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U.S. Department of the Treasury Announces Partnership with Israel to Combat Ransomware
November 15, 2021 / Source: Treasury
JERUSALEM – Building on the long-standing relationship between the Israeli Ministry of Finance and the U.S. Department of the Treasury, Deputy Secretary of the Treasury Wally Adeyemo met with Finance Minister Avigdor Lieberman and Director General of the National Cyber Directorate Yigal Unna in Israel today to establish a bilateral partnership to protect critical financial…
Treasury Sanctions Four Entities and Two Individuals in Connection with the Crisis in Ethiopia
November 12, 2021 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated four entities and two individuals pursuant to Executive Order (E.O.) 14046 in response to the growing humanitarian and human rights crisis and expanding military conflict in Ethiopia. Today’s action targets Eritrean actors that have contributed to the crisis and…
CFPB Sues Pawn Lenders for Cheating Military Families
November 12, 2021 / Source: CFPB
FirstCash, Inc. and Cash America West, Inc. allegedly made pawnshop loans to military families in violation of the Military Lending Act and 2013 CFPB Order NOV 12, 2021 WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today filed a lawsuit in a Texas federal district court against FirstCash, Inc. and Cash America West, Inc. The…
Treasury Issues State Small Business Credit Initiative Program Implementation Guidance
November 10, 2021 / Source: Treasury
The State Small Business Credit Initiative provides $10 billion to expand access to capital for small businesses emerging from the pandemic, build opportunity, and create high-quality jobs across America. WASHINGTON — Today, the U.S. Department of the Treasury issued capital program implementation guidance for the State Small Business Credit Initiative (SSBCI) Program. The American Rescue…
Mortgage Servicing: Joint Statement on Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response to the Continuing COVID-19 Pandemic and CARES Act
November 10, 2021 / Source: OCC
To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance…
CFPB Takes Action to Prevent Avoidable Foreclosures
November 10, 2021 / Source: CFPB
Agencies Will Examine for Compliance with COVID-19 Protections WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB), jointly with other government agencies, announced a return to enforcement of critical protections for families and homeowners. Those protections, put in place in the wake of the Great Recession to prevent another foreclosure crisis, give families the chance…
Inter-Agency Working Group on Treasury Market Surveillance Releases Staff Progress Report that Reviews Potential Policies for Bolstering the Resilience of Treasury Markets
November 9, 2021 / Source: Treasury
WASHINGTON– The Inter-Agency Working Group on Treasury Market Surveillance (IAWG)—which is comprised of staff from the U.S. Department of Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the U.S. Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission—today issued a staff progress report that…
Acting Comptroller Discusses Climate Change Risk
November 9, 2021 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed climate change risk at OCC Headquarters. His remarks highlighted five questions that large bank boards of directors should ask to promote and accelerate improvements in climate risk management practices at their banks. Related Links Remarks (PDF) Acting Comptroller of the Currency Michael J. Hsu
Opening Remarks By: Chair Jerome H. Powell
November 9, 2021 / Source: FRB
November 9, 2021 Good morning. It is a pleasure to welcome you to today's discussion and to host this third Conference on Diversity and Inclusion in Economics, Finance, and Central Banking. My colleagues and I are proud to cosponsor this conference along with the Bank of Canada, the Bank of England, and the European Central…
Flexible Average Inflation Targeting and Prospects for U.S. Monetary Policy
November 8, 2021 / Source: FRB
Vice Chair Richard H. Clarida At the Symposium on Monetary Policy Frameworks, The Brookings Institution, Washington, D.C. (via webcast) Outlooks and Outcomes for the U.S. Economy The U.S. economy in the second quarter of this year made the transition from economic recovery to economic expansion.1 Given the catastrophic collapse in U.S. economic activity in the first…
FinCEN Releases Updated Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments
November 8, 2021 / Source: FinCEN
FinCEN Ransomware Advisory_FINAL_508_.pdf Immediate Release November 08, 2021 In connection with a set of actions announced today by the Department of the Treasury and focused on disrupting criminal ransomware actors, FinCEN has released an update to its 2020 advisory on ransomware and the use of the financial system to facilitate ransom payments. Financial Institution Casinos…
Treasury Continues to Counter Ransomware as Part of Whole-of-Government Effort; Sanctions Ransomware Operators and Virtual Currency Exchange
November 8, 2021 / Source: Treasury
FinCEN Updates Ransomware Advisory OFAC Sanctions Two Ransomware Operators and a Virtual Currency Exchange Network for the Kaseya Incident and Laundering Cyber Ransoms WASHINGTON — Continuing the Administration’s whole-of-government effort to counter ransomware, the U.S. Department of the Treasury today announced a set of actions focused on disrupting criminal ransomware actors and virtual currency exchanges…
Remarks of Deputy Director Zixta Martinez at Academic Research Council Meeting
November 5, 2021 / Source: CFPB
Good afternoon, and thank you, Manny, for the introduction. Welcome, everyone, to the Consumer Financial Protection Bureau’s meeting of the Academic Research Council (or the ARC). First, a special thank you to our chair, Vicki Bogan, for her leadership of the ARC. Vicki, we greatly appreciate your time and expertise. And I also want to…
Remarks by Deputy Secretary of the Treasury Wally Adeyemo at LINKS Conference Presented by Chainalysis
November 5, 2021 / Source: Treasury
As prepared for delivery Hi everyone, and first let me thank Michael [Gronager], Jonathan [Levin], and Chainalysis for the invitation today. It’s a pleasure to be with you. Innovation has always been critical to the growth of the American economy. The industrial revolution transformed the United States from agrarian country into the most productive engine…
CFPB Takes Action to Stop False Identification by Background Screeners
November 4, 2021 / Source: CFPB
Mistaken identity matching undermines housing and labor market recoveries WASHINGTON, D.C. — The CFPB today issued an advisory opinion affirming that consumer reporting companies, including tenant and employment screening companies, are violating the law if they engage in shoddy name-matching procedures. Regulators are concerned about the significant harms caused by false identity matching, where an applicant…
Acting Comptroller Discusses Regulatory Perimeter
November 4, 2021 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed clarifying and modernizing the bank regulatory perimeter at the American Fintech Council’s Fintech Policy Summit 2021. Related Links Remarks (PDF) Acting Comptroller of the Currency Michael J. Hsu
Federal Reserve issues FOMC statement November 3rd, 2021
November 3, 2021 / Source: FRB
The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen. The sectors most adversely affected by the…
Remarks by Secretary of the Treasury Janet L. Yellen at COP26 in Glasgow, Scotland: “Delivering Finance for Emerging Markets and Developing Economies
November 3, 2021 / Source: Treasury
Thank you all for the chance to speak today. I know some of you and have met many new colleagues since I have arrived. Because the reality is, it is not common for Finance Ministers to attend a COP. In fact, I am the first U.S. Treasury Secretary to do so. The reason I am…
FDIC Creates New Office of Minority and Community Development Banking to Support Mission-Driven Banks
November 2, 2021 / Source: FDIC
WASHINGTON – Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams today announced the creation of a new office to support the agency’s ongoing strategic and direct engagement with Minority Depository Institutions (MDIs), Community Development Financial Institution banks (CDFIs), and other mission-driven banks. The new office will further promote private sector investments in low- and moderate-income…
CFPB Finds Credit Report Disputes Far More Common in Majority Black and Hispanic Neighborhoods
November 2, 2021 / Source: CFPB
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today released research finding that consumers in majority Black and Hispanic neighborhoods, as well as younger consumers and those with low credit scores, are far more likely to have disputes appear on their credit reports. The new research is a part of a series of reports focusing…
Statement by the Acting Comptroller of the Currency on the Report on Stablecoins
November 1, 2021 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement on release of the Report on Stablecoins by the President's Working Group on Financial Markets, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency: I want to thank Secretary Yellen for the opportunity to work with the PWG…
Economy Statement by Catherine Wolfram, Acting Assistant Secretary for Economy Policy, for the Treasury Borrowing Advisory Committee November 1, 2021
November 1, 2021 / Source: Treasury
The U.S. economy grew rapidly during the first half of this year, bringing the level of real GDP above the pre-pandemic level by the second quarter. However, the pace of real GDP growth slowed in the third quarter, in large part due to supply-side disruptions that have been exacerbated by the persistence of the pandemic. …
Remarks by Under Secretary for Domestic Finance Nellie Liang to the Stanford Graduate School of Business
November 1, 2021 / Source: Treasury
Thank you, Professor Duffie, for allowing me to speak here today and talk with you about the new report on stablecoins by the President’s Working Group on Financial Markets (PWG). The PWG, which includes Treasury, the Federal Reserve Board, the SEC, and the CFTC, was created to strengthen U.S. financial markets. Secretary Yellen convened…