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Two Fiji Nationals Sentenced to Prison for Carrying Out Multi-Million Dollar Real Estate Short Sale Fraud
April 3, 2025 / Source: OIG
FRESNO, Calif. — Jyoteshna Karan, 52, and Praveen Singh, 45, both of Modesto, were sentenced for leading a multi-million dollar mortgage fraud scheme, Acting United States Attorney Michele Beckwith announced today. Karan received three years and four months in prison, and Singh received two years. According to court records, from 2006 through 2015, Karan and…
Treasury Convenes Financial Institutions, Law Enforcement, in Washington, D.C. in Support of the U.S. Maximum Pressure Campaign Against Iran
April 2, 2025 / Source: Treasury
WASHINGTON—Today, U.S. Secretary of the Treasury Scott Bessent led a public-private partnership event with 16 systemically important global financial institutions and federal law enforcement agencies, focused on denying Iran access to the global financial system. This event was the first in FinCEN’s “Iran Maximum Pressure and Counter Terrorism” (or IMPACT) Exchange series. The event focused on Iran’s…
Treasury Sanctions Houthi Network Procuring Weapons and Commodities from Russia
April 2, 2025 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against a network of Houthi financial facilitators and procurement operatives working in coordination with Sa’id al-Jamal, a senior Houthi financial official backed by Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). This network has procured tens of millions of dollars’ worth…
Speech – Inflation Expectations and Monetary Policymaking
April 2, 2025 / Source: FRB
Thank you, Alan, and thank you to the Griswold and Julis-Rabinowitz Centers for the opportunity to speak to you today.1 As someone who has worked in both the public sector and academia, I applaud the common purpose of both centers in connecting researchers, policymakers, and the private sector to pursue policy ideas that serve the public…
OCC Promotes National Financial Literacy Month
April 1, 2025 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) recognizes April as National Financial Literacy Month and encourages national banks and federal savings associations (collectively, banks) to support efforts to improve the financial literacy and financial health of their customers. Banks can promote financial literacy by supporting high-quality financial literacy education and resources and by…
FinCEN Issues Advisory on the Financing of ISIS
April 1, 2025 / Source: FinCEN
WASHINGTON — Today, the U.S. Department of the Treasury’s (Treasury) Financial Crimes Enforcement Network (FinCEN) issued an Advisory to assist financial institutions in identifying and reporting suspicious activity related to the financing of the Islamic State of Iraq and Syria (ISIS). The Advisory highlights how ISIS and its global affiliates fund themselves and receive financial support from…
CSBS Expresses Serious Concerns with Stablecoin Bills
April 1, 2025 / Source: CSBS
Washington, D.C. – The Conference of State Bank Supervisors (CSBS) today raised serious concerns about stablecoin legislation in a letter to House Financial Services Committee leadership. CSBS previously expressed similar concerns about the Senate stablecoin bill. “Without the adoption of critical changes, the legislation will fall short of establishing the national framework necessary to promote American leadership in digital assets,”…
The Departments of Treasury and Justice Take Action Against Iranian Weapons Procurement Network
April 1, 2025 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), in coordination with the U.S. Department of Justice, is targeting a network of six entities and two individuals based in Iran, the United Arab Emirates (UAE), and the People’s Republic of China (PRC) responsible for the procurement of unmanned aerial…
HUD and Census Bureau Report New Residential Sales in February 2025
March 31, 2025 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential sales statistics for February 2025: New Home SalesSales of new single-family houses in February 2025 were at a seasonally adjusted annual rate of 676,000, according to estimates released jointly today by the U.S….
OCC Withdraws Principles for Climate-Related Financial Risk Management for Large Financial Institutions
March 31, 2025 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today withdrew its participation in the interagency principles for climate-related financial risk management for large financial institutions. “The principles providing guidance to banks for climate-related financial risk are overly burdensome and duplicative. The OCC’s existing guidance for banks to maintain a sound risk management framework applies…
FinCEN Issues Alert on Bulk Cash Smuggling and Repatriation by Mexico-based Transnational Criminal Organizations
March 31, 2025 / Source: FinCEN
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an Alert on bulk cash smuggling and repatriation by Mexico-based Transnational Criminal Organizations (TCOs), urging financial institutions to be vigilant to such activity. The Alert discusses transactions potentially related to the cross-border smuggling of bulk cash from the United States into Mexico and its…
Treasury Sanctions Criminal Operators and Money Launderers for the Notorious Sinaloa Cartel
March 31, 2025 / Source: Treasury
Washington — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated six individuals and seven entities involved in a money laundering network supporting the Sinaloa Cartel, one of the most notorious and violent drug trafficking organizations in the world, and a U.S.-designated Foreign Terrorist Organization (FTO). The Sinaloa Cartel is responsible…
2024 HMDA Data on Mortgage Lending Now Available
March 31, 2025 / Source: CFPB
WASHINGTON, D.C. – The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2024 are now available on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for approximately 4,898 HMDA filers. The published data contain loan-level information filed by financial institutions and modified to protect consumer privacy. To increase public accessibility, the annual loan-level…
Agencies Announce Intent to Rescind 2023 Community Reinvestment Act Final Rule
March 30, 2025 / Source: FDIC
Joint Release Federal Deposit Insurance Corporation Federal Reserve Board Office of the Comptroller of the Currency March 28, 2025 The federal bank regulatory agencies today announced, in light of pending litigation, their intent to issue a proposal to both rescind the Community Reinvestment Act (CRA) final rule issued in October 2023 and reinstate the CRA…
FDIC Clarifies Process for Banks to Engage in Crypto-Related Activities
March 30, 2025 / Source: FDIC
WASHINGTON – Today, the Federal Deposit Insurance Corporation (FDIC) issued a Financial Institution Letter (FIL-7-2025) that provides new guidance for FDIC-supervised institutions engaging or seeking to engage in crypto-related activities. The new guidance, which rescinds FIL-16-2022, clarifies that FDIC-supervised institutions may engage in permissible crypto-related activities without receiving prior FDIC approval. The guidance affirms that FDIC-supervised…
CFPB Offers Regulatory Relief for Small Loan Providers
March 30, 2025 / Source: CFPB
The Consumer Financial Protection Bureau is announcing today that, with respect to the Payday, Vehicle Title, and Certain High-Cost Installment Loans Regulation, it will not prioritize enforcement or supervision actions with regard to any penalties or fines associated with the Payment Withdrawal provisions and the Payment Disclosure provisions once they become operative on March 30,…
Agency Information Collection Activities; Proposed Renewal: Comment Request: Renewal Without Change of Reporting Obligations on Foreign Bank Relationship With Iranian-Linked Financial Institutions Designated Under IEEPA and IRGC-Linked Persons Designated
March 30, 2025 / Source: FinCEN
Agency Information Collection Activities; Proposed Renewal: Comment Request: Renewal Without Change of Reporting Obligations on Foreign Bank Relationship With Iranian-Linked Financial Institutions Designated Under IEEPA and IRGC-Linked Persons Designated Release Date March 28, 2025 Agency Information Collection Activities; Proposed Renewal: Comment Request: Re… Action Type Notice and Request for Comment, Forms Renewal/Update
Agencies Announce Intent to Rescind 2023 Community Reinvestment Act Final Rule
March 28, 2025 / Source: FDIC
Joint Release Federal Deposit Insurance Corporation Federal Reserve Board Office of the Comptroller of the Currency March 28, 2025 The federal bank regulatory agencies today announced, in light of pending litigation, their intent to issue a proposal to both rescind the Community Reinvestment Act (CRA) final rule issued in October 2023 and reinstate the CRA…
Acting Comptroller Encourages Innovation to Foster Financial Inclusion
March 27, 2025 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Rodney E. Hood today discussed financial inclusion in remarks at the National Community Reinvestment Coalition’s Just Economy Conference 2025. In his remarks, Mr. Hood encouraged innovative thinking to foster greater financial inclusion in economically disadvantaged communities for both consumers and small businesses, particularly using financial technology tools. He highlighted the…
Deputy Secretary for the U.S. Department of the Treasury Michael Faulkender Confirmed by the United States Senate
March 27, 2025 / Source: Treasury
WASHINGTON – Yesterday, the United States Senate confirmed Michael Faulkender to be the Deputy Secretary of the United States Department of the Treasury. “It is an honor to be confirmed as the Deputy Secretary of the United States Department of the Treasury. Thank you, President Trump, for the trust and confidence you have placed in…
Cash Advance Company Cleo AI Agrees to Pay $17 Million As Result of FTC Lawsuit Charging It Deceives Consumers
March 27, 2025 / Source: FTC
Online cash advance company Cleo AI has agreed to pay $17 million to settle the Federal Trade Commission’s allegations that the company deceived consumers about how much money they could get and how fast that money could be available. The complaint, filed in federal district court along with the proposed settlement order, also alleges that Cleo made it…
U.S. Department of the Treasury Announces Publication of Interim Final Rule Removing Reporting Requirements for U.S. Companies and U.S. Persons
March 26, 2025 / Source: Treasury
WASHINGTON –– The Treasury Department announces today the formal publication of the Financial Crimes Enforcement Network (FinCEN) interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act and narrows the scope of the rule to foreign reporting companies. This publication in…
FTC Chairman Andrew N. Ferguson Appoints Deputy Directors of the Bureaus of Competition and Consumer Protection
March 26, 2025 / Source: FTC
Federal Trade Commission Chairman Andrew N. Ferguson today announced he has appointed Taylor C. Hoogendoorn as Deputy Director of the Bureau of Competition and Katherine White as Deputy Director of the Bureau of Consumer Protection. Hoogendoorn is a talented litigator with expertise in a wide range of litigation, including antitrust, tort, contractual, energy, and intellectual…
CFPB Seeks to Vacate Abusive, Unjust Case Against Townstone
March 26, 2025 / Source: CFPB
WASHINGTON, D.C. – Today, the Acting Director of the Consumer Financial Protection Bureau (CFPB) Russ Vought is seeking to vacate the settlement the CFPB extracted from Townstone after a seven-year harassment saga. Using a “redlining screen” based on an arbitrary number of mortgages, CFPB set out to destroy a small Midwest firm with about ten employees…
Acting Comptroller Discusses Financial Inclusion
March 25, 2025 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Rodney E. Hood today discussed financial inclusion in remarks at the National Association of Hispanic Real Estate Professionals’ Homeownership and Housing Policy Conference. Mr. Hood’s written remarks in support of his presentation discussed the work of the OCC’s Project REACh to support affordable homeownership. Related Links