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Treasury Releases Study on Illicit Finance in the High-Value Art Market
February 4, 2022 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury published a study on the facilitation of money laundering and the financing of terrorism through the trade in works of high-value art. This study examined art market participants and sectors of the high-value art market that may present money laundering and terrorist financing risks to the…
Financial Stability Oversight Council Statement on Nonbank Financial Intermediation February 4, 2022
February 4, 2022 / Source: Treasury
Nonbank financial institutions (NBFIs) are an essential source of capital in financial markets and provide vital funding to the U.S. economy. In 2016, the Financial Stability Oversight Council (Council) issued a statement describing risks to financial stability that may arise from certain asset management products and activities.[1] The market dislocations of March 2020 demonstrated that…
Remarks by Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg at the Union of Arab Banks Conference
February 3, 2022 / Source: Treasury
Good afternoon and thank you to the Union of Arab Banks for the invitation to speak with your member institutions today. The UAB has an impressive breadth of membership, and I appreciate the opportunity to address financial experts from across the Middle East and Africa. My name is Elizabeth Rosenberg, and I’m the United States’…
OCC to Host Virtual Innovation Office Hours Feb 2022
February 3, 2022 / Source: OCC
News Release 2022-9 | February 3, 2022 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced that it will host virtual Innovation Office Hours on March 16-17, to promote responsible innovation in the federal banking system. Office hours are one-on-one meetings with representatives from the OCC Office of Innovation to discuss financial technology (fintech), new products…
FinCEN Announces Extension of the Comment Period for its Real Estate Advance Notice of Proposed Rulemaking
February 3, 2022 / Source: FinCEN
Contact Office of Strategic Communications, [email protected] Immediate Release February 03, 2022 WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN) announced that it would extend the comment period of its Real Estate Advance Notice of Proposed Rulemaking (ANPRM). On December 8, 2021, FinCEN issued the ANPRM to solicit public comment on a potential rulemaking to address the…
The hidden cost of junk fees
February 2, 2022 / Source: CFPB
When shopping for a product or service, it’s common and prudent to compare your options by looking at the price. Unfortunately, many companies are increasingly using fees to make additional money on fees you don’t shop for on the front-end. Junk fees can show up in the form of “service charges” that inflate ticket prices,…
FDIC Expands #GetBanked Campaign in Los Angeles, Dallas, and Detroit
February 2, 2022 / Source: FDIC
For Release WASHINGTON — As part of its ongoing work to expand financial inclusion to unbanked individuals and families, the Federal Deposit Insurance Corporation (FDIC) today announced it will expand its #GetBanked public awareness campaign into the Los Angeles, Dallas, and Detroit metropolitan areas. The FDIC’s #GetBanked campaign is focused on areas where research finds that a…
State Community Reinvestment Laws; Consumer Complaints: Input From State Officials and Consumer Complaint Referrals From States
February 2, 2022 / Source: OCC
OCC Bulletin 2022-2| February 2, 2022 Summary This bulletin addresses the Office of the Comptroller of the Currency’s (OCC) processes for considering input from state banking commissioners regarding national banks’ performance under state community reinvestment laws, including implementation of community reinvestment-related provisions of the Riegle–Neal Interstate Banking and Branching Efficiency Act (Riegle–Neal Act). (Note that the Riegle–Neal…
Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee
February 2, 2022 / Source: Treasury
February 1, 2022 Letter to the Secretary Dear Madam Secretary: Economic activity rose at a faster pace in the fourth quarter of 2021, in part reflecting recovery from the impact of the Delta variant in Q3. Real GDP grew at a 6.9% annualized rate, above consensus expectations, though this reflected a 4.9pp contribution from inventory…
FDIC and FinCEN Open Registration for Digital Identity Tech Sprint FinCEN
February 1, 2022 / Source: FinCEN
Immediate Release February 01, 2022 WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) today opened the registration period for interested parties to participate in a Tech Sprint to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person. Through the Tech Sprint, FDIC’s…
FDIC and FinCEN Open Registration for Digital Identity Tech Sprint
February 1, 2022 / Source: FDIC
For release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) today opened the registration period for interested parties to participate in a Tech Sprint to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person. Through the Tech Sprint, FDIC’s tech lab (FDITECH)…
Economy Statement by Benjamin Harris, Assistant Secretary for Economy Policy, for the Treasury Borrowing Advisory Committee January 31, 2022
January 31, 2022 / Source: Treasury
Real GDP growth accelerated in the fourth quarter of 2021, returning to a pace consistent with that seen in the first half of the year. Economic growth this quarter was driven primarily by inventory investment—as firms restocked depleted inventories—as well as strong export growth and robust consumer spending on services. By the end of 2021,…
Treasury Announces Marketable Borrowing Estimates
January 31, 2022 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing for the January – March 2022 and April – June 2022 quarters. During the January – March 2022 quarter, Treasury expects to borrow $729 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $650 billion. The…
CFPB Report Shows Criminal Justice Financial Ecosystem Exploits Families at Every Stage
January 31, 2022 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published a review of the financial issues facing people and families who come in contact with the criminal justice system. The report, “Justice-Involved Individuals and the Consumer Financial Marketplace,” describes an ecosystem rife with burdensome fees and lack of choice, and where families are increasingly being forced to…
CFPB 2022 Lists of Rural, Underserved Counties Release
January 29, 2022 / Source: CFPB
The CFPB released the lists of rural counties and rural or underserved counties entities can use in 2022 to determine status as exempt from certain regulatory requirements of the Truth in Lending Act. Some entities that do business in rural or underserved counties are exempt from certain regulatory requirements of the Truth in Lending Act. In…
Federal Reserve announces members of its Community Depository Institutions Advisory Council for 2022
January 29, 2022 / Source: FRB
The Federal Reserve Board on Friday announced the members of its Community Depository Institutions Advisory Council, or CDIAC, and the president and vice president of the council for 2022. CDIAC advises the Board on the economy, lending conditions, and other issues of interest to community depository institutions. Members are selected from representatives of commercial banks,…
FDIC Names Three New Members to Its Systemic Resolution Advisory Committee
January 29, 2022 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) named three new members to its Systemic Resolution Advisory Committee (SRAC), which was created by the Board of Directors in 2011 to provide the agency with advice and recommendations on a broad range of issues regarding the resolution of systemically important financial companies. The three individuals were…
CFPB Identifies Consumer Reporting Companies the Public Can Hold Accountable
January 27, 2022 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its annual list of consumer reporting companies. The list identifies dozens of specialty reporting companies that collect and sell access to people’s data, including individuals’ finances, employment, check writing histories, or rental history records, often without their knowledge. Using the list, people can exercise their right…
Know your data: Our updated list of reporting companies
January 27, 2022 / Source: CFPB
By Aarthi Kannan and Jonah Kaplan – JAN 27, 2022 You may know that your credit records, also known as consumer reports, affect your ability to get an affordable loan, a job, an apartment, or many other essentials of daily life. These include credit reports through the three nationwide consumer reporting companies – Equifax, TransUnion,…
Federal Reserve issues FOMC statement Jan 2022
January 26, 2022 / Source: FRB
Indicators of economic activity and employment have continued to strengthen. The sectors most adversely affected by the pandemic have improved in recent months but are being affected by the recent sharp rise in COVID-19 cases. Job gains have been solid in recent months, and the unemployment rate has declined substantially. Supply and demand imbalances related…
Principles for Reducing the Size of the Federal Reserve’s Balance Sheet
January 26, 2022 / Source: FRB
The Federal Open Market Committee agreed that it is appropriate at this time to provide information regarding its planned approach for significantly reducing the size of the Federal Reserve's balance sheet. All participants agreed on the following elements: The Committee views changes in the target range for the federal funds rate as its primary means…
Consumer Financial Protection Bureau Launches Initiative to Save Americans Billions in Junk Fees
January 26, 2022 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) launched an initiative to save households billions of dollars a year by reducing exploitative junk fees charged by banks and financial companies. Today’s request is a chance for the public to share input that will help shape the agency’s rulemaking and guidance agenda, as well as…
Tax Filing Season Challenges Illustrate the Importance of Funding the IRS
January 25, 2022 / Source: Treasury
January, 25, 2022 By Lily Batchelder, Assistant Secretary for Tax Policy and Natasha Sarin, Deputy Assistant Secretary for Economic Policy Yesterday, tax filing season began. Over the course of the next several months, the IRS will receive and process around 160 million returns from individuals, and nearly 50 million returns from businesses. It will collect…
FDIC Announces Collaboration with Operation HOPE, Inc. to Expand Financial Education and Minority/Women-Owned Business Opportunities
January 25, 2022 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced a collaboration with Operation HOPE, Inc., to promote financial education using the FDIC’s Money Smart curriculum and other resources and to help educate minority- and/or women-owned businesses on how to do business with the agency. The arrangement expands upon a longstanding relationship between the FDIC…
Treasury and The White House Announce New ChildTaxCredit.gov to Help Families Access the Full Child Tax Credit
January 24, 2022 / Source: Treasury
January 24, 2022 The revamped ChildTaxCredit.gov has new features to meet taxpayers where they are and help them file their tax returns as filing season begins. WASHINGTON – Today, the U.S. Department of the Treasury and the White House announced the re-launch of a revamped website – ChildTaxCredit.gov – with several new features to help taxpayers file…