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OCC Releases CRA Performance Evaluations for 15 National Banks and Federal Savings Associations
August 3, 2025 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of July 1, 2025, through July 31, 2025. Under the CRA, the OCC assesses an institution’s record of meeting the credit needs of its entire community, including low- and…
Treasury Secretary Bessent Remarks at the Launch of the White House Digital Assets Report
July 31, 2025 / Source: Treasury
Introduction: The Next Digital Frontier Good afternoon. I’m grateful to be with you today. America is a frontier nation. From the Lewis and Clark Expedition to the present day, our people have always pushed boundaries—in exploration, politics, science, and technology. To be American is to be constantly moving, constantly innovating, and constantly living on the…
Treasury Sanctions Global Network Supporting Iran’s Military UAV Program
July 31, 2025 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating five entities and one individual based in Iran, Hong Kong, Taiwan, and China for their procurement of technology in support of OFAC-designated Iran Aircraft Manufacturing Industrial Company (HESA). HESA is a state-owned subsidiary of Iran’s Ministry of Defense and…
ICYMI: Secretary Scott Turner Visits Pittsburgh to Witness Innovative Housing Solutions, Tours U.S. Steel and Faith-Based Shelter
July 31, 2025 / Source: HUD
Pittsburgh, Pa. – U.S. Housing and Urban Development (HUD) Secretary Scott Turner joined U.S. Senators David McCormick (R-PA) and John Fetterman (D-PA) in Pittsburgh with stops at U.S. Steel, Connect Bedford Dwellings, and Light of Life Rescue Mission. “Pittsburgh stands as a testament to America’s spirit of hard work and resilience—the virtues that will help solve…
Federal Reserve Board joins other federal financial institution regulatory agencies in providing banks the flexibility to use an alternative method for collecting certain customer identification information
July 31, 2025 / Source: FRB
The Federal Reserve Board on Thursday joined other federal financial institution regulatory agencies, as well as the Financial Crimes Enforcement Network, in providing banks the flexibility to use an alternative method for collecting certain customer identification information. Specifically, the agencies now permit banks and credit unions to obtain a tax identification number from a third…
Adam Cohen Named OCC Chief Counsel
July 30, 2025 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced Adam Cohen as Senior Deputy Comptroller and Chief Counsel. “Adam’s unparalleled background in banking law and regulation, together with his depth of hands-on experience working on financial services matters as a regulator, in-house general counsel, and external advisor bring tremendous value to the OCC,”…
Federal Reserve issues FOMC statement
July 30, 2025 / Source: FRB
Although swings in net exports continue to affect the data, recent indicators suggest that growth of economic activity moderated in the first half of the year. The unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2…
Treasury Takes Massive Action Against High-Profile Iranian Network
July 30, 2025 / Source: Treasury
WASHINGTON — Today, in its largest Iran-related action since 2018, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating more than 50 individuals and entities and identifying more than 50 vessels that are part of the vast shipping empire controlled by Mohammad Hossein Shamkhani (Hossein). Hossein—the son of Ali Shamkhani, a top political advisor to…
Treasury Department Announces New Appointments
July 30, 2025 / Source: Treasury
WASHINGTON — Secretary of the Treasury Scott Bessent announced today key appointments for senior positions at the U.S. Department of the Treasury. Biographies of the appointees are listed below in alphabetical order: Alley Adcock will serve as Deputy Assistant Secretary for Legislative Affairs, Appropriations and Management. She most recently served as Professional Staff Member on the House…
FHFA House Price Index® Down 0.2 Percent in May; Up 2.8 Percent from Last Year
July 29, 2025 / Source: FHFA
Washington, D.C. – U.S. house prices fell 0.2 percent in May, according to the U.S. Federal Housing (FHFA) seasonally adjusted monthly House Price Index (FHFA HPI®). House prices rose 2.8 percent from May 2024 to May 2025. The previously reported 0.4 percent price decline in April was revised to a 0.3 percent decline. For the nine census divisions, seasonally adjusted…
Treasury Sanctions Venezuelan Cartel Headed by Maduro
July 28, 2025 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the Cartel de los Soles (a.k.a. Cartel of the Suns) as a Specially Designated Global Terrorist. Cartel de los Soles is a Venezuela-based criminal group headed by Nicolas Maduro Moros and other high-ranking Venezuelan individuals in the Maduro regime that provides material support to…
Economy Statement for the Treasury Borrowing Advisory Committee
July 28, 2025 / Source: Treasury
Introduction Recent data suggest that U.S. economic growth resumed in the second quarter of 2025 and likely fully recovered from the modest headwinds that appeared in the first quarter. Monthly readings of payroll job creation were consistently stronger in the second quarter, and the unemployment rate has remained historically low at just over 4 percent. …
FTC Sends Money to Consumers Harmed by Student Loan Forgiveness Scam
July 27, 2025 / Source: FTC
The Federal Trade Commission is sending more than $356,900 in refunds to consumers harmed by scammers who lured struggling student loan borrowers into signing up for a program that promised loan forgiveness that did not exist. In the FTC’s complaint against SL Finance LLC and its owners Michael Castillo and Christian Castillo, the agency charges that the…
Secretary Turner Recaps Major Wins from National Homeownership Month, Underscores Need for Rate Cuts
July 27, 2025 / Source: HUD
WASHINGTON – During National Homeownership Month, U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner spearheaded regulatory rollbacks and strategic initiatives to expand access to the American Dream of homeownership. As Secretary Turner stated, “We’re slashing regulations at HUD to unleash the private sector to build and get government out of the way. The Federal Reserve needs…
Economic Growth and Regulatory Paperwork Reduction Act of 1996:Â Regulatory Review to Identify Outdated, Unnecessary, or Unduly Burdensome Regulations
July 27, 2025 / Source: OCC
On July 25, 2025, 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) published in the Federal Register their fourth notice requesting comment on their regulations pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA)….
Treasury Sanctions Clandestine IT Worker Network Funding the DPRK’s Weapons Programs
July 24, 2025 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the Korea Sobaeksu Trading Company and three associated individuals—Kim Se Un, Jo Kyong Hun, and Myong Chol Min—for their involvement in the evasion of U.S. and United Nations (UN) sanctions and efforts to generate revenue clandestinely for the Democratic People’s Republic of Korea (DPRK) government,…
Kate Tyrrell Named Chief of Staff and Senior Deputy Comptroller
July 23, 2025 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced the appointment of Kate Tyrrell as Chief of Staff and Senior Deputy Comptroller. “Kate’s broad expertise and significant management experience will be a tremendous asset to my leadership team and the entire agency,” said Comptroller of the Currency Jonathan V. Gould. “She will be…
John Hurley Confirmed by the United States Senate
July 23, 2025 / Source: Treasury
WASHINGTON — Today, the United States Senate confirmed John Hurley to be the next Under Secretary for Terrorism and Financial Intelligence at the United States Department of the Treasury. “It is a great honor and privilege to serve as Under Secretary for Terrorism and Financial Intelligence at such a crucial time for the United States. I…
Speech – At the Integrated Review of the Capital Framework for Large Banks Conference, Federal Reserve Board, Washington, D.C.
July 22, 2025 / Source: FRB
Good morning, and welcome to the Federal Reserve Board. I am pleased, though not surprised, to see such great interest in the topic of today’s conference—the integrated review of the capital framework for large banks. I want to thank Vice Chair for Supervision Bowman for having the great idea of holding this event at the…
Treasury Secretary Scott Bessent Remarks at the Federal Reserve Capital Conference
July 22, 2025 / Source: Treasury
Good evening, it’s an honor to be with you tonight. Let me first express my appreciation to Vice Chair Bowman for arranging tomorrow’s conference. The Vice Chair has certainly hit the ground running, and we are all impressed by her early results. I share with her a strong view on the urgency of reform. And…
Treasury Sanctions Houthi-Linked Petroleum Smuggling and Sanctions Evasion Network
July 22, 2025 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating two individuals and five entities that profit through money laundering and importing petroleum products into territory controlled by Ansarallah, commonly known as the Houthis. The Iran-backed Houthis gain hundreds of millions of dollars annually by working with Yemeni businessmen…
Federal bank regulatory agencies seek further comment on interagency effort to reduce regulatory burden
July 21, 2025 / Source: FRB
The federal bank regulatory agencies today announced their fourth notice requesting public comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act requires the agencies to review their regulations at least once every 10 years to identify outdated, unnecessary, or unduly burdensome regulatory requirements for their supervised institutions. To facilitate this review,…
FTC Halts Illegal Debt-Relief Operation that Falsely Impersonated Businesses and the Government, Harming Consumers
July 21, 2025 / Source: FTC
At the Federal Trade Commission’s request, a federal court has temporarily halted an alleged debt relief services scheme that targeted seniors, including veterans, using a wide range of deceptive conduct, including falsely impersonating consumers’ banks and credit card companies as well as government agencies. The Commission filed a complaint against seven companies and three individuals operating the “Accelerated Debt”…
Statement from U.S. Secretary of the Treasury Scott Bessent on Enactment of the GENIUS Act
July 21, 2025 / Source: Treasury
WASHINGTON – U.S. Secretary of the Treasury Scott Bessent issued the following statement following President Trump’s signing of the GENIUS Act: “Stablecoins represent a revolution in digital finance,” said Treasury Secretary Scott Bessent. “The dollar now has an internet-native payment rail that is fast, frictionless, and free of middlemen. This groundbreaking technology will buttress the…
Treasury Announces Postponement and Reopening of Investment Adviser Rule
July 21, 2025 / Source: Treasury
WASHINGTON––In order to ensure efficient regulation that appropriately balances costs and benefits, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) today is announcing its intention to postpone the effective date of the final rule establishing Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and…