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HUD Secretary Scott Turner Launches DOGE Task Force to Eliminate Waste, Fraud and Abuse
February 16, 2025 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) will launch a U.S. Department of Government Efficiency (DOGE) Task Force to review how HUD is spending American taxpayer dollars. The task force will be composed of HUD employees who will examine how to best maximize the agency’s budget and ensure all programs, processes and…
SEC Announces 44th Annual Small Business Forum to Impact Capital-Raising Policy
February 16, 2025 / Source: SEC
Washington D.C., Feb. 14, 2025 — The Securities and Exchange Commission will host the SEC’s 44th Annual Government-Business Forum on Small Business Capital Formation at SEC Headquarters in Washington, D.C. on April 10 from 1 – 4:30 p.m. ET. The forum brings together members of the public and private sectors to discuss and provide suggestions to improve…
OCC Releases Dodd-Frank Act Stress Test Scenarios for 2025
February 13, 2025 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) released economic and financial market scenarios for use in the upcoming stress tests for covered institutions. The supervisory scenarios include baseline and severely adverse scenarios. Covered institutions are required to use the scenarios to conduct stress tests. The results of the company-run stress tests provide the…
Speech – Reflections on a Maturing Stablecoin Market
February 12, 2025 / Source: FRB
Thank you for inviting me to speak today about stablecoins, an important innovation for the crypto ecosystem with the potential to improve retail and cross-border payments.1 A little over three years ago, I outlined my views on the benefits and risks of stablecoins.2 I can think of no better place than this conference to discuss the maturing…
FTC Publishes Inflation-Adjusted Civil Penalty Amounts for 2025
February 11, 2025 / Source: FTC
The Federal Trade Commission has adjusted the maximum civil penalty dollar amounts for violations of 16 provisions of law the FTC enforces, as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The Act directs agencies to implement annual inflation adjustments based on a prescribed formula. The new maximum civil penalty…
United States, Australia, and the United Kingdom Jointly Sanction Key Infrastructure that Enables Ransomware Attacks
February 11, 2025 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC), Australia’s Department of Foreign Affairs and Trade, and the United Kingdom’s Foreign Commonwealth and Development Office are jointly designating Zservers, a Russia-based bulletproof hosting (BPH) services provider, for its role in supporting LockBit ransomware attacks. LockBit, a Russia-based ransomware group best known for…
Acting Comptroller Issues Statement on OCC’s Withdrawal from International Climate Organization
February 11, 2025 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Rodney E. Hood issued the following statement today after the withdrawal of the Office of the Comptroller of the Currency (OCC) from the Network of Central Banks and Supervisors for Greening the Financial System: “The OCC’s primary mission is to ensure the safety, soundness and fairness of national banks and…
‘Dating or Defrauding?’ a Joint Effort to Alert Online Daters, Social Media Users of Relationship Investment Scams
February 10, 2025 / Source: OIG
WASHINGTON, D.C. — In coordination with multiple federal, state, and nonprofit organizations, the Commodity Futures Trading Commission’s Office of Customer Education and Outreach has launched a national awareness effort to alert the public to relationship investment scams targeting Americans through wrong-numbered texts, dating apps, and social media. Over the coming weeks, the interagency Dating or Defrauding? social media…
Secretary Scott Turner Halts Enforcement Actions of HUD’s Gender Identity Rule
February 10, 2025 / Source: HUD
WASHINGTON – Secretary Turner issued an order directing the U.S. Department of Housing and Urban Development (HUD) to halt any pending or future enforcement actions related to HUD’s 2016 rule entitled “Equal Access in Accordance With an Individual’s Gender Identity in Community Planning and Development Programs.” Secretary Turner’s action will ensure housing programs, shelters and other HUD-funded providers…
Rodney E. Hood Announced as Acting Comptroller of the Currency
February 10, 2025 / Source: OCC
WASHINGTON—Today, the U.S. Department of the Treasury announced the appointment of Rodney E. Hood as Acting Comptroller of the Currency, effective February 10, 2025. U.S. Secretary of the Treasury Scott Bessent designated Mr. Hood pursuant to his authority in 12 U.S.C. 4. “I am grateful for the trust of Secretary Bessent and will work diligently…
Secretary Bessent Announces Intention to Appoint First Deputy Comptroller of the Office of the Comptroller of the Currency
February 9, 2025 / Source: Treasury
WASHINGTON – Secretary of the Treasury Scott Bessent today announced his intention to appoint Rodney E. Hood as a Deputy Comptroller and to designate him the First Deputy Comptroller of the Office of the Comptroller of the Currency (OCC). In this role, Mr. Hood will also serve as Acting Comptroller of the Currency. “The strong…
Acting Chairman Travis Hill Expresses Support for Enhancing Flexibility with Respect to Customer Identification Program Requirements
February 9, 2025 / Source: FDIC
WASHINGTON – Today, Acting Chairman Travis Hill sent a letter to the Financial Crimes Enforcement Network (FinCEN) expressing support for allowing more flexibility with respect to certain Customer Identification Program (CIP) requirements for bank-fintech partnerships. Specifically, Acting Chairman Hill expressed support for generally allowing the collection of the last four digits of a Social Security…
Speech – Bank Regulation in 2025 and Beyond
February 9, 2025 / Source: FRB
Governor Bowman presented identical remarks at the 2025 Wisconsin Bankers Association Bank Executives Conference, Milwaukee, Wisconsin, on February 7, 2025. Thank you for the invitation to speak to you today.1 It is a pleasure to be with you. I always enjoy the opportunity to meet bankers from across the country to learn about the issues that…
Scott Turner Confirmed as Secretary of Housing and Urban Development
February 6, 2025 / Source: HUD
WASHINGTON – Today, Scott Turner was confirmed by the United States Senate to be the 19th Secretary of the U.S. Department of Housing and Urban Development (HUD). Secretary Turner was confirmed by a bipartisan vote of 55-44 and sworn in by Associate Justice of the United States Supreme Court, the Honorable Clarence Thomas. “I am honored…
FinCEN Announces $37,000,000 Civil Money Penalty Against Brink’s Global Services USA, Inc. for Violations of the Bank Secrecy Act
February 6, 2025 / Source: FinCEN
The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) assessed a $37,000,000 civil money penalty against Brink’s Global Services USA, Inc. (Brink’s) for willful violations of the Bank Secrecy Act (BSA), the primary U.S. anti-money laundering (AML) law that safeguards the financial system from illicit use, and its implementing regulations. As a result of Brink’s failures,…
FDIC Releases Documents Related to Supervision of Crypto-Related Activities
February 6, 2025 / Source: FDIC
WASHINGTON – Today, the Federal Deposit Insurance Corporation (FDIC) released 175 documents related to its supervision of banks that engaged in, or sought to engage in, crypto-related activities. Acting Chairman Travis Hill issued the following statement in connection with the release: “I have been critical in the past of the FDIC’s approach to crypto assets…
Federal Reserve Board releases the hypothetical scenarios for its annual stress test
February 6, 2025 / Source: FRB
The Federal Reserve Board on Wednesday released the hypothetical scenarios for its annual stress test, which helps ensure that large banks can lend to households and businesses even in a severe recession. Additionally, the Board released two hypothetical elements designed to probe different risks through its “exploratory analysis” of the banking system. The exploratory analysis…
Treasury Targets Oil Network Generating Hundreds of Millions of Dollars for Iran’s Military
February 6, 2025 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning an international network for facilitating the shipment of millions of barrels of Iranian crude oil worth hundreds of millions of dollars to the People’s Republic of China (PRC). The oil was shipped on behalf of Iran’s Armed Forces General…
United States Department of the Treasury Announces New Appointments
February 6, 2025 / Source: Treasury
WASHINGTON – Secretary of the Treasury Scott Bessent announced today President Trump’s intent to nominate Luke Pettit and Jason De Sena Trennert for positions at the United States Department of the Treasury. “Luke and Jason will be critical to implementing President Trump’s agenda to drive progress for the American people by revitalizing the economy, lowering…
FDIC Issues List of Banks Examined for CRA Compliance
February 4, 2025 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in November 2024. The CRA is a 1977 law that requires the FDIC to assess a bank’s record…
Federal Reserve Board announces termination of two enforcement actions with Wells Fargo
February 4, 2025 / Source: FRB
The Federal Reserve Board on Tuesday announced the termination of two enforcement actions with Wells Fargo. Both were issued in 2011, with the first relating to deficient practices in residential mortgage loan servicing and foreclosure processing (PDF) and the second relating to deficient mortgage lending practices at a former subsidiary (PDF). The termination of these enforcement actions does…
OCC Releases CRA Performance Evaluations for 20 National Banks and Federal Savings Associations
February 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 January 1, 2025, through January 31, 2025. Under the CRA, the OCC assesses an institution’s record of meeting the credit needs of its entire community, including low- and…
Statement on Designation of Treasury Secretary Scott Bessent as Acting Director of the Consumer Financial Protection Bureau
February 3, 2025 / Source: CFPB
WASHINGTON, D.C. – On January 31, 2025, President Trump designated Secretary of the Treasury Scott Bessent as Acting Director of the Consumer Financial Protection Bureau (CFPB). “I look forward to working with the CFPB to advance President Trump’s agenda to lower costs for the American people and accelerate economic growth,” said Secretary Bessent.
Brief Remarks on the Economy, and Perspective on Mutual and Community Banks
February 2, 2025 / Source: FRB
Let me begin by saying my thoughts and prayers are with the families of the passengers and crew who perished in the tragic flight accident in Washington, D.C. Wednesday evening. Thank you for the invitation to speak to you today.1 It is a pleasure to be with you virtually for your CEO Summit. I always enjoy…
Agencies Announce Second Public Outreach Meeting As Part of Their Review of Regulations
February 2, 2025 / Source: FDIC
Federal bank regulatory agencies will hold a virtual public outreach meeting on March 6, 2025, as part of their review of regulations, as required by law. The Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) requires the agencies, with input from the public, to review their regulations at least once every 10 years to identify…