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Financial Stability and Coordination in Times of Crisis
October 18, 2021 / Source: FRB
Governor Randal K. Quarles At the Third Conference on Financial Stability, Madrid, Spain Thank you, Pablo, for the kind welcome. It is an honor to be here at this important conference on financial stability. And it is great to be here in Madrid and see all of you in person. I commend the organizers for…
LIBOR Transition: Updated Self-Assessment Tool for Banks
October 18, 2021 / Source: OCC
OCC Bulletin 2021-46| October 18, 2021 To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary This bulletin provides an updated self-assessment tool for banks 1 to evaluate their preparedness for the cessation of the London Interbank Offered Rate (LIBOR). Rescission…
Treasury and IRS Disburse Fourth Month of Advance Child Tax Credit Payments
October 15, 2021 / Source: Treasury
Since July, Treasury and the IRS have delivered over $61 billion dollars in direct payments to families WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service announced today that more than $15 billion dollars in payments were made to families that include roughly 61 million eligible children. This is the fourth…
FinCEN Issues Report on Ransomware Trends in Bank Secrecy Act Data
October 15, 2021 / Source: FinCEN
Immediate Release October 15, 2021 Today, FinCEN issued a financial trend analysis on ransomware trends in Bank Secrecy Act reporting filed between January 2021 and June 2021. This report, issued pursuant to the Anti-Money Laundering Act of 2020, focuses on pattern and trend information pertaining to ransomware, in line with FinCEN’s issuance of government-wide priorities…
OCC Releases Bank Supervision Operating Plan for Fiscal Year 2022
October 15, 2021 / Source: OCC
News Release 2021-106 | October 15, 2021 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its bank supervision operating plan for fiscal year (FY) 2022. The plan provides the foundation for policy initiatives and for supervisory strategies as applied to individual national banks, federal savings associations, federal branches, federal agencies, and technology service providers….
The View from Here: The Outlook for the U.S. Economy and Implications for Monetary Policy
October 14, 2021 / Source: FRB
Governor Michelle W. Bowman At the Dykhouse Scholar Program Speakers Series in Money, Banking, and Regulation South Dakota State University, Brookings, South Dakota It has been a privilege to travel across and explore this beautiful state over the past several days and to be here in Brookings with you this evening. And I'm pleased to…
FPB, FTC and North Carolina Department of Justice File Amicus Brief in Henderson v. The Source for Public Data, L.P.
October 14, 2021 / Source: CFPB
WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC) and North Carolina Department of Justice filed an amicus brief in support of the consumer plaintiffs in Henderson v. The Source for Public Data, L.P. The case is currently on appeal before the U.S. 4th Circuit Court of Appeals. The plaintiffs allege The Source…
How Financial Reporting Helps American Workers and Ensures that Top Earners Pay Their Fair Share
October 14, 2021 / Source: Treasury
By Natasha Sarin, Deputy Assistant Secretary for Economic Policy A centerpiece of the Administration’s tax compliance agenda includes an important reform proposal, known as financial reporting, which would expand the information available to the Internal Revenue Service (IRS). This information will help the IRS determine whether taxpayers with opaque sources of income are meeting their…
Treasury Launches Effort to Study Impact of Climate Change on Households and Communities
October 13, 2021 / Source: Treasury
Financial Literacy and Education Commission Convenes Meeting to Explore Financial Risks to Households and Communities from Climate Change WASHINGTON — Today, the U.S. Department of the Treasury launched a new effort to study the impact of climate change on households and communities. The Financial Literacy and Education Commission (FLEC) convened a meeting, which was chaired…
Financial Inclusion and Economic Challenges in the Shadow of the Pandemic: A Conversation with Tribal Leaders
October 13, 2021 / Source: FRB
Governor Lael Brainard At Fed Listens: Roundtable with Oklahoma Tribal Leaders, Oklahoma City, Oklahoma I would like to join Esther George in expressing my appreciation to the leaders of tribal nations assembled here for this opportunity to listen and learn from this afternoon's conversation. I also want to thank Governor Anoatubby for hosting us.1 I am…
Guidance and Press Schedule for U.S. Secretary of the Treasury Janet L. Yellen and Deputy Secretary of the Treasury Wally Adeyemo
October 12, 2021 / Source: Treasury
WASHINGTON — U.S. Secretary Janet L. Yellen will attend the Annual Meetings of the Boards of Governors of the IMF and the World Bank Group, as well as G7 and G20 Meetings of Finance Ministers and Central Bank Governors in Washington, D.C. from October 12-15, 2021. Secretary Yellen will continue to reinforce the U.S. commitment…
U.S. Economic Outlook and Monetary Policy 10-12-2021
October 12, 2021 / Source: FRB
Vice Chair Richard H. Clarida At the 2021 Institute of International Finance Annual Membership Meeting: Sustainable Economic Growth and Financial Stability in a Diverging, Decarbonizing, Digitizing, Indebted World, Washington, D.C. (via webcast) It is my pleasure to meet virtually with you today at the 2021 Institute of International Finance Annual Membership Meeting.1 I regret that we…
CFPB Takes Action Against American Advisors Group for Deceptively Marketing Reverse Mortgages to Consumers
October 8, 2021 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today filed a complaint and proposed consent order alleging that American Advisors Group (AAG) used inflated and deceptive home estimates to lure consumers into taking out reverse mortgages. The CFPB also alleges that AAG’s deceptive conduct violated a 2016 administrative consent order that addressed AAG’s deceptive advertising…
First Person Charged for Fraudulently Seeking COVID Relief Business Loans Sentenced
October 8, 2021 / Source: FDIC OIG
PROVIDENCE – A Massachusetts man who became the first person in the country charged with fraudulently seeking forgivable pandemic relief small business loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and who faked suicide shortly after his arrest resulting in a nationwide search for him…
Remarks by Secretary of the Treasury Janet L. Yellen at the B20 Summit
October 8, 2021 / Source: Treasury
Thank you to our Italian hosts for inviting me to speak today. I appreciate the valuable forum the B20 provides for engagement with global business leaders. As G20 countries prepare for the upcoming Leaders’ Summit and COP-26 meeting, we face a significant moment for the global economy. We are still confronting a shock due to…
Treasury Releases Climate Action Plan
October 7, 2021 / Source: Treasury
The plan lays out efforts to bolster adaptation and increase resilience of Treasury facilities and operations to the impacts of climate change. WASHINGTON — Today, the U.S. Department of the Treasury released the Treasury Climate Action Plan, which is directed by Section 211 of Executive Order 14008 and Treasury’s efforts to bolster adaptation and increase resilience of…
Building Climate Scenario Analysis on the Foundations of Economic Research
October 7, 2021 / Source: Federal Reserve
Governor Lael Brainard At the 2021 Federal Reserve Stress Testing Research Conference, Federal Reserve Bank of Boston, Boston, Massachusetts (via webcast) I want to thank all of you for joining our research conference and the organizing committee for inviting me to share some thoughts on climate scenario analysis.1 Economic analysis suggests that climate change could…
Treasury Works with Government of Mexico to Sanction CJNG Members Operating Through the Port of Manzanillo
October 6, 2021 / Source: Treasury
Mexico’s Busiest Seaport is a Major Entry Point for Illicit Drugs and Precursor Chemicals WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Mexican nationals Aldrin Miguel Jarquin Jarquin, Jose Jesus Jarquin Jarquin, Cesar Enrique Diaz De Leon Sauceda, and Fernando Zagal Anton pursuant to the Foreign Narcotics…
Remarks by Secretary of the Treasury Janet L. Yellen to CEOs and Business Leaders at the White House on Debt Limit
October 6, 2021 / Source: Treasury
I want to thank business and community leaders for joining us here today. I wish we could be meeting to discuss another topic, like finding solutions to climate change or how to better invest in the future of our economy. But the urgency of the debt limit situation demands immediate attention. I want to be…
FDIC’s Brokered Deposits Webpage
October 5, 2021 / Source: FDIC
The FDIC has updated the FDIC’s Brokered Deposits webpage, available on the Banker Resource Center website. The webpage includes comprehensive information about the changes made to the brokered deposits regulation and the interest rate restrictions that became effective on April 1, 2021. October 5, 2021 Updates This release is an update to the Question and Answer document on the Brokered…
FinCEN Provides FBAR Relief to Victims of Recent Natural Disasters October 5, 2021
October 5, 2021 / Source: FinCEN
FinCEN Provides FBAR Relief to Victims of Recent Natural Disasters FBAR Filing Relief 2021 FINAL 508.pdf Immediate Release October 05, 2021 The Financial Crimes Enforcement Network (FinCEN) today issued a notice extending the filing date of Reports of Foreign Bank and Financial Account (FBARs) for victims of recent natural disasters, including Hurricane Ida, the California…
FDITECH Selects Six Teams in Sprint for Banks to Measure and Test Resiliency
October 4, 2021 / Source: FDIC
Press Release FDITECH Selects Six Teams in Sprint for Banks to Measure and Test Resiliency Monday, October 4, 2021 For Release WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the selection of six teams to participate in a ‘tech sprint’ designed to explore new technologies and techniques to determine how well community banks, and…
FDIC Issues List of Banks Examined for CRA Compliance October 4, 2021
October 4, 2021 / Source: FDIC
Press Release FDIC Issues List of Banks Examined for CRA Compliance Monday, October 4, 2021 For Release 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…
Consolidated Reports of Condition and Income for Third Quarter 2021
October 4, 2021 / Source: FDIC
Financial Institution Letter Consolidated Reports of Condition and Income for Third Quarter 2021 October 4, 2021 | FIL-68-2021 Summary: The attached materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the September 30, 2021, report date. Please plan to complete as early as possible the preparation, editing, and review of your institution’s Call…
Federal Reserve Board announces termination of enforcement action with UBS AG and UBS AG Stamford Branch
October 1, 2021 / Source: FRB
Press Release October 01, 2021 Federal Reserve Board announces termination of enforcement action with UBS AG and UBS AG Stamford Branch The Federal Reserve Board on Friday announced the termination of the enforcement action listed below: UBS AG, Zurich, Switzerland and UBS AG Stamford Branch, Stamford, Connecticut Cease and Desist Order, dated May 20, 2015…