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Federal Reserve issues FOMC statement
May 4, 2022 / Source: Federal Reserve
Although overall economic activity edged down in the first quarter, household spending and business fixed investment remained strong. Job gains have been robust in recent months, and the unemployment rate has declined substantially. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures. The invasion of…
Plans for Reducing the Size of the Federal Reserve’s Balance Sheet
May 4, 2022 / Source: FRB
Consistent with the Principles for Reducing the Size of the Federal Reserve’s Balance Sheet that were issued in January 2022, all Committee participants agreed to the following plans for significantly reducing the Federal Reserve’s securities holdings. The Committee intends to reduce the Federal Reserve’s securities holdings over time in a predictable manner primarily by adjusting…
Quarterly Refunding Statement of Deputy Assistant Secretary for Federal Finance Brian Smith
May 4, 2022 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury is offering $103 billion of Treasury securities to refund approximately $47.8 billion of privately-held Treasury notes maturing on May 15, 2022. This issuance will raise new cash of approximately $55.2 billion. The securities are: – A 3-year note in the amount of $45 billion, maturing May 15, 2025;– …
Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee
May 4, 2022 / Source: Treasury
Letter to the Secretary Dear Madam Secretary: Economic activity fell at a 1.4% pace in the first quarter of 2022, reflecting the large drag from a widening of the trade deficit. Consumption grew at a 2.7% annualized rate, and private-sector domestic final demand grew 3.7%, despite headwinds from Omicron early in the quarter and reduced…
FDIC Issues List of Banks Examined for CRA Compliance
May 3, 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 February 2022. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
OCC Releases CRA Evaluations for 23 National Banks and Federal Savings Associations
May 3, 2022 / 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 April 1, 2022, through April 30, 2022. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The…
Consumer advisory: Don’t give money or information to scammers promising student loan forgiveness
May 3, 2022 / Source: CFPB
Recognizing student loan scams Our infographic highlights red flags for student loan borrowers to watch out for. Download the infographic Numerous student loan borrowers recently submitted complaints to the Consumer Financial Protection Bureau (CFPB) about companies that promised them student loan forgiveness or loan forbearance in exchange for fees amounting to hundreds or thousands of…
Remarks by Treasury’s Counselor for Racial Equity Janis Bowdler at the 2022 Inclusiv Annual Conference in San Juan, Puerto Rico
May 3, 2022 / Source: Treasury
Remarks as prepared for delivery: Thank you to Inclusiv CEO Cathie Mahon and Pablo DeFilippi, both of whom I’ve had the pleasure of working with for many years, for inviting me to the Inclusiv Annual Conference. I also want to recognize the important partners here, including CUPride, African American Credit Union Coalition, and the National…
FDIC to Launch 2022 Small Business Lending Survey
May 3, 2022 / Source: FDIC
Approximately 2,000 Banks Asked to Detail their Lending Practices For Release WASHINGTON – Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin J. Gruenberg and U.S. Census Bureau (Census) Director Robert L. Santos today formally invited approximately 2,000 U.S. banks to participate in a nationally representative online survey about their small business lending practices and volumes….
Treasury Announces Marketable Borrowing Estimates
May 3, 2022 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the April – June 2022 and July – September 2022 quarters.[2] During the April – June 2022 quarter, Treasury expects to pay down $26 billion in privately-held net marketable debt, assuming an end-of-June cash balance of $800 billion.[3] The…
Treasury Sanctions Notorious Kinahan Organized Crime Group
April 12, 2022 / Source: Treasury
WASHINGTON — Today(comma) the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated the Kinahan Organized Crime Group (KOCG) along with seven of its key members(comma) including its Irish leaders Christopher Vincent Kinahan Senior(comma) Daniel Joseph Kinahan(comma) Christopher Vincent Kinahan Junior(comma) and three associated businesses pursuant to Executive Order (E.O.) 13581(comma) “Blocking…
CFPB Charges TransUnion and Senior Executive John Danaher with Violating Law Enforcement Order
April 12, 2022 / Source: CFPB
Today(comma) the Consumer Financial Protection Bureau (CFPB) is filing a lawsuit against TransUnion(comma) two of its subsidiaries(comma) and longtime executive John Danaher for violating a 2017 law enforcement order. The order was issued to stop the company from engaging in deceptive marketing(comma) regarding its credit scores and other credit-related products. After the order went into…
Busting myths about bankruptcy and private student loans
April 12, 2022 / Source: CFPB
By Robert G. Cameron – APR 12(comma) 2022 Student Loan Borrowers Share Concerning Stories About Industry Collecting on Discharged Debt The United States Bankruptcy Code provides important relief for debt-burdened consumers who need a fresh start to get their finances in order. This protection is particularly important for consumers who have been burdened by decades-old student…
Federal Reserve Board accepting applications for its Community Advisory Council April 2022
April 11, 2022 / Source: FRB
The Federal Reserve Board announced on Monday that it is accepting applications from individuals who wish to be considered for membership on the Community Advisory Council(comma) or CAC(comma) which advises the Board on issues affecting consumers and communities. It is made up of a diverse group of experts and representatives of consumer and community development…
FACT SHEET: How Treasury’s Implementation of American Rescue Plan Programs Prioritizes Equity
April 8, 2022 / Source: Treasury
The American Rescue Plan (ARP) represents a historic commitment to support those most impacted by COVID-19. While the legislation itself embodied this commitment in numerous ways(comma) the key to the success of the ARP’s programs lies in their implementation. For this reason(comma) Treasury created a new Office of Recovery Programs to lead the Department’s implementation of more…
Climate risk should be considered in housing decisions
April 8, 2022 / Source: CFPB
By Mark McArdle(comma) Mikayla Mitchell(comma) and Erik Rubinyi Flooding(comma) fire(comma) drought(comma) and other weather-related risks have always been a danger to property and consumer wellbeing. However(comma) with the changing climate(comma) these risks are increasing in intensity and frequency(comma) impacting the probability of damage(comma) cost of utilities(comma) price of insurance(comma) and potential resale value of homes….
Acting Comptroller Discusses Architecture of Stablecoins
April 8, 2022 / Source: OCC
News Release 2022-37 | April 8(comma) 2022 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed stablecoins at the Institute of International Economic Law at Georgetown University Law Center. In his remarks(comma) Acting Comptroller Hsu discussed the architecture of a U.S. dollar-based stablecoin system(comma) and policy considerations regarding stablecoin stability(comma) interoperability and separability. Related Links Remarks (PDF) Acting…
Notification of Engaging in Crypto-Related Activities
April 7, 2022 / Source: FDIC
Summary: All FDIC-supervised institutions that intend to engage in(comma) or that are currently engaged in(comma) any activities involving or related to crypto assets (also referred to as “digital assets”) should notify the FDIC. FDIC-supervised institutions are requested to provide information described in this letter. The FDIC will review the information and provide relevant supervisory feedback….
OCC Publication Focuses on Bank Partnerships in Community Reinvestment and Resilience
April 7, 2022 / Source: OCC
News Release 2022-36 | April 7(comma) 2022 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published the latest edition of its Community Developments Investments newsletter(comma) “Partners in Recovery: Community Reinvestment and Resilience.” This edition of Community Developments Investments highlights how banks can collaborate with community development financial institutions(comma) minority depository institutions(comma) and other community-based groups to help rebuild communities recovering…
Revised Licensing Booklets: Revised Comptroller’s Licensing Manual Booklets April 2022
April 7, 2022 / Source: OCC
OCC Bulletin 2022-11| April 7(comma) 2022 Summary The Office of the Comptroller of the Currency (OCC) issued today the “General Policies and Procedures(comma)” “Management Interlocks(comma)” and “Public Notice and Comments” booklets of the Comptroller’s Licensing Manual. The revised booklets replace booklets of the same title issued between January 2017 and October 2019. The revised booklets reflect recent changes…
CFPB Seeks to Halt Negative Credit Reporting for Survivors of Human Trafficking
April 7, 2022 / Source: CFPB
Today(comma) the Consumer Financial Protection Bureau (CFPB) is using its rulemaking authority to propose that consumer reporting agencies (CRAs) do not prevent survivors of human trafficking from achieving financial independence. The proposed rule would protect survivors of human trafficking by preventing CRAs from including negative information resulting from abuse. Congress required the CFPB to issue…
U.S. Treasury Escalates Sanctions on Russia for Its Atrocities in Ukraine
April 6, 2022 / Source: Treasury
WASHINGTON – Today(comma) the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took major steps to degrade the economy of the Russian Federation in response to Russia’s continued brutal war against Ukraine and atrocities against Ukrainian citizens. Treasury is imposing full blocking sanctions on Sberbank(comma) Russia’s largest state-owned bank(comma) and Alfa-Bank(comma) Russia’s…
Semi-Annual Report of the Bureau of Consumer Financial Protection
April 6, 2022 / Source: CFPB
APR 06(comma) 2022 The Bureau of Consumer Financial Protection is pleased to present our Semi-Annual Report to Congress for the period beginning April 1(comma) 2021 and ending September 30(comma) 2021. FULL REPORT Read the full report
CFPB Finds Payday Borrowers Continue to Pay Significant Rollover Fees Despite State-Level Protections and Payment Plans
April 6, 2022 / Source: CFPB
A report published today by the Consumer Financial Protection Bureau (CFPB) shows few payday loan borrowers are benefiting from no-cost extended payment plans(comma) which are required to be offered to borrowers in the majority of states that do not prohibit payday lending. Instead of using the payment plans(comma) borrowers continue to pay for costly loan…
Treasury Sanctions Russia-Based Hydra(comma) World’s Largest Darknet Market(comma) and Ransomware-Enabling Virtual Currency Exchange Garantex
April 5, 2022 / Source: Treasury
WASHINGTON – Today(comma) the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the world’s largest and most prominent darknet market(comma) Hydra Market (Hydra)(comma) in a coordinated international effort to disrupt proliferation of malicious cybercrime services(comma) dangerous drugs(comma) and other illegal offerings available through the Russia-based site. The operation targeting Hydra was…