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Treasury International Capital Data for August
October 18, 2022 / Source: Treasury
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for August 2022. The next release, which will report on data for September, is scheduled for November 16, 2022. The sum total in August of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a…
FDIC Board of Directors Adopts Final Rule on Assessments, Revised Deposit Insurance Assessment Rates; Maintains the Designated Reserve Ratio for 2023
October 18, 2022 / Source: FDIC
WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) adopted a final rule to increase initial base deposit insurance assessment rate schedules uniformly by 2 basis points beginning in the first quarterly assessment period of 2023. After careful consideration of comments received and updated analysis and projections, the FDIC adopted as final and without change, the…
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Revised Deposit Insurance Assessment Rates Final Rule
October 18, 2022 / Source: CFPB
Today, the CFPB is suing ACTIVE Network, a payments platform used by families across the country to sign up for community activities, including camps and events sponsored by the YMCA, Girl Scouts, and charity race organizers. While not a household name, millions of Americans have used ACTIVE Network’s payment and registration platform. For anyone who…
Treasury Designates al-Shabaab Financial Facilitators
October 17, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury designated a network of al-Shabaab financial facilitators who hold leadership roles within al-Shabaab and act as key interlocutors between the group and local companies in Somalia. This network has engaged in weapons procurement, financial facilitation, and recruitment activities for al-Shabaab. In addition to being leaders within…
Enhancing the US-UK Sanctions Partnership
October 17, 2022 / Source: Treasury
By: Andrea Gacki, Director, Office of Foreign Assets Control, U.S. Department of the Treasury and Giles Thomson, Director, The Office of Financial Sanctions Implementation, HM Treasury As Directors of two of the world’s leading financial sanctions implementation authorities, we are committed to our close working relationship. As a testament to this ongoing commitment, on Thursday,…
Interest Rate Risk: Interest Rate Risk Statistics Report
October 17, 2022 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) today published the fall 2022 edition of the Interest Rate Risk Statistics Report. The report presents interest rate risk data gathered during examinations of OCC-supervised midsize and community banks and federal savings associations (collectively, banks). The statistics are for informational purposes only and do not represent…
CFPB Report Finds High Fees Charged on Student Banking Products Endorsed by Colleges
October 13, 2022 / Source: CFPB
Some financial institutions and colleges may be steering students to more expensive financial products Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) published a report on terms and fees associated with banking products marketed in partnership with colleges to students. The report raises questions about whether some marketing deals between colleges and financial institutions comply…
Agencies Announce Dollar Thresholds in Regulation Z and Regulation M for Exempt Consumer Credit and Lease Transactions
October 13, 2022 / Source: CFPB
Washington, D.C. – The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2023 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). By law, the agencies are required to adjust the thresholds annually based on…
Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans
October 13, 2022 / Source: CFPB
Washington, D.C. – The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000. The threshold amount will be effective January 1, 2023, and is based…
Managing the Promise and Risk of Financial Innovation
October 12, 2022 / Source: FRB
Vice Chair for Supervision Michael S. Barr At D.C. Fintech Week, Washington, D.C. Thank you, Chris, and thank you for the invitation to speak to you today about the opportunities and risks of innovation. For the purposes of our discussion today, I will be focusing on financial innovation supported by new technologies, or fintech.1 In the…
Prepared Remarks of FinCEN Acting Director Himamauli Das During the ACAMS AML Conference
October 12, 2022 / Source: FinCEN
Prepared Remarks Himamauli Das Acting Director, FinCEN ACAMS AML Conference October 12, 2022 Good morning. Thank you Kieran for that kind introduction. It’s great to be able to join all of you today. I really appreciate everyone’s time. And I hope this is a helpful exchange. First, I’d like to note that all of you…
G7 Finance Ministers and Central Bank Governors´ Statement on the global economic impact of Russia´s war of aggression against Ukraine and G7 support to Ukraine
October 12, 2022 / Source: Treasury
Washington D.C., 12 October 2022 We, the G7 Finance Ministers and Central Bank Governors, met in Washington D.C. We were honoured to be joined by the Ukrainian Finance Minister. We were also joined by the Heads of the International Monetary Fund, World Bank Group, Organisation for Economic Cooperation and Development, and Financial Stability Board. We…
Acting Comptroller Discusses Identifying Crypto Risks
October 11, 2022 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of identifying and monitoring crypto risks to protect consumers and the financial system in remarks at DC Fintech Week 2022. His comments included discussion of skeuomorphisms, commingling, and data gaps to help risk identification.
Acting Comptroller Discusses Crypto and the Regulatory Perimeter
October 11, 2022 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed cryptocurrency and the regulatory perimeter in remarks to the Harvard Law School and Program on International Financial Systems’ Roundtable on Institutional Investors and Crypto Assets. Mr. Hsu’s comments discussed the need to clarify supervisory expectations related to crypto activities and the role of regulators to…
Restoring Price Stability in an Uncertain Economic Environment
October 11, 2022 / Source: FRB
Vice Chair Lael Brainard At “Shocks and Aftershocks: Finding Balance in an Unstable World” 64th National Association for Business Economics Annual Meeting, Chicago, Illinois It is a pleasure to join this discussion today.1 Inflation is high in the United States and around the world reflecting the lingering imbalance between robust demand and constrained supply caused by…
FinCEN Announces $29 Million Enforcement Action Against Virtual Asset Service Provider Bittrex for Willful Violations of the Bank Secrecy Act
October 11, 2022 / Source: FinCen
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has assessed a civil money penalty in the amount of $29,280,829.20 against Bittrex, for violations of the Bank Secrecy Act (BSA) and FinCEN’s implementing regulations. FinCEN’s action is part of a global settlement with the Office of Foreign Assets Control (OFAC). “For years, Bittrex’s AML program and SAR reporting failures unnecessarily…
Treasury Announces Eleven Additional States to Receive up to $1 Billion from U.S. Treasury Department to Promote Small Business Growth and Entrepreneurship through the American Rescue Plan
October 11, 2022 / Source: Treasury
Alaska, Idaho, Iowa, Massachusetts, Minnesota, Missouri, Nebraska, Nevada, New Mexico, Ohio, and Utah Approved to Receive Federal Funding Through the State Small Business Credit Initiative WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of 11 additional state plans for up to $1 billion in funding under the State Small Business Credit…
Treasury Announces $1 Billion Loan for Clean Technology Fund, Advancing U.S. Climate Commitments and Just Energy Transition Partnerships
October 6, 2022 / Source: Treasury
WASHINGTON—Today, U.S. Secretary of the Treasury Janet L. Yellen announced that Treasury has signed a loan agreement for the Clean Technology Fund (CTF)—a multilateral trust fund which helps to scale up low carbon technologies in developing countries–using resources appropriated by Congress and signed into law by President Biden. This contribution also makes good on the…
Federal Reserve announces it will replace its current bank application filing system with a new and upgraded system later this month
October 6, 2022 / Source: FRB
The Federal Reserve Board announced on Thursday that it will replace its current bank application filing system with a new and upgraded system later this month. The substantive requirements of applications will remain the same with the new system making the filing process more intuitive and minimizing paper applications and communications. The new cloud-based system,…
Cybersecurity: 2022 Cybersecurity Resource Guide for Financial Institutions
October 6, 2022 / Source: OCC
The Federal Financial Institutions Examination Council (FFIEC),1 on behalf of its members, issued an update to the FFIEC Cybersecurity Resource Guide for Financial Institutions on October 3, 2022. The 2022 guide lists voluntary programs and actionable initiatives that are designed for or are available to help financial institutions meet their security control objectives and prepare to respond to…
OCC Releases Bank Supervision Operating Plan for Fiscal Year 2023
October 6, 2022
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its bank supervision operating plan for fiscal year (FY) 2023. 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 OCC staff uses this…
Mortgage Borrowers Can Challenge Inaccurate Appraisals Through the Reconsideration of Value Process
October 6, 2022 / Source: CFPB
Accurate appraisals are essential to the integrity of mortgage lending. Overvaluation can decrease affordability, make it harder to sell a home or refinance, and increase the risk of foreclosure. Undervaluation can prevent a homeowner from accessing accumulated equity, whether through sale or a home equity loan. Both over- and under-valuation keep individuals, families, and neighborhoods…
Director Chopra’s Prepared Remarks at the Financial Stability Oversight Council Meeting
October 5, 2022 / Source: Treasury
Treasury today issues six requests for comment on key provisions to lower energy costs, tackle climate change Thank you, Secretary Yellen. I’m pleased that the Financial Stability Oversight Council (FSOC) is publishing today’s report on the risks posed by the crypto-asset ecosystem. The United States is making greater strides to transition to expanded availability of…
Treasury Seeks Public Input on Implementing the Inflation Reduction Act’s Clean Energy Tax Incentives
October 5, 2022 / Source: Treasury
Treasury today issues six requests for comment on key provisions to lower energy costs, tackle climate change WASHINGTON, D.C. — The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today issued six Notices requesting public input on key climate and clean energy tax incentives in the Inflation Reduction Act. The Notices mark a key…
Treasury Department Announces Inaugural Members of Formal Advisory Committee on Racial Equity
October 4, 2022 / Source: Treasury
25-member committee will advise Secretary, Deputy Secretary on efforts to advance racial equity WASHINGTON – In conjunction with today’s annual Freedman’s Bank Forum, U.S. Secretary of the Treasury Janet L. Yellen announced the inaugural members of the Treasury Advisory Committee on Racial Equity. The first-of-its-kind committee will provide advice and recommendations to Secretary Yellen and Deputy Secretary…