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FTC Chairman Ferguson Warns Companies Against Censoring or Weakening the Data Security of Americans at the Behest of Foreign Powers
August 21, 2025 / Source: FTC
Federal Trade Commission Chairman Andrew N. Ferguson sent letters today to more than a dozen prominent technology companies reminding them of their obligations to protect the privacy and data security of American consumers despite pressure from foreign governments to weaken such protections. He also warned them that censoring Americans at the behest of foreign powers…
Treasury Extends Effective Dates of Orders Issued Under New Authority to Counter Fentanyl
August 20, 2025 / Source: FinCEN
WASHINGTON — Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) extended the effective dates for orders issued on June 25, 2025, prohibiting certain transmittal of funds involving three Mexico-based financial institutions. Covered financial institutions will now have until October 20, 2025, to implement the orders prohibiting certain transmittal of funds involving CIBanco S.A., Institución de…
Speech – Technological Advancements in Payments
August 20, 2025 / Source: FRB
Thank you for inviting me to speak today on payments innovation.1 It is an exciting time to work in payments. While I have always been interested in the topic, I would have never imagined decades ago that payments would generate this amount of enthusiasm, where now some of the coolest jobs in tech are working in…
Speech – Embracing Innovation
August 19, 2025 / Source: FRB
Good afternoon and thank you to the organizers of the 2025 Wyoming Blockchain Symposium for inviting me to speak to you today.1 It is an honor to be included in this year’s event, which is being held at a critical moment for American leadership in the digital asset space. We are at the beginning of what…
FDIC Board Approves Proposal to Amend Official Signs and Advertising Requirements
August 19, 2025 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a proposed rule to amend regulations governing the display of the FDIC official digital sign and non-deposit signage. The proposal would simplify requirements for banks’ display of the FDIC official digital sign and non-deposit signage on digital deposit-taking channels, such as bank…
Treasury Issues Request for Comment Related to the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act
August 18, 2025 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury issued a Request for Comment required by the GENIUS Act, which furthers the Administration’s policy of supporting the responsible growth and use of digital assets, as outlined in Executive Order (E.O.) 14178 on “Strengthening American Leadership in Digital Financial Technology.” Today’s request for comment fulfills Treasury’s obligation pursuant to section 9(a)…
Treasury Sanctions Notorious Costa Rican Narcotraffickers
August 18, 2025 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated four Costa Rican nationals, as well as two Costa Rica-based entities, for their involvement in narcotics trafficking and money laundering. A key global cocaine transshipment hub, Costa Rica has become an increasingly significant waypoint for criminal groups trafficking cocaine into the…
Bank Accounting Advisory Series Updated
August 17, 2025 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its annual update to the Bank Accounting Advisory Series (BAAS). The BAAS contains staff responses to frequently asked questions from the banking industry and bank examiners on a variety of accounting topics and promotes consistent application of accounting standards and regulatory reporting among national…
Federal Reserve Board announces it will sunset its novel activities supervision program and return to monitoring banks’ novel activities through the normal supervisory process
August 17, 2025 / Source: FRB
The Federal Reserve Board on Friday announced that it will sunset its novel activities supervision program and return to monitoring banks’ novel activities through the normal supervisory process. Since the Board started its program to supervise certain crypto and fintech activities in banks, the Board has strengthened its understanding of those activities, related risks, and…
Treasury Announces Federal Government Will Phase Out Paper Checks on September 30th
August 14, 2025 / Source: Treasury
WASHINGTON – The U.S. Department of the Treasury announced that the federal government will stop issuing paper checks for most federal payments on September 30, 2025. If you are one of the few people who still receives a federal benefit check, it’s time to switch to an electronic payment method. “Reducing paper checks has been a longstanding…
Treasury Sanctions Cryptocurrency Exchange and Network Enabling Sanctions Evasion and Cyber Criminals
August 14, 2025 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is re-designating the cryptocurrency exchange Garantex Europe OU (Garantex), which has directly facilitated notorious ransomware actors and other cybercriminals by processing over $100 million in transactions linked to illicit activities since 2019. OFAC is also designating Garantex’s successor, Grinex, and taking action against three executives…
Broad Coalition to Congress: Strike Uninsured Depository Flaw in Genius Act
August 13, 2025 / Source: CSBS
Washington, D.C. – A broad coalition of state, consumer, and bank groups have joined the Conference of State Bank Supervisors (CSBS) in asking Congress to strike a provision in the recently passed stablecoin legislation that risks harming consumers, creates an unlevel playing field for certain uninsured banks, and significantly erodes state authority to supervise these institutions. Section 16(d)…
Treasury Targets Terrorism and Timeshare Fraud in Mexico
August 13, 2025 / Source: Treasury
WASHINGTON—Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned four Mexican individuals and 13 Mexican companies linked to timeshare fraud led by the Cartel de Jalisco Nueva Generacion (CJNG). These individuals and companies are based in or near Puerto Vallarta, a popular tourist destination that also serves as a strategic…
Treasury Sanctions Entities Linked to Violence and Illegal Mining in the Democratic Republic of the Congo
August 12, 2025 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on entities linked to armed group violence and the sale of critical minerals in the Democratic Republic of the Congo (DRC). Eastern DRC has experienced thousands of civilian deaths and a mass displacement crisis due to ongoing instability, which…
HUD Great Plains Regional Administrator Convenes Listening Sessions with Kansas City Metro Housing Leaders
August 10, 2025 / Source: HUD
KANSAS CITY, Kan. – U.S. Department of Housing and Urban Development (HUD) Great Plains Regional Administrator Joe Mitchell hosted a two-day roundtable with affordable housing developers and finance leaders from the Kansas City metro area to hear firsthand about the state of the housing market in the region. Sessions were designed to provide a forum for…
Statement from Acting Chairman Travis Hill on Executive Order Titled “Guaranteeing Fair Banking For All Americans”
August 10, 2025 / Source: FDIC
The FDIC fully supports President Trump’s Executive Order on politicized or unlawful debanking. As I’ve said in the past, debanking law-abiding customers is unacceptable and regulators must work to end it. The FDIC has taken several actions to further that objective, and soon, we plan to issue a rulemaking that would prohibit examiners from criticizing institutions on the basis…
FTC Data Show a More Than Four-Fold Increase in Reports of Impersonation Scammers Stealing Tens and Even Hundreds of Thousands from Older Adults
August 7, 2025 / Source: FTC
New analysis from the Federal Trade Commission shows a more than four-fold increase since 2020 in reports from older adults who say they lost $10,000 or more—sometimes their entire life savings—to scammers who impersonate trusted government agencies or businesses to convince consumers to transfer money to protect it, when in reality the scammers want to…
Federal Reserve Board announces that it is seeking individuals to serve on its Insurance Policy Advisory Committee
August 7, 2025 / Source: FRB
The Federal Reserve Board on Thursday announced that it is seeking individuals with a diverse set of expert insurance perspectives in life, property and casualty, and reinsurance issues to serve on its Insurance Policy Advisory Committee, or IPAC. The IPAC is comprised of 21 members who serve staggered three-year terms and have diverse professional backgrounds,…
Treasury Targets Iranian Network Evading Sanctions and Enabling Oppression
August 7, 2025 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating 18 entities and individuals that play pivotal roles in the Iranian regime’s efforts to generate revenue and circumvent U.S. sanctions. Facing severe financial constraints due to international isolation, Iran has engineered sophisticated banking schemes and alternate payment messaging systems…
FDIC Supervisory Approach Regarding the Use of Pre-Populated Information for Purposes of Customer Identification Program Requirements
August 6, 2025 / Source: FDIC
Summary: The FDIC is updating its supervisory approach regarding whether an FDIC-supervised institution can use pre-populated customer information for the purpose of opening an account to satisfy Customer Identification Program (CIP) requirements. Statement of Applicability: The contents of, and material referenced in, this FIL apply to all FDIC-supervised financial institutions. Highlights: FIL-39-2025Related Topics Bank Secrecy ActContact(s)…
FinCEN Convenes Public-Private Partnership to Promote Innovation and Address Fraud and Scam Risks in the Digital Assets Ecosystem
August 6, 2025 / Source: FinCEN
WASHINGTON — On July 15, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) brought together Treasury components, law enforcement agencies, financial institutions, regulatory technology companies, and trade groups to share insights on driving innovation in the digital assets ecosystem while protecting consumers from emerging fraud and scam threats. The FinCEN Exchange event, titled…
Treasury Sanctions Additional Members and Associate of Narco-Terrorist Cartel del Noreste
August 6, 2025 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned three high-ranking members and one prominent associate of the Mexico-based Cartel del Noreste (CDN), formerly known as Los Zetas. CDN, one of the most violent drug trafficking organizations in Mexico, is a U.S.-designated Foreign Terrorist Organization (FTO) that exerts significant…
FTC Sends Money to Student Loan Borrowers Harmed by Debt Relief Scam
August 5, 2025 / Source: FTC
The Federal Trade Commission is sending a total of $743,230 to student loan borrowers harmed by a debt relief scam that falsely promised loan forgiveness and bilked students out of millions. In its complaint against BCO Consulting Services Inc., SLA Consulting Services Inc. and their owners Gianni Olilang, Brandon Clores, Kishan Bhakta, and Allan Radam, the…
Consistent with the One Big Beautiful Bill, U.S. Federal Housing Expands America’s Affordable Housing Supply in Rural and Underserved Communities
August 5, 2025 / Source: FHFA
Washington, D.C. — Consistent with President Trump’s historic One Big Beautiful Bill, U.S. Federal Housing is expanding America’s affordable housing supply by doubling the amount that Fannie Mae and Freddie Mac can invest in safe and sound Low Income Housing Tax Credit properties from $1 billion to $2 billion each, a total of $4 billion per…
Exemptive Relief Order to Delay the Effective Date of the Investment Adviser Rule
August 5, 2025 / Source: FinCEN
Issued Date August 05, 2025 External Link Exemptive Relief Order to Delay the Effective Date of the Investment Adviser Ru…