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Former Venezuelan National Treasurer and Her Husband Sentenced in Money Laundering and International Bribery Scheme
April 20, 2023 / Source: FDIC OIG
FOR IMMEDIATE RELEASE Wednesday, April 19, 2023 Former Venezuelan National Treasurer and Her Husband Sentenced in Money Laundering and International Bribery Scheme The former National Treasurer of Venezuela and her husband were each sentenced today to 15 years in prison for their roles in a multibillion-dollar bribery and money laundering scheme. According to court documents,…
Prepared Statement of James S. Rice before the Committee on Veterans’ Affairs United States Senate
April 20, 2023 / Source: CFPB
Chairman Tester, Ranking Member Moran, and distinguished Members of the Committee, it is my pleasure to appear before you today to discuss the important work of the Consumer Financial Protection Bureau (CFPB) Office of Servicemember Affairs (OSA) and the actions we have taken to protect servicemembers, veterans, and their families from fraud, scams, and harmful…
Treasury Sanctions Procurement Network Supporting Iran’s UAV and Military Programs
April 19, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated one individual and six entities in a sanctions evasion network that has facilitated Iran’s procurement of electronic components for its destabilizing military programs, including those used in unmanned aerial vehicles (UAVs). Particularly, this action targets the head of U.S.-designated…
Treasury Sanctions Three Nicaraguan Judicial Officials Involved in Human Rights Abuses
April 19, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated three Nicaraguan judicial officials involved in human rights abuses conducted by the regime of Nicaraguan President Daniel Ortega and the broader oppression of Nicaraguan citizens who oppose his government. The three individuals designated today are judges or presiding magistrates…
Acting Comptroller Discusses Open Banking
April 19, 2023 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the Office of the Comptroller of the Currency’s (OCC) approach to open banking in remarks at FDX Global Summit Spring 2023 in Raleigh, N.C. In his remarks, the Acting Comptroller highlighted the evolution of open banking and its potential impact on the OCC’s supervision in…
Director Chopra’s Prepared Remarks at Justice Department Interagency Event in Newark, New Jersey to Highlight Efforts to Combat Modern-Day Redlining
April 19, 2023 / Source: CFPB
Good afternoon. Eighteen months ago, Attorney General Garland announced a new all-of-government initiative to combat modern-day redlining. The CFPB, with the strong support of Assistant Attorney General Clarke and her team, has prioritized two types of modern-day redlining: digital redlining, including bias in algorithms and technologies marketed as artificial intelligence, exclusionary conduct by mortgage lenders,…
Treasury Disrupts International Money Laundering and Sanctions Evasion Network Supporting Hizballah Financier
April 18, 2023 / Source: Treasury
Over Fifty Individuals and Companies Targeted Across Nine Countries in Coordinated Action WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated a vast international money laundering and sanctions evasion network of 52 individuals and entities in Lebanon, the United Arab Emirates, South Africa, Angola, Côte d’Ivoire, the Democratic…
Minutes of the Board’s discount rate meetings from February 21 through March 22, 2023
April 18, 2023 / Source: FRB
The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings from February 21 through March 22, 2023. For media inquiries, call 202-452-2955 or e-mail [email protected]. Attachment (PDF)
FDIC Releases Semiannual Update on the Deposit Insurance Fund Restoration Plan
April 18, 2023 / Source: FDIC
WASHINGTON – The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today released its semiannual update on the Restoration Plan for the agency’s Deposit Insurance Fund (the Fund). FDIC Chairman Martin J. Gruenberg said, “The bottom line to today’s update is that even with increased uncertainty in the banking industry and the recent failure of…
Filing Season 2023 Report Card: IRS Delivered Significantly Improved Customer Service
April 17, 2023 / Source: Treasury
IRS achieved 87% Level of Service, answered 2 million more calls through live assistance, cut phone wait times by 85% WASHINGTON – Thanks to Inflation Reduction Act resources, the IRS delivered dramatically improved service in Filing Season 2023.The IRS achieved 87% Level of Service, exceeding Secretary of the Treasury Janet L. Yellen’s goal of 85%….
Treasury International Capital Data for February
April 17, 2023 / Source: Treasury
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for February 2023. The next release, which will report on data for March 2023, is scheduled for May 15, 2023. The sum total in February of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was…
As outstanding credit card debt hits new high, the CFPB is focusing on ways to increase competition and reduce costs
April 17, 2023 / Source: CFPB
Credit cards are one of the most common financial products in our country, providing the bulk of short-term credit for families. Interest rates on credit cards have risen substantially, with average interest rates going over 20% . Given the trends for the 175 million Americans with credit cards, the CFPB estimates that outstanding credit card debt may…
U.S. Sanctions Suppliers of Precursor Chemicals for Fentanyl Production
April 16, 2023 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two entities in the People’s Republic of China (PRC) and five individuals, based in the PRC and Guatemala, for supplying precursor chemicals to drug cartels in Mexico for the production of illicit fentanyl intended for U.S. markets. “Illicit fentanyl…
Protecting people from discriminatory targeting
April 16, 2023 / Source: CFPB
The Consumer Financial Protection Bureau (CFPB) is committed to ensuring fair, equitable, and nondiscriminatory access to credit for individuals and communities. The CFPB administers and enforces federal laws such as the Equal Credit Opportunity Act, a landmark civil rights law that protects people against discrimination in all aspects of credit transactions. Today, the CFPB filed…
CFPB Announces Revised Methodology for Determining Average Prime Offer Rates
April 16, 2023 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced a revised version of its “Methodology for Determining Average Prime Offer Rates.” The revised methodology describes the calculations used to determine average prime offer rates (APOR) for purposes of federal mortgage rules. APORs are annual percentage rates derived from average interest rates, points, and other…
Treasury Department Announces Over $520 Million to be Reallocated to Prevent Eviction
April 13, 2023 / Source: Treasury
In total, the Department’s reallocation of over $4.8 billion in Emergency Rental Assistance funding has ensured rapid deployment of resources to millions of families across the country ERA programs have made nearly 10.8 million household payments to families at risk of eviction WASHINGTON — Today, the U.S. Department of the Treasury announced that 82 state…
Home Mortgage Disclosure Act: FFIEC’s 2023 ‘A Guide to HMDA Reporting: Getting It Right!’
April 13, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) is announcing the issuance of the Federal Financial Institutions Examination Council’s (FFIEC) revised “A Guide to HMDA Reporting: Getting It Right!” (2023 guide). The 2023 guide provides resources to help banks1 comply with the Home Mortgage Disclosure Act (HMDA) and Regulation C, its implementing regulation (12…
FY 2022 Office of Minority and Women Inclusion (OMWI) Annual Report to Congress
April 13, 2023 / Source: CFPB
The FY 2022 OMWI annual report to Congress provides detailed information about the diversity, equity, inclusion, and accessibility (DEIA) work of the Consumer Financial Protection Bureau from Oct. 1, 2021 through Sept. 30, 2022. The DEIA work of CFPB aligns closely with the Biden-Harris Administration’s Executive Order on Advancing Racial Equity and Support for Underserved Communities…
Treasury Targets Russian Financial Facilitators and Sanctions Evaders Around the World
April 12, 2023 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is further curbing Russia’s access to the international financial system through facilitators and their businesses. The United States, in coordination with the United Kingdom, is targeting the facilitation network of Alisher Usmanov, who is subject to sanctions in multiple jurisdictions….
Minutes of the Federal Open Market Committee, March 21-22, 2023
April 12, 2023 / Source: FRB
The Federal Reserve on Wednesday released the minutes of the Federal Open Market Committee meeting that was held on March 21–22, 2023. The minutes for each regularly scheduled meeting of the Committee ordinarily are published three weeks after the day of the policy decision. The descriptions of economic and financial conditions contained in these minutes…
Interest Rate Risk: Interest Rate Risk Statistics Report
April 12, 2023 / 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) today published the spring 2023 edition of the Interest Rate Risk Statistics Report. The report presents interest rate risk…
Brothers Sentenced for $1.6M COVID-19 Fraud Scheme
April 11, 2023 / Source: FDIC OIG
FOR IMMEDIATE RELEASE Tuesday, April 11, 2023 Brothers Sentenced for $1.6M COVID-19 Fraud Scheme Two men were sentenced yesterday for their participation in a COVID-19 fraud scheme, which involved fraudulent applications for $1.6 million in loans through the Paycheck Protection Program (PPP). Dumarsais Blaise Jr., 45, of Stonecrest, Georgia, was sentenced to two years and…
Vice President Harris, Treasury Department Announce Over $1.73 Billion to Improve Access to Capital, Financial Services in Underserved Communities
April 11, 2023 / Source: Treasury
Treasury Department grants awarded to mission-driven community development financial institutions specializing in delivering responsible capital, credit, and financial services to underserved communities. WASHINGTON – Today, Vice President Kamala Harris and Deputy Secretary of the Treasury Wally Adeyemo announced that the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has awarded over…
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of the Registration of Money Services Businesses Regulation and FinCEN Form 107
April 11, 2023 / Source: FinCen
Release Date April 11, 2023 Agency Information Collection Activities; Proposed Renewal; Comment Request; Re… Action Type Notice and Request for Comment, Forms Renewal/Update
Vice President Harris, Treasury Department Announce Over $1.73 Billion to Improve Access to Capital, Financial Services in Underserved Communities
April 10, 2023 / Source: Treasury
Treasury Department grants awarded to mission-driven community development financial institutions specializing in delivering responsible capital, credit, and financial services to underserved communities. WASHINGTON – Today, Vice President Kamala Harris and Deputy Secretary of the Treasury Wally Adeyemo announced that the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has awarded over…