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U.S. Treasury Sanctions Notorious Virtual Currency Mixer Tornado Cash
August 8, 2022 / Source: Treaury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned virtual currency mixer Tornado Cash, which has been used to launder more than $7 billion worth of virtual currency since its creation in 2019. This includes over $455 million stolen by the Lazarus Group, a Democratic People’s Republic of…
OCC Hosts Credit and Operational Risk Workshops in Orlando
August 8, 2022 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) will host two workshops September 13-14 in Orlando, Fla., for directors, senior management, and other key executives of national community banks and federal savings associations. The Credit Risk: Directors Can Make a Difference workshop on September 13 covers the roles of the board and management, credit…
Federal Reserve Board announces the individual capital requirements for all large banks, effective on October 1
August 4, 2022 / Source: FRB
Following its stress test earlier this year, the Federal Reserve Board today announced the individual capital requirements for all large banks, effective on October 1. Large bank capital requirements are in part determined by the Board’s stress test results, which provide a risk-sensitive and forward-looking assessment of capital needs. The “Large Banks Capital Requirements” table…
The Convergence of Payments and Commerce: Implications for Consumers
August 4, 2022 / Source: CFPB
In recent years, the payment space has moved from an ecosystem with clear constraints and established players to a rapidly evolving environment. While there has been significant attention paid to specific technologies and solutions (e.g., blockchain), there has been less attention paid to the broader changes occurring across the ecosystem. Retail banks, established payment networks,…
Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee
August 3, 2022 / Source: Treasury
Letter to the Secretary Dear Madam Secretary: Economic activity fell at a 0.9% pace in the second quarter of 2022, reflecting weaker demand growth and a 2pp drag from a decline in the pace of inventory accumulation. Residential investment declined at a 14% annualized rate as rising mortgage rates weighed heavily on the housing sector,…
FDIC Issues List of Banks Examined for CRA Compliance
August 3, 2022 / Source: Treasury
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 May 2022. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
Treasury Targets Companies Supporting Iranian Petrochemical Conglomerate
August 1, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against companies used by Iran’s Persian Gulf Petrochemical Industry Commercial Co. (PGPICC), one of the nation’s largest petrochemical brokers, to facilitate the sale of tens of millions of dollars’ worth of Iranian petroleum and petrochemical products from Iran…
Treasury Announces Marketable Borrowing Estimates
August 1, 2022 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the July – September 2022 and October – December 2022 quarters.[2] During the July – September 2022 quarter, Treasury expects to borrow $444 billion in privately-held net marketable debt, assuming an end-of-September cash balance of $650 billion.[3] The…
Economy Statement by Benjamin Harris, Assistant Secretary for Economy Policy, for the Treasury Borrowing Advisory Committee August 1, 2022
August 1, 2022 / Source: Treasury
Economic data were mixed in the second quarter of 2022. Real GDP contracted mildly for a second consecutive quarter, but employment continued to rise. Firms added an average of 375,000 jobs per month and the unemployment rate remained near a half-century low. Surging energy and food prices—due in part to Russia’s invasion of Ukraine—pushed up…