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Treasury Endorses New International Payments Standards, Supports FATF Reports on Countering Illicit Finance
June 18, 2025 / Source: Treasury
WASHINGTON â On June 13, the Financial Action Task Force (FATF) concluded its joint plenary with the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL), the FATF-style regional body for Europe, in Strasbourg, France. The plenary agreed to release reports on proliferation financing sanctions evasion typologies and how…
Agency Information Collection Activities; Proposals, Submissions, and Approvals: Reports of Transportation of Currency or Monetary Instruments; Report of International Transportation of Currency or Monetary Instruments
June 18, 2025 / Source: FinCEN
Release Date June 18, 2025 Agency Information Collection Activities; Proposals, Submissions, and Approvals⊠Action Type Notice and Request for Comment, Forms Renewal/Update
CSBS Statement on Passage of Senate Stablecoin Act
June 18, 2025 / Source: CSBS
Washington, D.C.- CSBS President and CEO Brandon Milhorn Statement on Senate Passage of the GENIUS Act: âA national framework for stablecoins will only be successful if it protects consumers and financial stability. CSBS appreciates the efforts of the Senate to improve the GENIUS Act, moving the bill closer to these goals. In particular, Senate revisions to…
Senate passes GENIUS stablecoin bill, giving crypto industry first major legislative win
June 18, 2025 / Source: CNBC
The Senate on Tuesday passed the GENIUS Act, a landmark bill that for the first time establishes federal guardrails for U.S. dollar-pegged stablecoins and creates a regulated pathway for private companies to issue digital dollars with the blessing of the federal government. The bill passed with a 68-30 vote. Itâs a milestone day for the crypto industry, which put…
Federal Bank Regulatory Agencies Seek Comment to Address Payments and Check Fraud
June 17, 2025 / Source: FDIC
The federal bank regulatory agencies today announced a request for comment on potential actions to help consumers, businesses, and financial institutions mitigate risk of payments fraud, with a particular focus on check fraud. For purposes of the request for information, payments fraud generally refers to the use of illegal means to make or receive payments…
Statement by Secretary of the Treasury Scott Bessent on Introduction of the Senateâs One, Big, Beautiful Bill Text
June 17, 2025 / Source: Treasury
WASHINGTON â U.S. Secretary of the Treasury Scott Bessent issued the following statement upon release of the Senateâs version of the One, Big, Beautiful Bill Act: âWe applaud the Senateâs action to progress this critical legislation and expand upon President Trumpâs tax relief for hardworking Americans. The One, Big, Beautiful Bill will protect families and…
HUD, Ginnie Mae, and Korea Housing Finance Corporation Sign Agreement to Advance Affordable Housing and Strategic Housing Finance Cooperation
June 15, 2025 / Source: HUD
WASHINGTON – [June 13, 2025] – The U.S. Department of Housing and Urban Development (HUD), Government National Mortgage Association (Ginnie Mae), and the Korea Housing Finance Corporation (KHFC) signed a memorandum of understanding (MOU) to strengthen international cooperation in housing finance. The MOU underscores a shared commitment to expanding access to affordable housing, cultivating innovation, and supporting residential…
Federal Reserve Board announces that results from its annual bank stress test will be released on Friday, June 27, at 4:30 p.m. EDT
June 15, 2025 / Source: FRB
The Federal Reserve Board on Friday announced that results from its annual bank stress test will be released on Friday, June 27, at 4:30 p.m. EDT. Additionally, today the Board published its annual stress test methodology document, which provides details about the models used in the stress test. The Board’s stress test is one tool…
Secretary Scott Bessent’s Statement Before the Senate Finance Committee
June 12, 2025 / Source: Treasury
June 12, 2025 As prepared for delivery. Chairman Crapo, Ranking Member Wyden, and members of the committeeâIâm grateful to join you today. Treasury is committed to working with Congress to improve our nationâs finances, create new jobs, and strengthen the economy. We look forward to coordinating with you on the Presidentâs Budget and his tax…
Andrew Hughes Confirmed as Deputy Secretary of U.S. Department of Housing and Urban Development
June 11, 2025 / Source: HUD
WASHINGTON – The U.S. Senate today confirmed Andrew Hughes as the Deputy Secretary of the U.S. Department of Housing and Urban Development (HUD) with a vote of 51-43. In this role, Hughes will serve as HUDâs Chief Operating Officer, working under the leadership of the Trump administration and Secretary Scott Turner to restore HUD to its…
Secretary Scott Bessent’s Statement Before the Appropriations Subcommittee on Financial Services and General Government
June 11, 2025 / Source: Treasury
Chair Hagerty, Ranking Member Reed, and members of the subcommitteeâIâm grateful to join you today. Treasury is committed to working with Congress to improve our nationâs finances, create new jobs, and strengthen the economy. The Presidentâs Budget request for Treasury demonstrates our commitment to boosting growth, promoting efficiency within our agency, and targeting illicit actors…
Treasury Disrupts Sham Overseas Charity Networks Funding Hamas and the PFLP
June 10, 2025 / Source: Treasury
WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is sanctioning five individuals and five sham charities located abroad that are prominent financial supporters of Hamasâs Military Wing and its terrorist activities. The individuals and entities sanctioned today are responsible for funding Hamasâs Military Wing under the pretense of conducting humanitarian…
Michelle W. Bowman sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System
June 9, 2025 / Source: FRB
Michelle W. Bowman took the oath of office as Vice Chair for Supervision of the Federal Reserve Board on Monday. The oath was administered by Chair Jerome H. Powell in the press briefing room of the Board’s Martin building. President Trump nominated Ms. Bowman on March 24, 2025, and she was confirmed by the United…
Acting Comptroller of the Currency Releases Letter on Preemption
June 9, 2025 / Source: OCC
WASHINGTONâActing Comptroller of the Currency Rodney E. Hood today released a letter in response to correspondence from the Conference of State Bank Supervisors requesting the Office of the Comptroller of the Currency (OCC) rescind its preemption regulations. In the letter, Acting Comptroller Hood reaffirmed the OCCâs support and defense of preemption as a cornerstone of…
Treasury Sanctions âEl Chapoâsâ Children and Los Chapitos, a Fentanyl-Trafficking Faction of the Sinaloa Cartel
June 9, 2025 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned Los Chapitos, a powerful faction of the Mexico-based Sinaloa Cartel that facilitates illicit fentanyl trafficking and production. Los Chapitos-controlled laboratories are responsible for introducing fentanyl in counterfeit pills manufactured by the Sinaloa Cartel and trafficked to the United States. Gunmen linked…
Speech – Taking a Fresh Look at Supervision and Regulation
June 8, 2025 / Source: FRB
It is a pleasure to join you today for my first public remarks as the Federal Reserve Board’s Vice Chair for Supervision.1 Today, I will describe my approach to leading the Fed’s Division of Supervision and Regulation in its vital work to promote the safe and sound operation of the U.S. banking system. I have spoken…
Federal Reserve Board begins 2025 Census of Finance Companies and Other Lenders
June 8, 2025 / Source: FRB
The Federal Reserve Board announced on Friday that it began its 2025 Census of Finance Companies and Other Lenders. This regular census is a key part of the Federal Reserve’s effort to produce data on the types and volumes of financing provided by nonbank financial institutions to households and businesses in the U.S. economy. The…
FinCEN Issues Advisory Highlighting Iranian Oil Smuggling, Shadow Banking, and Weapons Procurement Typologies
June 8, 2025 / Source: FinCEN
Today, the U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) is issuing an Advisory to assist financial institutions in identifying, preventing, and reporting suspicious activity connected to Iranian illicit financial activity, including oil smuggling, âshadow banking,â and weapons procurement. The Advisory replaces FinCENâs 2018 Iran Advisory, which FinCEN is rescinding today. The Advisory supports the implementation…
FDIC Issues List of Banks Examined for CRA Compliance
June 5, 2025 / Source: FDIC
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 March 2025. The CRA is a 1977 law that requires the FDIC to assess a bankâs record of…
Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States
June 5, 2025 / Source: Treasury
WASHINGTON â The U.S. Department of the Treasury delivered its semiannual Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. In this Report, Treasury reviewed and assessed the policies of major U.S. trading partners, comprising about 78 percent of U.S. foreign trade in goods and services, during…
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Real Estate Reports
June 5, 2025 / Source: FinCEN
Release Date June 05, 2025 Agency Information Collection Activities; Submission for OMB Review; Comment Re⊠Action Type Notice and Request for Comment, Forms Renewal/Update
READOUT: Financial Stability Oversight Council Meeting on June 4, 2025
June 4, 2025 / Source: Treasury
WASHINGTON â Today, U.S. Secretary of the Treasury Scott Bessent convened a meeting of the Financial Stability Oversight Council (Council) in executive session at the U.S. Department of the Treasury (Treasury). During the meeting, Council members heard updates from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office…
Acting Comptroller of the Currency Discusses Regulatory Agenda
June 3, 2025 / Source: OCC
WASHINGTONâActing Comptroller of the Currency Rodney E. Hood today discussed his regulatory agenda in remarks at the U.S. Chamber of Commerce Capital Markets Summit. In his remarks, Acting Comptroller Hood detailed the Office of the Comptrollerâs work to embrace bank-fintech partnerships, expand bank activities involving digital assets, promote financial inclusion and reduce regulatory burden to…
HUD Secretary Scott Turner Celebrates June as National Homeownership Month
June 3, 2025 / Source: HUD
WASHINGTON – U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner today declared June as National Homeownership Month, celebrating the power of homeownership to build stronger communities and spotlighting HUDâs role in restoring the American Dream of homeownership. âNational Homeownership Month is a time to celebrate how HUD helps support and expand opportunities for…
Federal Reserve announces Wells Fargo is no longer subject to the asset growth restriction from the Boardâs 2018 enforcement action against the bank
June 3, 2025 / Source: FRB
The Federal Reserve on Tuesday announced that Wells Fargo is no longer subject to the asset growth restriction from the Board’s 2018 enforcement action against the bank. The Federal Reserve determined that Wells Fargo has met all the conditions required by the 2018 enforcement action for removal of the growth restriction. Under the 2018 enforcement action, the…