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Bitcoin Fog Operator Convicted of Money Laundering Conspiracy
March 12, 2024 / Source: Dept of Justice
Operator of Notorious Darknet Cryptocurrency “Mixer” Laundered $400M in Cryptocurrency Since 2011 A federal jury in Washington, D.C., convicted a dual Russian-Swedish national today for his operation of the longest-running bitcoin money laundering service on the darknet. “Roman Sterlingov thought he could use the shadows of the internet to launder hundreds of millions of dollars…
FSOC and the Brookings Institution to host Conference on Artificial Intelligence and Financial Stability on June 6-7, 2024
March 11, 2024 / Source: Treasury
WASHINGTON – The Financial Stability Oversight Council (FSOC) in partnership with the Brookings Institution, will host a two-day conference on Artificial Intelligence (AI) and Financial Stability. AI in financial services has grown rapidly. Innovations in AI can offer many benefits, such as reducing costs and improving efficiencies, but they can also introduce or exacerbate risks…
Remarks by Vice Chairman Travis Hill at the Mercatus Center on “Banking’s Next Chapter? Remarks on Tokenization and Other Issues”
March 11, 2024 / Source: FDIC
Thank you to the Mercatus Center for having me today. I am going to devote most of my remarks to a discussion of tokenization and the future of our financial system, and then will conclude by briefly discussing a few discrete issues related to bank failures. Tokenization Money and payments have been evolving for as…
U.S. Department of the Treasury Outlines Tax Proposals to Reduce the Deficit, Lower Costs for Working Families, and Ensure the Wealthy and Large Corporations Pay their Fair Share
March 11, 2024 / Source: Treasury
WASHINGTON—Today, the U.S. Department of the Treasury released the General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals, or “Greenbook,” to explain the revenue proposals included in President Joe Biden’s budget. The Greenbook outlines critical tax proposals that will support President Biden’s investments in the American people by ensuring the wealthy and large corporations pay…
Consumer Advisory: Opportunity to cancel student loan debt ends soon
March 11, 2024 / Source: CFPB
Many student loan borrowers have an opportunity to receive full student loan cancellation or more credit towards cancellation. The U.S. Department of Education will conduct a one-time adjustment this summer , but you may need to take steps to qualify. The deadline to act is April 30, 2024. Here’s what you need to know. Some borrowers need…
U.S. Department of the Treasury and State Insurance Regulators Launch Coordinated Effort on Homeowners Insurance Data Collection to Assess the Effects of Climate Risk on U.S. Insurance Markets
March 10, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Federal Insurance Office (FIO) advanced its efforts to collect insurance data to better understand the impacts of climate-related financial risks on the insurance sector, by launching a first-of-its kind collaboration with state insurance regulators and the National Association of Insurance Commissioners (NAIC). This FIO and NAIC…
Federal Reserve Board announces final rule that updates risk management requirements for certain systemically important financial market utilities (FMUs) supervised by the Board
March 10, 2024 / Source: FRB
The Federal Reserve Board on Friday announced a final rule that updates risk management requirements for certain systemically important financial market utilities (FMUs) supervised by the Board. FMUs provide essential infrastructure to clear and settle payments and other financial transactions to allow financial markets and the broader economy to function effectively. The final updates provide…
Junk fees are driving up housing costs. The CFPB wants to hear from you.
March 10, 2024 / Source: CFPB
Families who manage to save up for a down payment and get approved for a mortgage often get an unwelcome surprise: closing costs that all too often are full of junk fees. Closing costs are the fees you pay on the day you finalize the purchase of your home, and they include things like title…
HUD Makes $10 Million Available to Support New Homebuyers and Bridge Wealth Gap
March 7, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development’s (HUD) Office of Housing Counseling has announced that $10 million in grant funding is available to eligible HUD-approved housing counseling agencies. These agencies will use the funding to prepare and equip prospective homebuyers to successfully navigate the homebuying process. This new funding will enable HUD-approved housing counseling agencies…
FTC Convenes Advisory Group to Fight Scams Against Older Adults
March 7, 2024 / Source: FTC
The Federal Trade Commission will host an online meeting of the Scams Against Older Adults Advisory Group on April 2, 2024. The meeting will include reports from the committees formed at the group’s inaugural meeting. Four committees are addressing separate areas of interest: expanding consumer education and outreach efforts; improving industry training on scam prevention; identifying innovative or…
FDIC-Insured Institutions Reported Full-Year 2023 Net Income of $256.9 Billion and Fourth Quarter 2023 Net Income of $38.4 Billion
March 7, 2024 / Source: FDIC
For Release “The banking industry has shown resilience after a period of liquidity stress in early 2023. Full-year net income remained high, overall asset quality metrics were favorable, and the industry’s liquidity was stable. However, ongoing economic and geopolitical uncertainty, continuing inflationary pressures, volatility in market interest rates, and emerging risks in some bank commercial…
Treasury Targets Companies and Vessels Facilitating Qods Force and Houthi Commodity Shipments
March 6, 2024 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) took additional action to target shipments of Iranian commodities undertaken by the network of Iran-based, Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF)-backed Houthi financial facilitator Sa’id al-Jamal. Today’s action targets two Hong Kong- and Marshall Islands-based ship owners and two vessels for…
CFPB Bans Excessive Credit Card Late Fees, Lowers Typical Fee from $32 to $8
March 5, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) finalized a rule today to cut excessive credit card late fees by closing a loophole exploited by large card issuers. The rule will curb fees that cost American families more than $14 billion a year. The CFPB estimates that American families will save more than $10 billion…
Treasury Department Announces New Efforts to Increase Housing Supply in the United States
March 5, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury announced new efforts to increase the supply of housing in the year ahead. These efforts include: These announcements build on the Biden-Harris Administration’s Housing Supply Action Plan to boost the nation’s stock of affordable housing and lower housing costs, including through new actions announced last week. Over the past three…
U.S. Department of the Treasury, IRS Release Final Rules on Provisions to Expand Reach of Clean Energy Tax Credits Through President Biden’s Investing in America Agenda
March 5, 2024 / Source: Treasury
WASHINGTON — Today, as part of the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) released final rules on key provisions in the Inflation Reduction Act to expand the reach of the clean energy tax credits and help build projects more quickly and affordably, which will create…
Treasury Sanctions Zimbabwe’s President and Key Actors for Corruption and Serious Human Rights Abuse
March 4, 2024 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 11 individuals, including Zimbabwe’s President Emmerson Mnangagwa, and three entities for their involvement in corruption or serious human rights abuse pursuant to E.O. 13818, which builds upon and implements the Global Magnitsky Human Rights Accountability Act. Concurrently, President Biden signed an…
New U.S. Department of the Treasury Analysis on Inflation Reduction Act Benefits
March 3, 2024 / Source: Treasury
WASHINGTON – Today the U.S. Department of the Treasury published analysis arguing that the Inflation Reduction Act’s benefits are greater than publicized projections while the economic costs are lower than fiscal costs. The analysis by Deputy Assistant Secretary for Climate & Energy Economics Arik Levinson, Economist Karl Dunkle Werner, Economist Matthew Ashenfarb, and Senior…
Vice President Harris, Treasury Department Announce New Funding for Historically Underserved Entrepreneurs in North Carolina as part of Administration’s Strategy to Invest in American Small Businesses
March 3, 2024 / Source: Treasury
DURHAM, NC – Today, Vice President Kamala Harris, Deputy Secretary of the Treasury Wally Adeyemo, and North Carolina Governor Roy Cooper are announcing North Carolina’s award of $32 million in federal funds from the American Rescue Plan (ARP) to 10 venture capital firms under the Treasury Department’s State Small Business Credit Initiative (SSBCI). SSBCI is…