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Interest Rate Risk: Interest Rate Risk Statistics Report
October 19, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) today published the fall 2023 edition of the Interest Rate Risk Statistics Report. The report presents interest rate risk data gathered during examinations of OCC-supervised midsize and community banks and federal savings associations (collectively, banks). The statistics are for informational purposes only and do not represent…
Federal Reserve Board issues enforcement action and fines Metropolitan Commercial Bank approximately $14.5 million for violations of customer identification rules and for deficient third-party risk management practices
October 19, 2023 / Source: FRB
The Federal Reserve Board on Thursday issued an enforcement action and fined Metropolitan Commercial Bank, of New York, New York, approximately $14.5 million for violations of customer identification rules and for deficient third-party risk management practices relating to the bank’s issuance of prepaid card accounts. In 2020, Metropolitan opened prepaid card accounts for illicit actors…
FinCEN Proposes New Regulation to Enhance Transparency in Convertible Virtual Currency Mixing and Combat Terrorist Financing
October 19, 2023 / Source: FinCEN
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rule Making (NPRM) that identifies international Convertible Virtual Currency Mixing (CVC mixing) as a class of transactions of primary money laundering concern. This NPRM highlights the risks posed by the extensive use of CVC mixing services by a…
OCC to Host Symposium on the Tokenization of Real-World Assets and Liabilities
October 18, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) will host a symposium on tokenization at its headquarters in Washington, D.C., on February 8, 2024. The symposium will promote public discussion of the potential for the tokenization of real-world financial assets and liabilities to improve the efficiency and robustness of financial settlements, with a particular…
Treasury International Capital Data for August
October 18, 2023 / Source: Treasury
WASHINGTON – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for August 2023. The next release, which will report on data for September 2023, is scheduled for November 16, 2023. The sum total in August of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was…
Following Terrorist Attack on Israel, Treasury Sanctions Hamas Operatives and Financial Facilitators
October 18, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on ten key Hamas terrorist group members, operatives, and financial facilitators in Gaza and elsewhere including Sudan, Türkiye, Algeria, and Qatar. This action targets members managing assets in a secret Hamas investment portfolio, a Qatar-based financial facilitator with…
Treasury Sanctions Actors Supporting Iran’s Missile and UAV Programs
October 18, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 11 individuals, eight entities, and one vessel based in Iran, Hong Kong, the People’s Republic of China (PRC), and Venezuela that are enabling Iran’s destabilizing ballistic missile and unmanned aerial vehicle (UAV) programs. The persons designated today have materially…
FDIC Strategies Related to Crypto-Asset Risks
October 18, 2023 / Source: FDIC OIG
The Federal Deposit Insurance Corporation (FDIC) Office of Inspector General has issued its report on FDIC Strategies Related to Crypto-Asset Risks. In recent years, the crypto-asset sector has experienced significant volatility. The total market capitalization of crypto assets fluctuated from about $132 billion in January 2019 to $3 trillion in November 2021. More concerning, the market…
Minutes of the Board’s discount rate meetings from August 21 and September 20, 2023
October 17, 2023 / Source: FRB
The Federal Reserve Board on Tuesday released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window. Today’s minutes cover the Board meetings that occurred on August 21 and September 20, 2023. The Board’s process for setting the discount rate is distinct from the…
CFPB Takes Action Against Operator of Sendwave App for Illegally Cheating People on International Money Transfers
October 17, 2023 / Source: CFPB
Chime’s mobile app deceived consumers about costs and speed of international remittance transfers, illegally required consumers to waive their rights and protections WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Chime Inc. for deceiving consumers about the speed and cost of remittance transfers through its mobile app, Sendwave. Chime also illegally…
Treasury Announces Cyber Security Cooperation Memorandum of Understanding with the United Arab Emirates
October 16, 2023 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury and the Cyber Security Council of the United Arab Emirates (UAE) announced the finalization of a bilateral Memorandum of Understanding (“MoU”) on Cybersecurity Cooperation during a fireside chat between H.E. Dr. Mohamad Al Kuwaiti, Head of Cyber Security for the UAE Government and Treasury’s Deputy Assistant Secretary…
FACT SHEET: New Treasury Department Data Illustrates How American Rescue Plan Resources Are Expanding Access to Affordable Housing and Keeping Families in their Homes
October 16, 2023 / Source: Treasury
New data shows communities have dedicated nearly $63 billion of program funds on housing projects across three American Rescue Plan programs; the largest State and Local Fiscal Recovery Fund recipients have budgeted 85% of total resources, and total projects are up 18% over first quarter of 2023 WASHINGTON – Today, the U.S. Department of…
CFPB and FTC Take Actions Against TransUnion for Illegal Rental Background Check and Credit Reporting Practices
October 15, 2023 / Source: CFPB
Credit reporting conglomerate to pay $23 million for tenant screening and security freeze failures WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) took action against a rental screening subsidiary of the TransUnion conglomerate for violations of the Fair Credit Reporting Act. The TransUnion company failed to take steps to…
CEO Pleads Guilty to Transnational Scheme Involving Foreign Exchange and Cryptocurrency Futures Contracts
October 15, 2023 / Source: FDIC OIG
First Criminal Charge Against a Commodities Trading Advisor and Commodities Pool Operator for Engaging in a “Cherry-Picking” Scheme Involving Cryptocurrency Futures Contracts A former chief executive officer of an investment firm pleaded guilty yesterday to a “cherry-picking” scheme, in which he fraudulently misappropriated profitable trades to himself, and saddled his investors with losses. According to…
Treasury Sanctions Entities for Transporting Oil Sold Above the Coalition Price Cap to Restrict Russia’s War Machine
October 12, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is imposing sanctions on two entities and identifying as blocked property two vessels that used Price Cap Coalition service providers while carrying Russian crude oil above the Coalition-agreed price cap. This action underscores the Treasury Department’s commitment with its international…
Price Cap Coalition Advisory for the Maritime Oil Industry and Related Sectors
October 12, 2023 / Source: Treasury
Best Practices in Response to Recent Developments in the Maritime Oil Trade The Price Cap Coalition is issuing this advisory to provide recommendations concerning specific best practices in the maritime oil industry. This advisory reflects our efforts to promote responsible practices in the industry to prevent and disrupt sanctioned trade, and enhance compliance with the…
Protecting immigrant access to fair credit opportunities
October 12, 2023 / Source: CFPB
The Consumer Financial Protection Bureau (CFPB) has launched an initiative to better understand the financial experiences of immigrants in the United States. Like other consumers across the United States, many immigrants borrow to start businesses, purchase automobiles, and buy homes. However, their financial experiences often differ. The CFPB has heard feedback from advocates and consumers that some…
CFPB and Justice Department Issue Joint Statement Cautioning that Financial Institutions May Not Use Immigration Status to Illegally Discriminate Against Credit Applicants
October 12, 2023 / Source: CFPB
Borrowers report being denied loans because of their immigration status WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and Justice Department today issued a joint statement that reminds financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race, and other characteristics covered by the Equal Credit Opportunity…
Joint Statement on Fair Lending and Credit Opportunities for Noncitizen Borrowers under the Equal Credit Opportunity Act
October 12, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau and Department of Justice (collectively, the agencies) jointly issue this statement to assist creditors and borrowers in understanding the potential civil rights implications of a creditor’s consideration of an individual’s immigration status under the Equal Credit Opportunity Act (ECOA). Read joint statement. ###
CFPB Exams Return $140 Million to Consumers Hit by Illegal Junk Fees in Banking, Auto Loans, and Remittances
October 11, 2023 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights focused on the agency’s efforts to protect consumers from illegal junk fees. The junk fees discussed in the report – including fees for fake paper statements and worthless add-on products for auto loans – can strain the financial…
CFPB Issues Guidance to Halt Large Banks from Charging Illegal Junk Fees for Basic Customer Service
October 11, 2023 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion regarding a provision enacted by Congress which generally prohibits large banks and credit unions from imposing unreasonable obstacles on customers, such as charging excessive fees, for basic information about their own accounts. Under a 2010 federal law, large banks and credit unions…
CFPB Sues Repeat Offender Freedom Mortgage Corporation for Providing False Information to Federal Regulators
October 10, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal court today, alleging that Freedom Mortgage Corporation submitted legally-required mortgage loan data that was riddled with errors. The CFPB alleges that Freedom’s practices violate both the Home Mortgage Disclosure Act (HMDA) and a 2019 consent order. In a recent separate matter, in August 2023 the…
Federal Reserve Board finalizes a rule establishing capital requirements for insurers supervised by the Board
October 9, 2023 / Source: FRB
The Federal Reserve Board on Friday finalized a rule establishing capital requirements for insurers supervised by the Board. The final rule is substantially similar to the proposal issued in September 2019. The final rule includes a framework, known as the Building Block Approach, that builds on existing state-based insurance requirements, accounts for risks that are specific to…
U.S. Department of the Treasury, IRS Release Guidance to Expand Access to Clean Vehicle Tax Credits, Help Car Dealers Grow Businesses
October 8, 2023 / Source: Treasury
Starting in January Inflation Reduction Act Provision Will Allow Consumers to Transfer Credit to Car Dealer, Reducing Purchase Price of New and Previously Owned Clean Vehicles at Time of Sale WASHINGTON – As part of Bidenomics and the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of the Treasury and the Internal Revenue Service (IRS)…
Proposed Addition to Part 364 of the FDIC’s Rules and Regulations of Appendix C
October 8, 2023 / Source: FDIC
Summary: The FDIC is issuing a notice of proposed rulemaking (“NPR”) that would add an Appendix C to the FDIC’s regulation for safety and soundness standards 12 C.F.R. § 364 et seq. (Part 364). Appendix C is intended to promote strong corporate governance and risk management at FDIC-supervised institutions that have total consolidated assets of…