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Treasury Sanctions Entities Tied to Arms Deals Between North Korea and Russia
August 20, 2023 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on three entities tied to a sanctions evasion network attempting to support arms deals between Russia and the Democratic People’s Republic of Korea (DPRK). The entities are Limited Liability Company Verus (Verus), Defense Engineering Limited Liability Partnership (Defense Engineering), and Versor S.R.O. (Versor). This action…
Treasury Sanctions Two Syria-Based Militias Responsible for Serious Human Rights Abuses in Northern Syria
August 17, 2023 / Source: Treasury
WASHINGTON —Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating two Syria-based armed militias and three members of the groups’ leadership structures in connection with serious human rights abuses against those residing in the Afrin region of northern Syria. An auto sales company owned by the leader of one…
Treasury Targets Individuals Involved in the Poisoning of Aleksey Navalny
August 17, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is once again taking action to hold the Government of Russia accountable for its poisoning of Russian opposition politician Aleksey Navalny (Navalny) three years ago on August 20, 2020. Russian authorities imprisoned Navalny upon his return to Russia in January…
CFPB Penalizes Freedom Mortgage and Realty Connect for Illegal Kickbacks
August 17, 2023 / Source: CFPB
Lender provided incentives to Realty Connect and other brokerages in exchange for mortgage referrals WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against Freedom Mortgage Corporation (Freedom) for providing illegal incentives to real estate brokers and agents in exchange for mortgage loan referrals. Freedom provided real estate agents and brokers with numerous…
Inflation Reduction Act 1-Year Report Card: IRS Delivers Dramatically Improved 2023 Filing Season Service, Modernizes Technology, Pursues High-Income Individuals Evading Taxes
August 16, 2023 / Source: Treasury
New milestones in Paperless Processing Initiative: 225X more forms scanned than in 2022, 51 additional forms and letters available for online response New improvements to customer callback option to better serve taxpayers during high call volume, customer callback option will now be available for up to 95% of callers seeking live assistance. WASHINGTON – One…
Minutes of the Federal Open Market Committee, July 25-26, 2023
August 16, 2023 / Source: FRB
The Federal Reserve on Wednesday released the minutes of the Federal Open Market Committee meeting that was held on July 25-26, 2023. The minutes for each regularly scheduled meeting of the Committee are generally published three weeks after the day of the policy decision. The descriptions of economic and financial conditions contained in these minutes…
Treasury International Capital Data for June
August 15, 2023 / Source: Treasury
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for June 2023. The next release, which will report on data for July 2023, is scheduled for September 18, 2023. The sum total in June of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was…
Bank Accounting Advisory Series Updated
August 15, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its annual update to the Bank Accounting Advisory Series (BAAS). The BAAS contains staff responses to frequently asked questions from the banking industry and bank examiners on a variety of accounting topics and promotes consistent application of accounting standards and regulatory reporting among national…
Remarks of CFPB Director Rohit Chopra at White House Roundtable on Protecting Americans from Harmful Data Broker Practices
August 15, 2023 / Source: CFPB
Thank you to White House National Economic Council Director Lael Brainard and White House Office of Science and Technology Policy Director Arati Prabhakar for convening this roundtable on protecting Americans from harmful data broker practices. The United States has a long history of recognizing the sanctity of protecting against unwanted intrusions into our homes and…
Remarks by Secretary of the Treasury Janet L. Yellen on the Economy Ahead of Inflation Reduction Act Anniversary in Las Vegas, Nevada
August 14, 2023 / Source: Treasury
As Prepared for Delivery Thank you. It’s great to be here in Las Vegas with all of you. I want to especially thank Lamar for your introduction and for your team’s hospitality. And I’m grateful to everyone from the IBEW and building trades unions for your very warm welcome. Many of you may not know…
FDIC Publishes 2023 Risk Review
August 14, 2023 / Source: FDIC
For Release WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today published its 2023 Risk Review. The report summarizes conditions in the U.S. economy, financial markets, and banking industry. The 2023 Risk Review provides a comprehensive summary of key developments and risks in the U.S. banking system, as in prior reports, and includes a new section…
HUD and VA Launch “Boot Camps” to Accelerate Homeless Veterans’ Path to Permanent Housing and Support Services
August 13, 2023 / Source: HUD
WASHINGTON – The U.S. Departments of Housing and Urban Development (HUD) and Veterans Affairs (VA) launched the HUD-Veterans Affairs Supportive Housing (HUD-VASH) “Boot Camps.” The HUD-VASH “Boot Camps” are a series of workshops to help Public Housing Agencies (PHAs) and Veteran Affairs Medical Centers (VAMCs) improve their processes and more quickly transition veterans from homelessness to…
Treasury Imposes Sanctions on Russian Elites and a Russian Business Association
August 13, 2023 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a new round of sanctions targeting prominent members of Russia’s financial elite, as well as a Russian business association. The four individuals targeted today include Petr Olegovich Aven, Mikhail Maratovich Fridman, German Borisovich Khan, and Alexey Viktorovich Kuzmichev, all…
Agency Information Collection Activities; Proposed Renewal; Comment Request: Renewal Without Change of Reports of Foreign Financial Accounts Regulations and FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)
August 10, 2023 / Source: FinCEN
Release Date August 10, 2023 Agency Information Collection Activities; Proposed Renewal; Comment Request: Re… Action Type Notice and Request for Comment, Forms Renewal/Update
Joining Partners, U.S. Treasury Sanctions Former Central Bank Governor of Lebanon and Co-conspirators in International Corruption Scheme
August 10, 2023 / Source: Treasury
Action Taken in Coordination with United Kingdom and Canada WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating the former governor of Lebanon’s central bank, Riad Salameh (Salameh), whose corrupt and unlawful actions have contributed to the breakdown of the rule of law in Lebanon. Salameh abused his position…
The Low-Income Communities Bonus Credit Program: Our Approach to an Inclusive Clean Energy Economy
August 10, 2023 / Source: Treasury
Earlier this summer, I toured the RYSE Youth Center in Richmond, California. RYSE empowers young people to engage in service to their community, from economic and health justice to arts and culture. Recently, RYSE started a community-based solar and battery project led and governed by Richmond’s youth leaders. This project will power the center with…
What we’re hearing from consumers in New Mexico
August 10, 2023 / Source: CFPB
This week, Consumer Financial Protection Bureau Director Rohit Chopra will visit Gallup and Albuquerque, New Mexico, to meet with elected officials, tribal leaders, community leaders, and consumer advocates to discuss issues New Mexicans are facing—particularly issues related to medical debt and junk fees. The CFPB’s public Consumer Complaint Database lends valuable insights into these subjects. Since 2011,…
Treasury Seeks Public Comment on Implementation of Executive Order Addressing U.S. Investments in Certain National Security Technologies and Products in Countries of Concern
August 9, 2023 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury (Treasury) today issued an Advance Notice of Proposed Rulemaking (ANPRM) seeking public comment related to the implementation of the Executive Order of August 9, “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern” (the E.O.). In the E.O., the President identified…
Joint Statement on the official level dialogue as follow up to the 9th India-U.S. Economic and Financial Partnership
August 9, 2023 / Source: Treasury
Senior officials from India’s Ministry of Finance and the U.S. Department of Treasury met in New Delhi on August 3, 2023, as their second sub-ministerial meeting following the 9th ministerial meeting of the Indian-U.S. Economic and Financial Partnership (EFP) held in November of 2022. The Indian delegation was led by Chief Economic Advisor Dr. V….
Federal Reserve Board provides additional information on its program to supervise novel activities in the banks it oversees
August 8, 2023 / Source: FRB
The Federal Reserve Board on Tuesday provided additional information on its program to supervise novel activities in the banks it oversees. Novel activities include complex, technology-driven partnerships with non-banks to provide banking services to customers; and activities that involve crypto-assets and distributed ledger or “blockchain” technology. The goal of the novel activities supervision program is…
Loan Purchase Activities: Legal Lending Limit Guidance
August 8, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to provide banks1 with guidance regarding the applicability of the legal lending limit (LLL) to purchased loans. Note for Community Banks This bulletin applies to community banks’ purchases of loans. Highlights This bulletin provides background information on loan purchase activities and the…
Federal Reserve Board announces it is seeking individuals with a diverse set of expert insurance perspectives in life, property and casualty, and reinsurance issues to serve on its Insurance Policy Advisory Committee (IPAC)
August 7, 2023 / Source: FRB
The Federal Reserve Board on Monday announced that it is seeking individuals with a diverse set of expert insurance perspectives in life, property and casualty, and reinsurance issues to serve on its Insurance Policy Advisory Committee, or IPAC. The IPAC is comprised of 21 members who serve staggered three-year terms and have diverse professional backgrounds,…
FDIC Demands Unbanked, Inc. Cease Making False or Misleading Representations about Deposit Insurance
August 6, 2023 / Source: FDIC
WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today demanded Unbanked, Inc. (Unbanked) of Alpharetta, Georgia, as well as certain of the company’s officers, cease and desist from making false and misleading statements about FDIC deposit insurance and to immediately correct these statements. Unbanked is a non-bank company that has represented banking relationships with two…
Vice President Harris, Treasury Department Announce Over $175 Million to Support Small Businesses as Part of the Biden-Harris Administration’s Investing in America Agenda
August 6, 2023 / Source: Treasury
The Minority Business Development Agency announces first awardees under the Capital Readiness Program – funded by the Treasury Department’s State Small Business Credit Initiative – to support small businesses applying for government small business programs In addition, Treasury Department awards first State Small Business Credit Initiative Technical Assistance grants to help small businesses in 12…
OCC Hosts Risk Governance and Capital Markets Workshops in Charlotte
August 3, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) will host two workshops September 19-20 in Charlotte, N.C., for directors, senior management, and other key executives of national community banks and federal savings associations. The Risk Governance: Improving Effectiveness workshop on September 19 combines lectures, discussion, and exercises to provide practical information for participants to…