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SECâs Anti-Fraud Public Service Campaign Warns Investors About Relationship Investment Scams
April 16, 2025 / Source: U.S. Securities and Exchange Commission
For Immediate Release 2025-63 Washington D.C., April 16, 2025 â The Securities and Exchange Commissionâs Office of Investor Education and Advocacy (OIEA) today unveiled its anti-fraud public service campaign, which warns investors about the devastating impact relationship investment scams can have on their financial future. Relationship investment scams typically involve a âlong conâ in which…
New FTC Data Show Top Text Message Scams of 2024; Overall Losses to Text Scams Hit $470 Million
April 16, 2025 / Source: Federal Trade Commission
Fake package delivery issues and phony job opportunities were most frequently reported April 16, 2025 Tags: New data from the Federal Trade Commission show that in 2024, consumers reported losing $470 million to scams that started with text messages. This amount is five times higher than what was reported in 2020, even though the number…
OCC Announces Changes to Organizational Structure
April 16, 2025 / Source: Office of the Comptroller of the Currency
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today announced changes to its organizational structure to ensure its approach to supervision evolves to better address todayâs challenges, align similar functions within the agency, and leverage opportunities for efficiencies. The OCC will combine the Midsize and Community Bank Supervision and Large Bank Supervision functions to…
Acting Comptroller of the Currency Discusses Agency Priorities
April 16, 2025 / Source: Office of the Comptroller of the Currency
WASHINGTONâActing Comptroller of the Currency Rodney E. Hood today discussed strategic areas of focus for the Office of the Comptroller of the Currency (OCC) in remarks at the Exchequer Club. In his remarks, Acting Comptroller Hood detailed the OCCâs efforts to reduce regulatory burden; promote financial inclusion; embrace bank-fintech partnerships; and expand responsible bank activities…
Economic Outlook: Chair Jerome H. Powell
April 16, 2025 / Source: Board of Governors of the Federal Reserve System
At the Economic Club of Chicago, Chicago, Illinois Thank you for the introduction. I am looking forward to our conversation, Professor Rajan. First, I will briefly discuss the outlook for the economy and monetary policy. At the Fed, we are always focused on the dual-mandate goals given to us by Congress: maximum employment and stable…
Treasury Increases Pressure on Chinese Importers of Iranian Oil
April 16, 2025 / Source: U.S. Department of the Treasury
April 16, 2025 WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is designating a China-based independent âteapotâ refinery Shandong Shengxing Chemical Co., Ltd. for its role in purchasing more than a billion dollarsâ worth of Iranian crude oil, including from a front company for Iranâs Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF)….
Department of the Treasury: removing regulations that are no longer necessary or no longer have any current or future applicability
April 15, 2025 / Source: Department of the Treasury
On April 9, 2025, the President issued a Presidential Memorandum, Directing the Repeal of Unlawful Regulations, to implement Executive Order 14219, Ensuring Lawful Governance And Implementing The President’s âDepartment of Government Efficiencyâ Deregulatory Initiative (Deregulatory E.O.), 90 FR 10583 (Feb. 19, 2025). The Deregulatory E.O. directed the heads of executive departments and agencies to review…
Supervisory Correspondence: Electronic Communication Adopted as the Preferred Method
April 15, 2025 / Source: Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) is making permanent the establishment of electronic communications as the preferred method for supervisory correspondence. This makes permanent the alternative secure mail procedures that were initially implemented on a temporary basis in March 2020. Statement of Applicability: The contents of, and material referenced in, this FIL apply to all FDIC-supervised…
OCC Releases Letter on Information Security Incident to Supervised Institutions
April 15, 2025 / Source: Office of the Comptroller of the Currency
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today publicly released a letter sent to its supervised institutions regarding unauthorized access to OCC email systems. The OCC provided public notice of the unauthorized access and its designation as a major information security incident on April 8, 2025. The OCC is committed to taking all actions to…
Agencies take action on appraisal requirements in an area affected by California wildfires and straight-line winds
April 15, 2025 / Source: Board of Governors of the Federal Reserve System
To help facilitate recovery efforts from wildfires and straight-line wind damage in Los Angeles County, California this year, four federal financial institution regulatory agencies today temporarily paused certain appraisal requirements for real estate-related transactions. This action is expected to allow banks and credit unions to work with families and businesses without obtaining an appraisal. Banks…
Treasury Sanctions Leaders of La Nueva Familia Michoacana Drug Cartel
April 15, 2025 / Source: U.S. Department of the Treasury
Leaders of terrorist-sanctioned cartel tied to deadly fentanyl trafficking, human smuggling, and violence WASHINGTON â Today, Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned four individuals affiliated with La Nueva Familia Michoacana (LNFM), a Mexican cartel designated as a Foreign Terrorist Organization and a Specially Designated Global Terrorist, that has poisoned Americans by trafficking fentanyl and…
FTC Launches Public Inquiry into Anti-Competitive Regulations
April 14, 2025 / Source: Federal Trade Commission
Today, the Federal Trade Commission launched a public inquiry into the impact of federal regulations on competition, with the goal of identifying and reducing anticompetitive regulatory barriers. The FTC launched this inquiry in response to President Trumpâs Executive Order on Reducing Anticompetitive Regulatory Barriers. Per the Executive Order, the Trump-Vance FTC will be on the front…
FinCEN Renews Residential Real Estate Geographic Targeting Orders
April 14, 2025 / Source: Financial Crimes Enforcement Network
WASHINGTONâToday, the Financial Crimes Enforcement Network (FinCEN) announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in non-financed purchases of residential real estate. The terms of the GTOs are effective beginning April 15, 2025, and ending on October 9, 2025….
A Tale of Two Outlooks
April 14, 2025 / Source: Board of Governors of the Federal Reserve System
Governor Christopher J. Waller At the Certified Financial Analysts Society of St. Louis, St. Louis, Missouri Thank you, Jack and thank you to the CFA of St. Louis for the opportunity to speak to you today. It’s a pleasure to be back home here in the city where I worked for nearly 12 years before…
Terrorist Financing Targeting Center Designates Al-Shabaab Networks in Somalia
April 14, 2025 / Source: U.S. Department of the Treasury
RIYADH, SAUDI ARABIA â Today, the seven members of the Terrorist Financing Targeting Center (TFTC) announced joint designations of 15 al-Shabaab leaders, operatives, and financial facilitators operating in Somalia. These targets were involved in a wide range of activities in support of al-Shabaab, including fundraising and proliferation of Improvised Explosive Devices (IEDs). This is the…
CFPB Offers Regulatory Relief From Registration Requirements for Small Loan Providers
April 13, 2025 / Source: Consumer Financial Protection Bureau
WASHINGTON, D.C. â The Consumer Financial Protection Bureau is announcing today that, with respect to the regulation titled Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders, 89 Fed. Reg. 56028 (July 8, 2024) (codified at 12 CFR part 1092), it will not prioritize enforcement or supervision actions with regard to entities that…
CSBS Supports Rescinding FDIC Bank Merger Policy and Recommends Areas for Reform
April 10, 2025 / Source: Conference of State Bank Supervisors
Washington, D.C. – State financial regulators voiced support for rescinding the FDICâs current bank merger policy statement and suggested reforms that would modernize and improve the M&A framework in a letter sent today from the Conference of State Bank Supervisors (CSBS). To enable growth and the long-term stability of community banks and the broader financial system, bank merger policy…
Former bank executive indicted for $2 million fraud scheme
April 10, 2025 / Source: Office of Inspector General Federal Deposit Insurance Corporation
April 9, 2025 EAST ST. LOUIS, Ill. â A federal grand jury in southern Illinois charged the former second-in-command of the Bank of OâFallon for engaging in a fraud scheme to obtain more than $2 million. Andrew P. Blassie, 69, of St. Louis, is facing one count of bank fraud and one count of interstate transportation…
Treasury Targets Network Transporting Hundreds of Millions of Dollarsâ Worth of Iranian Petroleum
April 10, 2025 / Source: U.S. Department of the Treasury
April 10, 2025 WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is designating United Arab Emirates (UAE)-based Indian national Jugwinder Singh Brar (Brar), who owns multiple shipping companies that boast a fleet of nearly 30 vessels, many of which operate as part of Iranâs âshadow fleet.â OFAC is also designating two…
FinCEN Convenes FinCEN Exchange Sessions to Provide Stakeholders with Information About U.S. Southwest Border Geographic Targeting Order
April 9, 2025 / Source: Financial Crimes Enforcement Network
Immediate Release April 09, 2025 WASHINGTONâThis week, the U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN), in collaboration with the Texas Department of Banking, held two informational webinars regarding the U.S. Southwest Border Geographic Targeting Order (GTO) with money services businesses (MSBs) and related trade groups, state regulators, and law enforcement agencies. These webinars, held…
OCC Notifies Congress of Incident Involving Email System
April 9, 2025 / Source: Office of the Comptroller of the Currency
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today notified Congress of a major information security incident, as required by the Federal Information Security Modernization Act. This finding is the result of internal and independent third-party reviews of OCC emails and email attachments that were subject to unauthorized access. On February 11, 2025, the…
From FinCEN: Analysis of Fentanyl-Related Threat Patterns and Trends in Bank Secrecy Act Reports
April 9, 2025 / Source: U.S. Department of the Treasury
April 9, 2025 WASHINGTONâToday, the U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis focused on patterns and trends identified in Bank Secrecy Act (BSA) data linked to fentanyl-related illicit finance. Between January and December 2024, financial institutions filed 1,246 BSA reports that identified suspected fentanyl-related activity amounting to approximately $1.4…
Treasury Imposes Sanctions on Enablers of Iranâs Nuclear Program
April 9, 2025 / Source: U.S. Department of the Treasury
April 9, 2025 WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is designating five entities and one individual based in Iran for their support to key entities that manage and oversee Iranâs nuclear program, including the Atomic Energy Organization of Iran (AEOI) and the AEOI-subordinate Iran Centrifuge Technology Company…
Treasury Targets Key Leader of Violent Mexican Drug Trafficking Organization Implicated in Record-Breaking Seizure of Fentanyl
April 9, 2025 / Source: U.S. Department of the Treasury
April 9, 2025 WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned Mexican national Jesus Alfredo Beltran Guzman, a key leader of the Beltran Leyva Organization (BLO), for playing a significant role in the trafficking of illicit drugs, including fentanyl, cocaine, heroin, and methamphetamine, into the United States. One of the…
Treasury Secretary Scott Bessent Remarks before the American Bankers Association
April 9, 2025 / Source: U.S. Department of the Treasury
April 9, 2025 As prepared for delivery. Thank you. Itâs an honor to be with you this morning. Let me begin by conveying the best wishes of our President. President Trump understands that national strength comes from the ground upânot the top down. This concept applies to good government just as much as it does…