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Remarks by Secretary of the Treasury Janet L. Yellen at Chief Lynn Malerba’s Swearing in Ceremony as the United States Treasurer
September 12, 2022 / Source: Treasury
Good afternoon, everyone. It’s a privilege to welcome you to the Treasury Department for today’s historic ceremony. I want to particularly welcome the Tribal leaders and community members who are here with us today. Whether you are joining in person or virtually, thank you for being a part of today’s event. I would like…
The FDIC updates the Application Procedures Manual (APM)-September 12, 2022.
September 12, 2022 / Source: FDIC
The APM provides direction for professional staff assigned to review and process applications, notices, and other requests submitted to the FDIC. The APM is updated periodically for changes in laws, regulations, or processes and to release additional sections. This release updates two sections of the APM: Section 1.9 – Protests/Comments Section 1.10 – Processing…
CFPB and Centers for Medicare and Medicaid Services Take Action to Protect Caregivers and Families from Illegal Nursing Home Debt Collection Practices
September 8, 2022 / Source: CFPB
New report, circular, and joint letter with CMS remind facilities and debt collectors of their responsibilities for nursing home admission and debt collection under multiple laws WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released an Issue Spotlight highlighting some of the difficulties and experiences heard from caregivers about being pursued over friends’ or family members’…
FDIC-Insured Institutions Reported Net Income of $64.4 Billion in Second Quarter 2022
September 8, 2022 / Source: FDIC
For Release Net Income Declined Year Over Year Net Interest Margin Widened Loan Growth Was Broad-Based Credit Quality Remained Favorable Despite Growth in Early Delinquencies Total Deposits Declined Moderately for the First Time Since Second Quarter 2018 Community Banks Reported a Moderate Decline in Net Income “The banking industry reported generally positive results in the…
Treasury Sanctions Iranian Persons Involved in Production of Unmanned Aerial Vehicles and Weapon Shipment to Russia
September 8, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating an air transportation service provider for its involvement in the shipment of Iranian Unmanned Aerial Vehicles (UAVs) to Russia for its war against Ukraine. Additionally, OFAC is designating three companies and one individual involved in the research, development,…
OCC Hosts Minority Depository Institutions Advisory Committee Meeting September 27
September 8, 2022 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will host a virtual public meeting of the Minority Depository Institutions Advisory Committee (MDIAC) on Tuesday, September 27, 2022. The meeting, which will be hosted in person and virtually, is open to the public and will begin at 10:00 a.m. Eastern Daylight Time…
Prepared Remarks of FinCEN Acting Deputy Director Jimmy Kirby During the 2022 Federal Identity Forum & Exposition (FedID)
September 8, 2022 / Source: FinCEN
Prepared RemarksJimmy KirbyActing Deputy DirectorFinancial Crimes Enforcement Network 2022 Federal Identity Forum & Exposition (“FedID”)Atlanta, Georgia Good morning. My name is Jimmy Kirby, and I’m the Acting Deputy Director of the Financial Crimes Enforcement Network (FinCEN). It’s a real pleasure to address all of you—private sector, academia and fellow public sector attendees and speakers. I’m…
OCC Releases CRA Evaluations for 31 National Banks and Federal Savings Associations
September 7, 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 August 1, 2022, through August 31, 2022. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received…
Remarks by Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg at The Brookings Institution
September 7, 2022 / Source: Treasury
“Anti-Corruption’s Cutting Edge: New Directions in Beneficial Ownership Transparency” As prepared for delivery Good morning, and thank you to the Brookings Institution and Ambassador Eisen for the invitation, It’s a pleasure to be here with you today to discuss our priorities and work to counter corruption. I’m here today to continue a series of discussions…
Bringing Inflation Down
September 7, 2022 / Source: FRB
Vice Chair Lael Brainard At the Clearing House and Bank Policy Institute 2022 Annual Conference, New York, New York Over the past year, inflation has been very high in the United States and around the world (figure 1). High inflation imposes costs on all households, and especially low-income households. The multiple waves of the pandemic,…
Making the Financial System Safer and Fairer
September 7, 2022 / Source: FRB
Vice Chair for Supervision Michael S. Barr At the Brookings Institution, Washington, D.C. Thank you, David, and thank you to the Brookings Institution for the invitation to speak to you today.1 On July 19, I had the honor of being sworn in as the Vice Chair for Supervision of the Board of Governors of the Federal…
OCC Releases Strategic Plan for Fiscal Years 2023-2027
September 6, 2022 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its strategic plan for fiscal years (FY) 2023-2027. The strategic plan outlines the agency’s approach to achieve three strategic goals and fulfill its mission to ensure that national banks and federal savings associations operate in a safe and sound manner, provide fair access to…
Remarks by Deputy Secretary of the Treasury Wally Adeyemo at The Clearing House and Bank Policy Institute Annual Conference
September 6, 2022 / Source: Treasury
As prepared for delivery Thank you for inviting me to join you today and giving me the chance to speak with you about where the U.S. economy is headed, in light of the Administration’s recent legislative achievements. These accomplishments build on a lesson history has taught us: that when it comes to our greatest challenges,…
FDIC Issues List of Banks Examined for CRA Compliance
September 5, 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 June 2022. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
If you used U.S. Equity Advantage’s auto loan Payment Accelerator Program, a check may be on the way
September 5, 2022 / Source: CFPB
Obtaining consumer redress is a top priority in any enforcement action, and when the CFPB enforces the law, we or a court may require the person or company to compensate its victims for this harm by providing consumer redress out of its own funds. In certain circumstances, when the person or company doesn’t have sufficient…
Acting Comptroller Discusses Importance of Community Banks; Announces Reduction in Assessment Fees
September 1, 2022 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of community banks, and the challenges and opportunities of digitalization, in a meeting with the Texas Bankers Association in Dallas. In his remarks, the Acting Comptroller emphasized the Office of the Comptroller of the Currency’s commitment to community banks, and highlighted initiatives to…
Beware of scammers pretending to be from the CFPB
September 1, 2022 / Source: CFPB
This week we confirmed that scammers are using CFPB employee’s names and imagery to try and steal your money. We’ve heard from people, specifically older adults, who were defrauded thousands of dollars from scammers pretending to be with the CFPB. If someone contacts you and says you’ve won a class-action lawsuit in a foreign country,…
CFPB Report Details Family Finances and Debt in Rural Appalachia
September 1, 2022 / Source: CFPB
Appalachians Face Higher Debt Burdens and Worse Credit Conditions than Most Other Parts of Rural America WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) has issued the first in a series of reports focusing on the finances of consumers living in rural areas. Today’s report focuses on rural Appalachians, who tend to earn less than…
Preliminary Annual Report on U.S. Holdings of Foreign Securities at Year-End 2021
August 31, 2022 / Source: Treasury
Washington – Preliminary data from an annual survey of U.S. portfolio holdings of foreign securities at year-end 2021 were released today and posted on the Treasury web site at (https://home.treasury.gov/data/treasury-international-capital-tic-system/tic-forms-instructions/us-claims-on-foreigners-from-holdings-of-foreign-securities). The final survey report, which will include additional detail as well as possible revisions to the data, will be released on October 31, 2022. The…
OCC Issues Fourth Quarter 2022 and First Quarter 2023 CRA Evaluation Schedule
August 31, 2022 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the fourth quarter of 2022 and the first quarter of 2023. The OCC encourages public comment on the national banks and federal savings associations (collectively, banks) scheduled to be evaluated under the…
Treasury Announces Five Additional Capital Projects Fund Awards to Increase Access to Affordable, High-Speed Internet
August 30, 2022 / Source: Treasury
Connecticut, Indiana, Nebraska, North Dakota, and Arkansas are approved to receive approximately $408 million under the American Rescue Plan and will connect more than 90,000 homes and businesses to affordable, high-speed internet. WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of an additional group of five states under the American Rescue…
FDIC Issues CRA Examination Schedules for Fourth Quarter 2022 and First Quarter 2023
August 30, 2022 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the fourth quarter 2022 and first quarter 2023. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of…
OCC Hosts Mutual Savings Association Advisory Committee Meeting September 20
August 30, 2022 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Tuesday, September 20, 2022. The meeting, which will be hosted in person and virtually, is open to the public and will begin at 8:30 a.m. Eastern Daylight Time (EDT)….
Federal Reserve updates FedNow Service timing to mid-2023, marks beginning of full-scale pilot testing.
August 30, 2022 / Source: FRB
CHICAGO – The Federal Reserve Banks have narrowed the timing of the FedNow Service launch to mid-year 2023, specifically targeting a production rollout of the service in the May to July timeframe. This further defines the previously communicated 2023 launch window for the anticipated instant payments service and comes as the FedNow Pilot Program prepares…
Progress on Fast Payments for All: An Update on FedNow
August 30, 2022 / Source: FRB
Vice Chair Lael Brainard At FedNow Early Adopter Workshop, Rosemont, Illinois (via webcast) I am pleased to join the FedNow Early Adopter Workshop.1 With the technical testing phase of the FedNow℠ Service kicking off in mid-September, I want to particularly thank the early adopters for the important investments they are making to prepare for the day…