meeting 7th September 2023
October 30, 2023 / Source: Treasury
WASHINGTON – The fourth official meeting of the U.S.-UK Financial Innovation Partnership (FIP) took place in Washington, D.C., on September 7, 2023. The U.S. Department of the Treasury hosted the Regulatory Pillar of the FIP with His Majesty’s Treasury. Participants gathered to exchange views on topics of mutual interest and to deepen ties between U.S….
Treasury Targets Additional Sources of Support and Financing to Hamas
October 29, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed a second round of sanctions on key Hamas-linked officials and financial networks following the October 7 barbaric attacks on Israel and its civilian population. Today’s action targets additional assets in Hamas’s investment portfolio and individuals who are facilitating sanctions…
FDIC Advisory Committee on Economic Inclusion to Meet Next Week
October 29, 2023 / Source: FDIC
WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet on Thursday, November 2, 2023, to discuss updates from Committee members about key challenges facing their communities and organizations. Panel presentations will discuss the final Community Reinvestment Act (CRA) rule, research informing the next FDIC multi-year economic inclusion strategic…
The U.S. Economy in Global Context
October 26, 2023 / Source: Treasury
Eric Van Nostrand, Acting Assistant Secretary for Economic Policy Tara Sinclair, Deputy Assistant Secretary for Macroeconomics The U.S. economy in 2023 outperformed expectations along three key dimensions: growing economic output, labor market resilience, and slowing inflation. This month, the IMF released its latest World Economic Outlook (WEO), which provides an important occasion to consider U.S….
BREAKING NEWS: JUDGE EXTENDS TBA’S SEC. 1071 INJUNCTION TO NATIONWIDE COVERAGE
October 26, 2023 / Source: TBA
Moments ago, US District Court Judge Randy Crane extended the partial injunction issued to TBA, Rio Bank, and the ABA to apply nationwide to all entities subject to the Section 1071 Final Rule. This is a huge win for the industry! In his Order, Judge Crane enjoined the CFPB from implementing and enforcing the Sec….
CFPB Report Finds Credit Card Companies Charged Consumers Record-High $130 Billion in Interest and Fees in 2022
October 25, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released its biennial report to Congress on the consumer credit card market. The report found that in 2022 credit card companies charged consumers more than $105 billion in interest and more than $25 billion in fees. Total outstanding credit card debt eclipsed $1 trillion for the…
Federal Reserve Board requests comment on a proposal to lower the maximum interchange fee that a large debit card issuer can receive for a debit card transaction
October 25, 2023 / Source: FRB
The Federal Reserve Board on Wednesday requested comment on a proposal to lower the maximum interchange fee that a large debit card issuer can receive for a debit card transaction. The proposal would also establish a regular process for updating the maximum amount every other year going forward. By law, the Board is required to…
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Proposed Rule Regarding Lifetime Banking Bans for Certain Criminal Offenses
October 24, 2023 / Source: CFPB
One of the biggest challenges that banks face today is recruiting and retaining qualified employees. The Federal Deposit Insurance Act prohibits banks from employing people convicted of certain criminal offenses.1 Today, the FDIC is proposing rules that implement recently enacted legislation to revise this prohibition by excluding certain offenses, like drug possession.2 I support the proposed…
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Final Rule Implementing the Community Reinvestment Act
October 24, 2023 / Source: CFPB
Banks are not ordinary businesses. They are critical infrastructure of the economy. This is why we provide them with many public benefits, and in exchange, they have obligations to meet the “convenience and needs” of the communities they serve. The final rule is the product of compromise between the Federal Deposit Insurance Corporation, the Office…
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Final Guidance Regarding Climate-related Risks
October 24, 2023 / Source: CFPB
In October 2021, Secretary of the Treasury Janet Yellen convened the Financial Stability Oversight Council to issue a report to address climate-related risk throughout the financial system . This report laid out a series of recommendations and considerations to address these risks. Today’s guidance document builds on this effort. Climate change is real. Private industry and governments…
United States and European Union Hold Sixth Joint Committee Meeting under the Bilateral Agreement on Prudential Measures Regarding Insurance and Reinsurance
October 24, 2023 / Source: Treasury
On the 24th of October 2023, the United States and the European Union held the sixth meeting of the Joint Committee established under the U.S.-EU Agreement on Prudential Measures Regarding Insurance and Reinsurance (“the Agreement”). The United States and the European Union signed the Agreement on September 22, 2017, and it entered into force on…
Material Loss Review of Signature Bank of New York
October 24, 2023 / Source: FDIC OIG
The Office of Inspector General (OIG) of the Federal Deposit Insurance Corporation (FDIC) has issued a Material Loss Review of Signature Bank of New York. On March 12, 2023, the New York State Department of Financial Services (NYSDFS) closed Signature Bank of New York (SBNY) and appointed the FDIC as receiver. On April 28, 2023 the…
Next public hearing on appraisal bias: November 1
October 23, 2023 / Source: CFPB
On Wednesday, November 1, 2023, the Federal Financial Institutions Examination Council’s Appraisal Subcommittee (ASC) will hold its third public hearing on appraisal bias to discuss how a residential appraisal is developed and reviewed, the process for reconsiderations of value for residential real estate valuations, and the development of rural appraisals. The following witnesses will share testimony during…
Remarks by Assistant Secretary of Treasury for International Finance Brent Neiman at John Hopkins School for Advanced International Studies
October 23, 2023 / Source: Treasury
As Prepared for Delivery Thank you for the invitation to speak here today at SAIS. As an academic, I’ve had brilliant colleagues and former PhD students of mine join your faculty. As a policymaker, I get to work closely with your impressive alumni, many of which are on the Treasury team and working across the…
U.S. Treasury Department Releases Report on the Historically Equitable Economic Recovery From the Pandemic
October 23, 2023 / Source: Treasury
New report shows that President Biden’s American Rescue Plan effectively delivered resources and aid to historically underserved communities, enabling economic recovery far more quickly than in previous downturns. WASHINGTON – Today, the U.S. Department of the Treasury released a report providing new evidence that the recovery from the economic harm of the COVID-19 pandemic was the most…
U.S. Treasury Sanctions Members of Milorad Dodik’s Family and Patronage Network
October 22, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating two individuals and four entities that form a core part of Specially Designated National (SDN) and Republika Srpska (RS) President Milorad Dodik’s (Dodik) patronage network. Members of this network, which include Dodik’s adult children, facilitate Dodik’s ongoing corruption…
FACT SHEET: How the Inflation Reduction Act’s Tax Incentives Are Ensuring All Americans Benefit from the Growth of the Clean Energy Economy
October 22, 2023 / Source: Treasury
WASHINGTON—President Biden’s Inflation Reduction Act is the most significant legislation to combat climate change in our nation’s history, and one of the largest investments in the American economy in a generation. Already, this investment and the U.S. Department of the Treasury’s implementation of the law has unleashed an investment and manufacturing boom in the United…
IRS Launches New Initiatives Using Inflation Reduction Act Funding to Ensure Large Corporations Pay Taxes Owed, Continues to Improve Service and Modernize Technology with Launch of Business Tax Account
October 22, 2023 / Source: Treasury
WASHINGTON—Following a dramatically improved 2023 Filing Season thanks to Inflation Reduction Act (IRA) investments, the Internal Revenue Service (IRS) has targeted IRA resources on strengthening enforcement, with announcements on new initiatives to pursue high-income, high-wealth individuals who do not pay overdue tax bills and complex partnerships. Today the IRS is announcing new initiatives to ensure…
FinCEN Renews and Expands Real Estate Geographic Targeting Orders
October 22, 2023 / Source: FinCEN
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the renewal and expansion of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind companies used in non-financed purchases of residential real estate. The terms of the GTOs are effective beginning October 22, 2023 and ending on April 18,…
FinCEN Alert to Financial Institutions to Counter Financing to Hamas and its Terrorist Activities
October 22, 2023 / Source: FinCEN
FinCEN_Alert_Terrorist_Financing_FINAL508.pdf352.14 KB Immediate Release October 20, 2023 The Financial Crimes Enforcement Network (FinCEN) issued an alert today to assist financial institutions in identifying funding streams for the terrorist organization Hamas in response to Hamas’s horrific terrorist attack on the people of Israel, which left more than 1,000 innocent civilians, including citizens of the United States…
Agencies extend comment period on proposed rules to strengthen large bank capital requirements
October 22, 2023 / Source: FRB
Federal bank regulatory agencies announced today that they will extend until January 16, 2024, the comment period on their large bank capital proposal to increase the strength and resilience of the banking system. The agencies extended the comment period to allow interested parties more time to analyze the issues and prepare their comments. The Federal Reserve Board…
Report of the CFPB Education Loan Ombudsman
October 22, 2023 / Source: CFPB
This report analyzes the 9,284 student loan complaints submitted by consumers from September 1, 2022, through August 31, 2023.1 Complaints submitted to the CFPB suggest that across the federal and private student loan markets, failures on the part of industry participants are excluding some borrowers from protections and benefits intended for them under law. Read…
CFPB Proposes Rule to Jumpstart Competition and Accelerate Shift to Open Banking
October 19, 2023 / Source: CFPB
Personal Financial Data Rights rule would challenge industry to compete for customers, protect consumers from excessive surveillance, and help people walk away from bad service WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would accelerate a shift toward open banking, where consumers would have control over data about their financial…