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Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee
January 31, 2024 / Source: Treasury
January 30, 2024 Letter to the Secretary Dear Madam Secretary: Since the TBAC last convened in late October, the US economy has continued to expand and inflation has moderated. Financial conditions have eased with higher equity prices and lower Treasury yields. The rapid rise and fall in longer-term Treasury yields reflects a variety of factors,…
FinCEN Assesses $100,000 Civil Money Penalty against Gyanendra Kumar Asre for Violations of the Bank Secrecy Act
January 31, 2024 / Source: FinCEN
WASHINGTON—Today, the United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) assessed a $100,000 civil money penalty on Gyanendra Kumar Asre (Asre) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. FinCEN’s action also imposes a five-year ban on Asre’s participation in the conduct of the affairs of any financial institution…
Federal Reserve issues FOMC statement
January 31, 2024 / Source: FRB
Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have moderated since early last year but remain strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2…
Federal Open Market Committee announces updates that further enhance its policy on investment and trading
January 31, 2024 / Source: FRB
The Federal Open Market Committee on Wednesday announced updates that further enhance its policy on investment and trading. The policy, which was first adopted in 2022, aims to support public confidence in the impartiality and integrity of the Committee’s work by guarding against even the appearance of any conflict of interest. The updates will increase…
Federal Open Market Committee reaffirms its “Statement on Longer-Run Goals and Monetary Policy Strategy”
January 31, 2024 / Source: FRB
The Federal Open Market Committee, at its annual organization meeting this week, unanimously reaffirmed its “Statement on Longer-Run Goals and Monetary Policy Strategy,” often known as the consensus statement, which articulates its approach to monetary policy. The reaffirmed statement is identical to the version initially adopted in August 2020. The Committee first adopted a similar statement…
OCC Assesses $65 Million Penalty Against City National Bank
January 31, 2024 / Source: OCC
WASHINGTON, D.C. — The Office of the Comptroller of the Currency (OCC) today assessed a $65 million civil money penalty against City National Bank, of Los Angeles, California, related to systemic deficiencies in the Bank’s risk management and internal controls. The OCC found that the bank engaged in unsafe or unsound practices, including its failure to…
Treasury Designates ISIS Cyber Facilitators and Trainers
January 30, 2024 / Source: Treasury
OFAC Designations Coincide with the Virtual Meetings of the Counter ISIS Finance Group WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two cybersecurity experts affiliated with the Islamic State of Iraq and Syria (ISIS) for providing ISIS leadership and supporters with cybersecurity training, enabling their use of…
Agency Information Collection Activities; Proposed Collection; Comment Request; Beneficial Ownership Information Requests
January 30, 2024 / Source: FinCEN
Release Date January 30, 2024 Agency Information Collection Activities; Proposed Collection; Comment Request;… Action Type Notice and Request for Comment, Forms Renewal/Update
The CFPB’s enforcement work in 2023 and what lies ahead
January 29, 2024 / Source: CFPB
The CFPB safeguards household financial stability by ensuring that consumer financial markets are fair, transparent, and competitive. Our enforcement authority is among the CFPB’s most impactful tools—reinforcing compliance with federal consumer financial laws and sending a clear message to entities within our authority and the public that the CFPB remains vigilant on behalf of consumers….
OCC Requests Comments on Proposed Rulemaking and Policy Statement on Bank Mergers
January 29, 2024 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today requested comment on a proposal to update its rules for business combinations involving national banks and federal savings associations. The proposal also includes a policy statement to clarify the OCC’s review of applications under the Bank Merger Act (BMA). The proposed rulemaking is part of…
Treasury Announces Marketable Borrowing Estimates
January 29, 2024 / 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 January – March 2024 and April – June 2024 quarters. During the January – March 2024 quarter, Treasury expects to borrow $760 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $750…
OCC Promotes 2024 Earned Income Tax Credit Awareness Day
January 28, 2024 / Source: OCC
WASHINGTON—To increase the awareness of eligible working families about the benefits of the Earned Income Tax Credit (EITC), the Office of the Comptroller of the Currency joins stakeholders across the country in promoting January 26 as EITC Awareness Day. The EITC is a refundable federal income tax credit for low- to moderate-income households. Changes in marital,…
CFPB Proposes Rule to Stop New Junk Fees on Bank Accounts
January 25, 2024 / Source: CFPB
Proposed rule would prohibit non-sufficient funds fees on transactions declined right at the swipe, tap, or click WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) proposed today to block banks and other financial institutions from one potential source of new junk fee revenue – fees on transactions declined right at the swipe, tap, or click….
Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Penalties
January 25, 2024 / Source: FinCEN
Release Date January 25, 2024 Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Pe… Action Type Final Rule
U.S. and UK Target Houthi Military Officials for Supporting Acts of Terrorism
January 25, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on key officials of the forces of Ansarallah, commonly known as the Houthis, for their support to acts of terrorism targeting commercial shipping. Today’s action targets four individuals who have supported the Houthis’ recent attacks against commercial vessels in…
FACT SHEET: IRS Launches Simple Notice Initiative
January 23, 2024 / Source: Treasury
Around 170 million notices sent to individual taxpayers annually The IRS sends around 170 million notices to individual taxpayers every year to help them claim the credits and deductions they are eligible for and meet their tax obligations. These notices are often long—with extraneous inserts—and difficult for taxpayers to understand. They are filled with complex…
United States, Australia, and the United Kingdom Sanction Russian Cyber Actor Responsible for the Medibank Hack
January 23, 2024 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC), in coordination with Australia and the United Kingdom, designated Alexander Ermakov (Ermakov), a cyber actor who played a pivotal in the 2022 ransomware attack against Medibank Private Limited, an Australian healthcare insurer. “Russian cyber actors continue to wage disruptive ransomware attacks…
Treasury Targets Kata’ib Hizballah Leaders and Airline Enabling IRGC-QF and Militant Proxy Groups
January 22, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Iraqi airline Fly Baghdad and its CEO for providing assistance to the Islamic Revolutionary Guard Corps–Qods Force (IRGC-QF) and its proxy groups in Iraq, Syria, and Lebanon. OFAC is also designating three leaders and supporters of one of the…
U.S., UK, and Australia Target Additional Hamas Financial Networks and Facilitators of Virtual Currency Transfers
January 22, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed a fifth round of sanctions on Hamas since the October 7 terrorist attack on Israel. Today’s action targets networks of Hamas-affiliated financial exchanges in Gaza, their owners, and associates, and particularly financial facilitators that have played key roles in funds…
Federal Reserve Board announces it will extend the comment period on its interchange fee proposal until May 12, 2024 and published additional related data
January 22, 2024 / Source: FRB
The Board on Monday announced that it will extend until May 12, 2024, the comment period on its interchange fee proposal. The Board extended the comment period to allow the public more time to analyze the proposal and prepare their comments. Comments on the proposal were originally due by February 12, 2024. Separately, the Board…
FDIC Demands Five Entities Cease Making False or Misleading Representations about Deposit Insurance
January 21, 2024 / Source: FDIC
WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today issued letters demanding five entities and certain associated parties cease and desist from making false and misleading statements about FDIC deposit insurance. The FDIC is demanding that Atmos Financial, PBC (Atmos); BybitcoinEx, Inc. (BybitcoinEx); ORGANO Payments, Inc. and its subsidiary OGPay (OGPay); Horizon Globex GmbH (Horizon),…
U.S. Department of the Treasury, IRS Release Guidance to Build out U.S. Clean Vehicle Charging Infrastructure
January 21, 2024 / Source: Treasury
WASHINGTON – Today the U.S. Department of the Treasury and Internal Revenue Service (IRS) released additional guidance under President Biden’s Inflation Reduction Act (IRA) to lower Americans’ energy bills by providing clarity on eligibility for incentives to install electric vehicle charging stations and other alternative fuel refueling stations. The Department of Energy is also releasing a mapping tool…
Federal Reserve Board issues enforcement action and fines the Industrial and Commercial Bank of China Ltd. and its New York branch approximately $2.4 million for their unauthorized use and disclosure of confidential supervisory information
January 21, 2024 / Source: FRB
The Federal Reserve Board on Friday issued an enforcement action and fined the Industrial and Commercial Bank of China Ltd. and its New York branch approximately $2.4 million for their unauthorized use and disclosure of confidential supervisory information. Confidential supervisory information includes reports of bank examinations and other confidential communications by banking regulators. It is…
CFPB and Seven State Attorneys General Sue Debt-Relief Enterprise, Strategic Financial Solutions, for Illegally Swindling More Than $100 Million from Financially Struggling Families
January 21, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and seven state attorneys general sued Strategic Financial Solutions (SFS) and its web of shell companies for running an illegal debt-relief enterprise. The CFPB and state attorneys general also sued the chief architects of the illegal enterprise, Ryan Sasson and Jason Blust. The CFPB and attorneys general…
Acting Comptroller Discusses Bank Liquidity Risk
January 18, 2024 / Source: OCC
WASHINGTON — Acting Comptroller of the Currency Michael J. Hsu today issued remarks on bank liquidity risk at Columbia University Law School in New York. In his remarks, Mr. Hsu discussed the characteristics of recent bank runs and lessons learned from recent bank failures. He also discussed a targeted regulatory approach to better classify higher…