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Treasury Sanctions Paraguay’s Former President and Current Vice President for Corruption
January 26, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Horacio Manuel Cartes Jara (Cartes), the former President of Paraguay, and Hugo Adalberto Velazquez Moreno (Velazquez), the current Vice President, for their involvement in the rampant corruption that undermines democratic institutions in Paraguay. OFAC is also designating Tabacos USA Inc., Bebidas USA Inc.,…
Treasury Sanctions Russian Proxy Wagner Group as a Transnational Criminal Organization
January 26, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is taking additional actions to degrade the Russian Federation’s capacity to wage war against Ukraine by sanctioning eight individuals and 16 entities, and four aircraft. Today’s action, concurrent with additional sanctions actions by the Department of State, targets the infrastructure that supports…
Secretary of the Treasury Janet L. Yellen Announces U.S.-South Africa Task Force to Combat the Financing of Wildlife Trafficking
January 26, 2023 / Source: Treasury
PRETORIA – As part of her meeting with South African officials, Secretary of the Treasury Janet L. Yellen announced a commitment between the U.S. Department of the Treasury and South Africa’s National Treasury to form a United States – South Africa Task Force on Combating the Financing of Wildlife Trafficking. The Task Force will work…
FinCEN Alert on Potential U.S. Commercial Real Estate Investments by Sanctioned Russian Elites, Oligarchs, and Their Proxies
January 26, 2023 / Source: FinCEN
January 25, 2023 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is issuing an alert to financial institutions on potential investments in the U.S. commercial real estate sector by sanctioned Russian elites, oligarchs, their family members, and the entities through which they act. The alert lists potential red flags and typologies involving attempted sanctions evasion in the commercial real…
Office of Research blog: Credit score transitions during the COVID-19 pandemic
January 26, 2023 / Source: CFPB
Many households found that their financial fortunes changed during the pandemic, and these changes were often reflected in their credit scores. A recent CFPB analysis found that the distribution of credit scores shifted upward during the pandemic, suggesting that pandemic-era mortgage forbearances, the federal student loan repayment pauses, and federal cash transfers that improved some consumers’ financial…
Federal Reserve Board announces it has fined Popular Bank $2.3 million for processing six Paycheck Protection Program (PPP) loans despite having detected that the loan applications contained significant indications of potential fraud
January 24, 2023 / Source: FRB
The Federal Reserve Board on Tuesday announced that it has fined Popular Bank, of New York, New York, $2.3 million for processing six Paycheck Protection Program (PPP) loans despite having detected that the loan applications contained significant indications of potential fraud and for failing to report the potential fraud in a timely manner. The six…
CFPB Seeks Public Input on Consumer Credit Card Market
January 24, 2023 / Source: CFPB
Feedback from consumers, industry, advocates will help inform biennial credit card market report WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a request for information today seeking public feedback on how the consumer credit market is functioning as part of a biennial review of the industry. The CFPB is seeking more and current information…
Treasury Sanctions the IRGC Cooperative Foundation and Senior Iranian Officials Connected to Protest Suppression
January 23, 2023 / Source: Treasury
By Deputy Secretary of the Treasury Wally Adeyemo Today marks the beginning of tax filing season—the annual period during which Americans file their tax returns. The tax dollars collected by the Internal Revenue Service (IRS) each year enable the federal government to serve the American people by providing essential services and benefits. From the Social…
Taxpayers Will See Improved Service This Filing Season Thanks to Inflation Reduction Act
January 23, 2023 / Source: Treasury
By Deputy Secretary of the Treasury Wally Adeyemo Today marks the beginning of tax filing season—the annual period during which Americans file their tax returns. The tax dollars collected by the Internal Revenue Service (IRS) each year enable the federal government to serve the American people by providing essential services and benefits. From the Social…
OCC Solicits Research on Emerging Risks in the Banking System
January 23, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) is soliciting academic research papers on emerging risks in the banking system or related policy and supervisory issues for submission by March 3, 2023. The OCC will invite authors of selected papers to present to OCC staff and invited academic and government researchers at OCC Headquarters…
Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit
January 19, 2023 / Source: Treasury
WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen sent a letter to all members of Congressional leadership regarding the debt limit. The full text of the letter can be found here and is available below. The Honorable Kevin McCarthy Speaker U.S. House of Representatives Washington, DC 20515 Dear Mr. Speaker: I write to…
Staying the Course to Bring Inflation Down
January 19, 2023 / Source: FRB
Inflation has declined in recent months, which is important for American households, businesses, and consumers. Inflation is high, and it will take time and resolve to get it back down to 2 percent. We are determined to stay the course.1 Financial conditions have tightened considerably over the last year as the Federal Reserve and foreign…
CFPB Issues Guidance to Root Out Tactics Which Charge People Fees for Subscriptions They Don’t Want
January 19, 2023 / Source: CFPB
New circular addresses dark patterns and other tricks used by companies to confuse and deceive consumers enrolled in subscription services WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that companies offering “negative option” subscription services must comply with federal consumer financial protection law. Negative option programs include subscription services that…
Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Penalties
January 18, 2023 / Source: FinCEN
Release Date : January 18, 2023 FinanciaCrimes Enforcement Network; Inflation Adjustment of Civil Monetary Pena… Action Type :Final Rule
Treasury International Capital Data for November
January 18, 2023 / Source: Treasury
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for November 2022. The next release, which will report on data for December 2022, is scheduled for February 15, 2023. The sum total in November of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was…
FinCEN Identifies Virtual Currency Exchange Bitzlato as a “Primary Money Laundering Concern” in Connection with Russian Illicit Finance
January 18, 2023 / Source: FinCEN
Action is the First Order Issued under Powerful New “Section 9714” Authority WASHINGTON— Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an order that identifies the virtual currency exchange Bitzlato Limited (Bitzlato) as a “primary money laundering concern” in connection with Russian illicit finance. This is the first order issued pursuant to…
CFPB releases updates to mortgage servicing exam procedures
January 18, 2023 / Source: CFPB
Today, the Consumer Financial Protection Bureau (CFPB) is releasing our updated Mortgage Servicing Examination Procedures, providing transparency to stakeholders about how we do our work. The Examination Procedures describe the types of information that CFPB examiners gather to evaluate mortgage servicers’ policies and procedures; assess whether servicers are complying with applicable laws; and identify risks to…
What’s ahead for Wells Fargo and its customers
January 17, 2023 / Source: CFPB
Recently, the CFPB took action against Wells Fargo Bank for breaking federal consumer protection laws that apply to financial products, including auto loans, mortgages, and bank accounts. Wells Fargo is required to pay more than $2 billion to customers who were harmed, plus a $1.7 billion fine that goes to the victims’ relief fund. One in…
Agency Information Collection Activities; Proposed Collection; Comment Request; Beneficial Ownership Information Reports
January 17, 2023 / Source: FinCEN
Release Date: January 17, 2023 Action Type: Notice and Request for Comment, Forms Renewal/Update Read More: Agency Information Collection Activities; Proposed Collection; Comment Request;…
Federal Reserve Board provides additional details on how its pilot climate scenario analysis exercise will be conducted and the information on risk management practices that will be gathered over the course of the exercise
January 17, 2023 / Source: FRB
The Federal Reserve Board on Tuesday provided additional details on how its pilot climate scenario analysis exercise will be conducted and the information on risk management practices that will be gathered over the course of the exercise. As described in the instruction document released today, the six largest U.S. banks will analyze the impact of…
Civil Money Penalties: Notice Adjusting Maximum Civil Money Penalties for 2023
January 17, 2023 / Source: OCC
Summary On January 4, 2023, the Office of the Comptroller of the Currency (OCC) published in the Federal Register the attached notice to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act…
Acting Comptroller Discusses Management of Large Banks
January 17, 2023 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed large bank manageability in remarks at Brookings. The Acting Comptroller shared his views on detecting, preventing and addressing risks that can result in large banks becoming too-big-to-manage. He reflected that large banks that repeatedly try but fail to fix their material deficiencies prolong risks to…
Servicemember reports about identity theft are increasing
January 12, 2023 / Source: CFPB
Identity theft can quickly reverse a good credit report, filling it with unknown, maxed-out credit card accounts or collections accounts for mystery debts. It can spell trouble for anyone, but for servicemembers, identity theft resulting in negative information on a credit report can lead to the loss of a security clearance or even discharge. In…
OCC Issues Revisions to Fair Lending Booklet
January 12, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a revised version of the “Fair Lending” booklet of the Comptroller’s Handbook. The “Fair Lending” booklet provides information and examination procedures to assist OCC examiners in assessing fair lending risk and evaluating compliance with the Fair Housing Act, the Equal Credit Opportunity Act (ECOA), and…
CFPB Takes Action to Halt Debt Collection Mill From Bombarding Consumers with Junk Lawsuits
January 11, 2023 / Source: CFPB
Forster & Garbus illegally sued borrowers on behalf of Citibank and Discover, among others WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) has reached a settlement in its lawsuit against law firm Forster & Garbus, LLP for illegal debt-collection practices. If approved by the court, the proposed settlement would prohibit Forster & Garbus from filing…