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Treasury Department Releases Progress Report Detailing Price Capâs Success One Year After Launch
May 18, 2023 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Terrorist Financing & Financial Crimes and Office Economic Policy released a progress report that underscores the price cap on Russian oilâs success in achieving its dual goals: reducing Russiaâs revenue and keeping the global energy market stable. Treasury, the U.S. government, and the price…
Building resilience and durability into mortgage rules
May 17, 2023 / Source: CFPB
Since 2021, the CFPB has been reviewing a number of its rules and guidance documents, including those published by predecessor agencies like the Federal Reserve Board of Governors and the Federal Trade Commission. We have found that many of these policies were drafted in ways that are unnecessarily complex, often to accommodate the preferences of…
Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the National Asian / Pacific Islander American Chamber of Commerce and Entrepreneurship 2023 Business Summit
May 17, 2023 / Source: Treasury
WASHINGTON â Today, Deputy Secretary of the Treasury Wally Adeyemo delivered remarks at the National Asian / Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE) 2023 Business Summit celebrating Asian American, Native Hawaiian, and Pacific Islander (AANHPI) Heritage Month. During his remarks, Deputy Secretary Adeyemo outlined how the Treasury Department has worked to…
Remarks by Secretary of the Treasury Janet L. Yellen at Independent Community Bankers of America (ICBA) 2023 Capital Summit
May 16, 2023 / Source: Treasury
Good morning, everyone. Itâs great to be back at ICBA. And itâs wonderful to see so many familiar faces. Iâd like to first thank Derek and Rebeca for their leadership of this important organization. As some of you know, this is not my first time speaking at ICBA. One of my first major speeches as…
Acting Comptroller of the Currency Testifies on Prudential Regulation
May 16, 2023 / Source: OCC
WASHINGTONâActing Comptroller of the Currency Michael J. Hsu today testified before the U.S. House of Representativesâ Committee on Financial Services on the agencyâs actions and responses to recent market stress and how the agency is ensuring that national banks and federal savings associations operate in a safe, sound, and fair manner. In his testimony, Hsu…
Treasury Sanctions Russian Ransomware Actor Complicit in Attacks on Police and U.S. Critical Infrastructure
May 16, 2023 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC), designated Mikhail Matveev (Matveev) for his role in launching cyberattacks against U.S. law enforcement, businesses, and critical infrastructure. Concurrently, the U.S. District Courts for the District of New Jersey and the District of Columbia unsealed indictments against Matveev. Additionally, the U.S….
Remarks by Chairman Martin J. Gruenberg on âOversight of Prudential Regulatorsâ before the Committee on Financial Services, United States House of Representatives
May 15, 2023 / Source: FDIC
Chairman McHenry, Ranking Member Waters, and Members of the Committee, I am pleased to appear at todayâs hearing on âOversight of Prudential Regulators,â to discuss the condition of the banking industry and the Deposit Insurance Fund (DIF), provide the Committee with an update on the Federal Deposit Insurance Corporationâs (FDIC) resolution of three recently closed…
Testimony Before the Financial Services Committee, U.S. House of Representatives, Washington, D.C.
May 15, 2023 / Source: FRB
Testimony Supervision and Regulation Vice Chair for Supervision Michael S. Barr Before the Financial Services Committee, U.S. House of Representatives, Washington, D.C. Chairman McHenry, Ranking Member Waters, and other members of the Committee, thank you for the opportunity to testify today. Overall, the U.S. banking system remains strong and resilient, and depositors should be confident…
Treasury Department Announces Awards to Connect More Families and Businesses to High-Speed Internet as Part of President Bidenâs Investing in America Agenda
May 15, 2023 / Source: Treasury
May 15, 2023 Delaware, Idaho approved to receive approximately $185.9 million under the American Rescue Plan Combined with other Administration initiatives, President Bidenâs Investing in America agenda has brought affordable internet to over 17 million American households WASHINGTON â Today, the U.S. Department of the Treasury announced the approval of federal funds for multi-purpose community…
The Evolving Nature of Banking, Bank Culture, and Bank Runs
May 14, 2023 / Source: FRB
Governor Michelle W. Bowman At the 21st Annual Symposium on Building the Financial System of the 21st Century: An Agenda for Europe and the United States, European Central Bank, Frankfurt, Germany It is a pleasure to be with you here today.1Â This symposium, focused on building the financial system of the twenty-first century, is very timely….
Treasury Department Releases Guidance to Boost American Clean Energy Manufacturing
May 14, 2023 / Source: Treasury
WASHINGTON, D.C. â As part of the Biden-Harris Administrationâs Investing in America strategy, the U.S. Department of the Treasury and Internal Revenue Service (IRS) today released guidance that provides detailed information about the domestic content bonus under the Inflation Reduction Act for clean energy projects and facilities that meet American manufacturing and sourcing requirements. The guidance was…
FDIC Board of Directors Issues a Proposed Rule on Special Assessment Pursuant to Systemic Risk Determination
May 11, 2023 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a notice of proposed rulemaking, which would implement a special assessment to recover the cost associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. The Federal Deposit Insurance Act (FDI Act) requires the FDIC to take this action in…
Notice and Request for Comment, Forms Renewal/Update
May 11, 2023 / Source: FinCEN
Notice and Request for Comment, Forms Renewal/Update Release Date May 11, 2023 Agency Information Collection Activities; Comment Request; Renewal Without Chan⌠Action Type Notice and Request for Comment, Forms Renewal/Update
Treasury Office of State and Local Finance Kicks off Summer Series on Climate Transition
May 11, 2023 / Source: Treasury
WASHINGTON â This week the Department of the Treasuryâs Office of State and Local Finance kicked off its âSummer Series on Resources for the State and Local Government Climate Transition.â These monthly virtual convenings will share climate-oriented tools and resources for the municipal sector and will include presentations from federal agencies, industry organizations, and academic…
FDIC Examinations of Government-Guaranteed Loans
May 11, 2023 / Source: FDIC OIG
The Office of Inspector General (OIG) of the Federal Deposit Insurance Corporation (FDIC) issued its report on FDIC Examinations of Government-Guaranteed Loans. Federal agencies administer several Government-guaranteed loan programs to assist individuals and businesses with, among other things, buying homes, financing agricultural production, financing businesses, and purchasing equipment. FDIC-supervised banks participate in these programs, originating billions…
CFPB Issues Guidance to Rein in Creation of Fake Accounts to Harvest Fees
May 10, 2023 / Source: CFPB
New circular addresses illegal âreopeningâ of deposit accounts that can hit consumers with junk fees WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that a bank may violate federal law if it unilaterally reopens a deposit account to process transactions after a consumer has already closed it. The CFPB has…
Remarks by the U.S. Treasury Departmentâs Counselor for Racial Equity Janis Bowdler at the Inaugural Meeting of the Presidentâs Advisory Commission on Advancing Educational Equity, Excellence, and Economic Opportunity for Hispanics
May 10, 2023 / Source: Treasury
WASHINGTON â Today, Counselor for Racial Equity Janis Bowdler delivered remarks during a panel discussion on âAdvancing Economic Opportunityâ with senior officials from the White House, Department of Commerce, and Small Business Administration during the inaugural meeting of the Presidentâs Advisory Commission on Advancing Educational Equity, Excellence, and Economic Opportunity for Hispanics. As Prepared for…
Treasury Sanctions Fourth Member of âLos Chapitosâ and Expands Targeting of Deadly Fentanyl Supply Network
May 9, 2023 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned Joaquin Guzman Lopezâa son of Joaquin âEl Chapoâ Guzman Loera and the fourth member of Los Chapitosâas well as three Sinaloa Cartel members and two Mexico-based entities pursuant to Executive Order (E.O.) 14059. Those sanctioned today are part of a…
New Treasury Department, IRS, and Census Study Finds Economic Impact Payments Quickly and Effectively Reached Underserved Communities and Americans Most In Need
May 9, 2023 / Source: Treasury
New research shows receipt rates were high overall, with limited differences across racial, ethnic lines WASHINGTON â A team of researchers at the U.S. Department of the Treasury, U.S. Census Bureau, and Internal Revenue Service published a working paper that studies the demographic breakdown of Economic Impact Payment (EIP) recipients to examine potential disparities in the receipt…
Have medical debt? Anything already paid or under $500 should no longer be on your credit report
May 8, 2023 / Source: CFPB
Nearly 1-in-5 households in the United States has reported having some form of overdue medical debt. Patients and their families are contacted by debt collectors about medical bills more than any other type of debt, and it commonly results in negative information appearing on credit records. In fact, in 2021, 43 million people had allegedly unpaid…
CFPB to distribute more than $22 million to consumers harmed by Burlington Financial Groupâs debt relief and credit repair scams
May 8, 2023 / Source: CFPB
This month, 6,523 people who were misled by Burlington Financial Group with false promises that it would eliminate their credit-card debts and improve their credit scores will receive a check in the mail. Burlington Financial Group was a Maryland-based debt-relief and credit-repair company that marketed and sold debt-relief and credit-repair services to people nationwide from…
Remarks by Assistant Secretary for Financial Institutions Graham Steele on Community Finance Policy and Building a More Equitable Economy at Inclusivâs 2023 Conference
May 7, 2023 / Source: Treasury
MEMPHIS, TN â Today, Assistant Secretary for Financial Institutions Graham Steele delivered remarks at Inclusivâs 2023 Conference in Memphis, Tennessee on the Treasury Departmentâs approach to community finance policy and efforts to build a more equitable economy. As Prepared for Delivery Good afternoon. Itâs a pleasure to be here and I want to thank Inclusiv…
Medical Credit Cards and Financing Plans
May 4, 2023 / Source: CFPB
Financial institutions and fintech companies are generating a growing number of financing mechanisms for families and individuals struggling to pay their out-of-pocket health care expenses. This report focuses on some of these alternative financing products, including medical credit cards and installment loans, that were once used primarily for elective care but now cover everything from…
CFPB Report Highlights Costly Credit Cards and Loans Pushed on Patients
May 4, 2023 / Source: CFPB
Financial companies work with healthcare providers to sign patients up for specialty credit cards and other targeted financing products WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) published a report on high-cost specialty financial products, such as medical credit cards, that are sold to patients as a way to alleviate the growing costs of…
Federal Reserve issues FOMC statement May 2023
May 3, 2023 / Source: FRB
Economic activity expanded at a modest pace in the first quarter. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The…