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Inter-Agency Working Group Releases New Report on Treasury Market Resilience Efforts
November 10, 2022 / Source: Treasury
WASHINGTON– The Inter-Agency Working Group on Treasury Market Surveillance (IAWG)—which is composed of staff from the U.S. Department of the 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…
Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States
November 10, 2022 / Source: Treasury
WASHINGTON – 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 roughly 80 percent of U.S. foreign trade in goods and services, during…
The CFPB finalizes rule to increase transparency regarding key nonbank supervision tool
November 10, 2022 / Source: CFPB
Today, we finalized changes to our nonbank supervision procedural rule. The changes will provide transparency to the public about how we are using an important supervisory tool to keep pace with fast-moving consumer finance markets. Based on public comments, in this final version of the procedures, we are clarifying the standard we will apply to…
CFPB Issues Guidance to Address Shoddy Investigation Practices by Consumer Reporting Companies
November 10, 2022 / Source: CFPB
When consumer reporting companies and furnishers fail to investigate disputed information, consumers are left paying higher interest rates and face greater difficulty finding housing, employment Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued a circular to affirm that neither consumer reporting companies nor information furnishers can skirt dispute investigation requirements. The circular outlines…
CFPB Publishes New Bulletin Analyzing Rise in Crypto-Asset Complaints
November 10, 2022 / Source: CFPB
“Pig butchering” and other scams lead list of crypto-asset complaints Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a new complaint bulletin that highlights complaints the CFPB received related to crypto-assets. Consumers most commonly reported being victimized by frauds, theft, account hacks, and scams. Consumers also had issues with executing transactions and transferring assets between…
Treasury Designates Business Partners of Sanctioned al-Qa’ida Financial Facilitator and External Operations Plotter
November 9, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two business associates of a sanctioned al-Qa’ida financial facilitator and external operations plotter. The two individuals designated today are Mohamad Irshad Mohamad Haris Nizar and Musab Turkmen, who conducted businesses activities to assist Ahmed Luqman Talib (Talib), who was previously designated by…
Treasury Designates Business Partners of Sanctioned al-Qa’ida Financial Facilitator and External Operations Plotter
November 9, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two business associates of a sanctioned al-Qa’ida financial facilitator and external operations plotter. The two individuals designated today are Mohamad Irshad Mohamad Haris Nizar and Musab Turkmen, who conducted businesses activities to assist Ahmed Luqman Talib (Talib), who was previously designated by…
Treasury Sanctions Internet-based Suppliers of Illicit Fentanyl and Other Synthetic Drugs
November 9, 2022 / Source: Treasury
Action Coordinated with Authorities in the Netherlands and the United Kingdom WASHINGTON – Today, in coordination with partners in the Netherlands and the United Kingdom (UK), the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Alex Adrianus Martinus Peijnenburg (Peijnenburg), Martinus Pterus Henri De Koning (De Koning), Matthew Simon Grimm (Grimm), and…
Treasury Targets Major Arms Broker for Burma’s Military Regime
November 8, 2022 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated pursuant to Executive Order (E.O.) 14014 one individual and one entity that facilitate weapons purchases for Burma’s military regime. This action, which is in conjunction with newly issued European Union sanctions, marks the second anniversary of the last general…
Treasury Designates DPRK Weapons Representatives
November 8, 2022 / Source: Treasury
Tornado Cash Redesignated with Additional DPRK Authorities, New OFAC Guidance WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating two individuals for engaging in transportation and procurement activities on behalf of the Democratic People’s Republic of Korea (DPRK). These individuals have acted on behalf of Air Koryo,…
Treasury Designates Members of ISIS Cell in South Africa
November 7, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated four members of an Islamic State of Iraq and Syria (ISIS) cell operating in South Africa who have provided technical, financial, or material support to the terrorist group. Treasury also designated eight companies owned, controlled, or directed by the…
Treasury Seeks Public Input on Additional Clean Energy Tax Provisions of the Inflation Reduction Act
November 3, 2022 / Source: Treasury
WASHINGTON, D.C. – The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today issued three additional notices requesting public input on key climate and clean energy tax incentives in the Inflation Reduction Act. The trio of notices follows an initial set of notices requesting comment the Department issued in October. These Notices are part of Treasury’s…
Treasury Sanctions Oil Shipping Network Supporting IRGC-QF and Hizballah
November 3, 2022 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated members of an international oil smuggling network that facilitated oil trades and generated revenue for Hizballah and the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). The network being designated today includes several key individuals and numerous front companies and vessels…
Federal Reserve Board announces pricing, effective January 3, 2023, for payment services the Federal Reserve Banks provide to depository institutions, such as the clearing of checks, ACH transactions, and wholesale payment and settlement services
November 3, 2022 / Source: FRB
The Federal Reserve Board on Thursday announced pricing, effective January 3, 2023, for payment services the Federal Reserve Banks provide to depository institutions, such as the clearing of checks, ACH transactions, and wholesale payment and settlement services. By law, the Federal Reserve must establish fees to recover the costs of providing payment services over the…
Quarterly Refunding Statement of Assistant Secretary for Financial Markets Josh Frost
November 3, 2022 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury is offering $96 billion of Treasury securities to refund approximately $55.3 billion of privately-held Treasury notes and bonds maturing on November 15, 2022. This issuance will raise new cash from private investors of approximately $40.7 billion. The securities are: A 3-year note in the amount of $40…
Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee
November 3, 2022 / Source: Treasury
November 1, 2022 Letter to the Secretary Dear Madam Secretary: Economic activity rose at a 2.6% annualized rate in the third quarter of 2022, reflecting a softer 0.5% growth rate of final sales to domestic purchasers, but a large 2.8pp boost from net exports. Residential investment declined at a 26.4% rate as rising mortgage rates…
Federal Reserve issues FOMC statement
November 3, 2022 / Source: FRB
Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures. Russia’s war against Ukraine is causing tremendous human and…
Office of Research blog: Update on student loan borrowers during payment suspension
November 3, 2022 / Source: CFPB
In April, we released a report on the credit health of student loan borrowers during the pandemic and identified the types of borrowers who may struggle when the federal payment suspension ends. Since that report was released, inflation has risen and delinquencies and balances have increased for consumers across credit products. These developments may signal or contribute to potential payment difficulties…
FinCEN Analysis Reveals Ransomware Reporting in BSA Filings Increased Significantly During the Second Half of 2021
November 2, 2022 / Source: FinCEN
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today issued its most recent Financial Trend Analysis of ransomware-related Bank Secrecy Act (BSA) filings for 2021, indicating that ransomware continued to pose a significant threat to U.S. critical infrastructure sectors, businesses, and the public. The report focuses on ransomware trends in BSA filings from July-December 2021, and addresses the extent…
Treasury Sanctions Terrorist Weapons Trafficking Network in Eastern Africa
November 2, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against the Islamic State in Somalia (ISIS-Somalia), its first designations against this affiliate of the Islamic State of Iraq and Syria (ISIS). This action follows OFAC’s recent October 17, 2022 designations of al-Shabaab financial facilitators and weapons smugglers,…