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Large Bank Supervision: Updated Comptroller’s Handbook Booklet and Rescission
March 8, 2022 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) issued today an updated “Large Bank Supervision” booklet of the Comptroller’s Handbook. The “Large Bank Supervision” booklet is prepared for use by OCC examiners in connection with their examination and supervision of midsize and large national banks and federal savings associations as well as foreign-owned U.S. branches…
No FEAR Act Annual Report for fiscal year (FY) 2021
March 8, 2022 / Source: CFPB
MAR 08, 2022 The CFPB presents its Notification and Federal Employee Antidiscrimination and Retaliation Act of 2002 (No FEAR Act) Annual Report of Fiscal Year (FY) 2021. This report summarizes the Bureau’s EEO complaint activity, the most significant accomplishments in our EEO program, our strong commitment to abide by civil rights and whistleblower protection laws…
New Treasury Report Finds Corporate Concentration, Anti-competitive Practices Have Stifled Wages for Workers and Reduced their Power in the Marketplace
March 7, 2022 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury, in consultation with the U.S. Department of Justice, the U.S. Department of Labor and the Federal Trade Commission, issued a new report on competition in the labor market today. The report, “The State of Labor Market Competition in the U.S. Economy,” finds that the American labor market…
Acting Comptroller Discusses Climate Risk Management, Diversity and Inclusion
March 7, 2022 / Source: OCC
News Release 2022-22 | March 7, 2022 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed climate-related financial risk and the importance of promoting diversity and inclusion in the banking industry at the Institute of International Bankers Annual Washington Conference. Related Links Remarks (PDF) Acting Comptroller of the Currency Michael J. Hsu
FinCEN Provides Financial Institutions with Red Flags on Potential Russian Sanctions Evasion Attempts
March 7, 2022 / Source: FinCEN
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today issued a FinCEN Alert, advising all financial institutions to be vigilant against potential efforts to evade the expansive sanctions and other U.S.-imposed restrictions implemented in connection with the Russian Federation’s further invasion of Ukraine. The alert provides examples of red flags to assist in identifying suspected sanctions evasion activity…
Joint Statement on the U.S.-EU Joint Financial Regulatory Forum
March 7, 2022 / Source: Treasury
WASHINGTON – U.S. and EU participants in the U.S. – EU Joint Financial Regulatory Forum (“the Forum”) met virtually on March 1-2, 2022, to exchange views on topics of mutual interest as part of their ongoing financial regulatory dialogue. EU participants included representatives of the European Commission, the European Banking Authority (EBA), the European Securities…
Treasury Sanctions Hizballah Financiers in Guinea
March 4, 2022 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two key Hizballah financiers operating in Guinea pursuant to Executive Order (E.O.) 13224, as amended. This action is aimed at disrupting Hizballah’s business network in West Africa, which relies on bribery and influence to circumvent the rule of law….
Remarks by Secretary of the Treasury Janet L. Yellen at Stanford Institute for Economic Policy Research’s 2022 Economic Summit
March 4, 2022 / Source: Treasury
As prepared for delivery Let me start by thanking the Stanford Institute for Economic Policy Research, and especially Director Mark Duggan, for inviting me to participate in today’s event. SIEPR has an impressive track record of supporting high-quality, impactful economic policy research, and it is an honor to be part of this organization’s Economic Summit….
FATF Strengthens Financial Transparency Standards and Updates Evaluation Methodology
March 4, 2022 / Source: Treasury
WASHINGTON – Today the Financial Action Task Force (FATF) concluded its sixth plenary since the start of the ongoing COVID-19 pandemic, in a hybrid virtual/in-person session. The FATF agreed upon a revised standard to combat the misuse of anonymous shell companies and set the stage for its members and the broader global FATF network to…
FDIC Issues List of Banks Examined for CRA Compliance March 2022
March 4, 2022 / 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 December 2021. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
FACT SHEET: Treasury’s Work to Support States, Localities, and Communities in the Climate Transition
March 3, 2022 / Source: Treasury
Recognizing the importance of partnering with state and local governments in ensuring the resilience of the financial system to climate-related risks and expediting the transition to a net-zero economy, the U.S. Department of the Treasury convened a virtual roundtable, “The Climate Transition: Federal Policy and State and Local Government Best Practices,” on Thursday, March 3,…
Treasury Launches Historic Equity Measurements for American Rescue Plan Small Business Investments Program
March 3, 2022 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury launched a historic demographic information collection effort to measure equity outcomes for small businesses supported by the State Small Business Credit Initiative (SSBCI) program. The information collected by Treasury will support the program’s commitment to expanding access to capital for businesses owned and controlled by socially…
Treasury Sanctions Russians Bankrolling Putin and Russia-Backed Influence Actors
March 3, 2022 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of State intensified pressure on Russia by sanctioning numerous Russian elites and their family members, identifying certain property of these persons as blocked, and sanctioning Russian intelligence-directed disinformation outlets. The elites sanctioned continue to provide direct…
Prepared Remarks of FinCEN Deputy Director AnnaLou Tirol, Delivered Virtually at AML Intelligence’s Women in FinCrime Event
March 3, 2022 / Source: FinCEN
Thank you so much. Good morning and good afternoon, depending on where you might be joining from today. It's an honor to be invited to Women in FinCrime and to join so many amazing women leaders and trailblazers. I personally and professionally appreciate the opportunity to share some thoughts with you about FinCEN’s ongoing work,…
Semiannual Monetary Policy Report to the Congress March 2022
March 2, 2022 / Source: FRB
Chairwoman Waters, Ranking Member McHenry, and other members of the Committee, I am pleased to present the Federal Reserve's semiannual Monetary Policy Report. Before I begin, let me briefly address Russia's attack on Ukraine. The conflict is causing tremendous hardship for the Ukrainian people. The implications for the U.S. economy are highly uncertain, and we will…
Summary of Commentary on Current Economic Conditions by Federal Reserve District March 2022
March 2, 2022 / Source: FRB
Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District…
Secretary of the Treasury Janet L. Yellen’s Remarks at the University of Illinois Chicago’s Innovation Center
March 2, 2022 / Source: Treasury
Remarks as prepared Thank you to the University of Illinois at Chicago’s Innovation Lab for hosting us and to Governor Pritzker and Mayor Lightfoot for welcoming me to the wonderful city of Chicago. I want to begin by saying my thoughts are with the people of Ukraine, who continue to exemplify exceptional bravery as they…
Prepared Remarks of Director Rohit Chopra on New CFPB Medical Debt Report
March 1, 2022 / Source: CFPB
By Rohit Chopra Good morning. Today, the CFPB released a report on medical billing and collection practices in our country. Medical bills are the most common debt in collections reported on our credit reports. Our own review suggests that roughly 43 million people had medical bills on their credit report, in June 2021, with…
GAO-IG Act Reporting
March 1, 2022 / Source: CFPB
FEB 28, 2022 On January 3, 2019, the Good Accounting Obligation in Government Act (GAO-IG Act) was enacted as Public Law number 115-414. The GAO-IG Act requires agencies to annually submit a report to Congress on the status of open public audit recommendations. This report is published by the Consumer Financial Protection Bureau in compliance…
CFPB Estimates $88 Billion in Medical Bills on Credit Reports
March 1, 2022 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a report highlighting the complicated and burdensome nature of the medical billing system in the United States. The report reveals that the U.S. healthcare system is supported by a billing, payments, collections, and credit reporting infrastructure where mistakes are common, and where patients often have…
FDIC-Insured Institutions Reported Net Income of $63.9 Billion in Fourth Quarter 2021
March 1, 2022 / Source: FDIC
For Release Negative Provision Expense Drove Increased Full-Year 2021 Net Income Quarterly Net Income Continued to Increase Year Over Year Net Interest Margin Remained Stable Quarter Over Quarter Quarterly Loan Growth Was Broad-Based Asset Quality Continued to Improve Community Banks Reported an Increase in Quarterly Net Income and Full-Year Net Income “With strong capital and…
Federal Reserve Board invites public comment on supplement to its May 2021 proposal
March 1, 2022 / Source: FRB
The Federal Reserve Board on Tuesday invited public comment on a supplement to its May 2021 proposal intended to ensure that Reserve Banks use a transparent and consistent set of factors when reviewing requests to access Federal Reserve accounts and payment services. Institutions offering novel types of financial products or with novel charters have emerged…
CFPB Moves to Thwart Illegal Auto Repossessions
February 28, 2022 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is moving to thwart illegal repossessions in the heated auto market. A compliance bulletin issued today reveals conduct observed during CFPB examinations and enforcement actions, including the illegal seizure of cars, sloppy record keeping, unreliable balance statements, and ransom for personal property. “With today’s high car prices,…
Revised Licensing Booklets: Revised Comptroller’s Licensing Manual Booklets Feb 2022
February 28, 2022 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) issued today the “Articles of Association, Charter, and Bylaw Amendments,” “Fiduciary Powers,” “Subordinated Debt,” and “Subsidiaries and Equity Investments” booklets of the Comptroller’s Licensing Manual. The revised booklets replace booklets of the same title issued between June 2017 and January 2019. The revised booklets reflect recent…
FDIC Issues CRA Examination Schedules for Second Quarter 2022 and Third Quarter 2022
February 28, 2022 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the second quarter 2022 and third quarter 2022. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of…