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READOUT: FinCEN Joins Trilateral North America Drug Dialogue Workshop to Address Money Laundering Associated with Drug Trafficking
June 19, 2023 / Source: FinCEN
FinCEN participated in a trilateral workshop as part of the North America Drug Dialogue (NADD) to address money laundering activities associated with fentanyl and other drug trafficking. The workshop was hosted by Mexicoâs Unidad de Inteligencia Financiera (UIF) and was joined by Canadaâs Financial Transaction and Reports Analysis Centre (FINTRAC). The workshop was held in…
Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States
June 19, 2023 / 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. Â 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…
Counter ISIS Finance Group Leaders Issue Joint Statement
June 19, 2023 / Source: Treasury
Global Coalition to Defeat ISIS Convenes Eighteenth Finance Working Group Meeting On June 7, the United States, Italy, and Saudi Arabia held the 18th meeting of the Counter ISIS Finance Group (CIFG), a working group of the Global Coalition to Defeat ISIS. On June 7, the United States, Italy, and Saudi Arabia held the 18th meeting…
U.S. Department of the Treasury, IRS Release Updated Guidance to Drive Additional Investment to Energy Communities
June 15, 2023 / Source: Treasury
Washington, D.C.– As part of the Biden-Harris Administrationâs Investing in America agenda, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) today released additional information on a key provision in the Inflation Reduction Act to drive investment in communities that have seen fossil energy industries decline, particularly hard-hit coal communities. Following initial guidance on…
OCC Reports First Quarter 2023 Bank Trading Revenue
June 15, 2023 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $17.6 billion in the first quarter of 2023. The first quarter trading revenue was $8.0 billion, or 83.3 percent, more than in the previous quarter and $7.0 billion, or 66.0 percent, more than in…
The CFPB intends to identify ways to simplify and streamline the existing mortgage servicing rules
June 15, 2023 / Source: CFPB
Borrowing to buy a home is one of the biggest financial decisions a family will make. Mortgage servicers are the companies responsible for processing payments and managing mortgage accounts, and they play a critical role in assisting homeowners with repayment. Borrowers donât choose these companies â servicers are chosen by the lender or investor that…
OCC Report Identifies Key Risks Facing Federal Banking System
June 14, 2023 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Spring 2023. The OCC reported that the overall strength of the federal banking system is sound. The OCC has closely monitored the condition of the institutions it supervises throughout the market…
Federal Reserve issues FOMC statement
June 14, 2023 / Source: FRB
Recent indicators suggest that economic activity has continued to expand at a modest pace. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring,…
Federal Reserve Board and Federal Open Market Committee release economic projections from the June 13-14 FOMC meeting
June 14, 2023 / Source: FRB
The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the June 13-14 meeting. For media inquiries, email [email protected] or call 202-452-2955. Projections (PDF) | Accessible Materials
FinCEN and South African Financial Intelligence Center Host First Meeting of Task Force on Combatting the Financing of Wildlife Trafficking and Terrorist Finance Dialogues
June 13, 2023 / Source: FinCEN
PRETORIAâFollowing Secretary of the Treasury Janet L. Yellenâs commitment earlier this year to form a U.S.-South Africa Task Force on Combating the Financing of Wildlife Trafficking (Task Force), a delegation from the U.S. Department of the Treasury, led by the Financial Crimes Enforcement Network (FinCEN), traveled to South Africa for the first meeting of the Task Force….
Testimony of Secretary of the Treasury Janet L. Yellen Before the Committee on Financial Services, U.S. House of Representatives
June 13, 2023 / Source: Treasury
As Prepared for Delivery Chairman McHenry and Ranking Member Waters: thank you for your invitation to testify before this Committee today in my capacity as Chair of the National Advisory Council on International Monetary and Financial Policies. I am looking forward to discussing Treasuryâs oversight of the international financial institutions (IFIs). The past few years…
OCC Hosts Credit and Operational Risk Workshops in Minneapolis
June 12, 2023 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) will host two workshops July 18-19 in Minneapolis for directors, senior management, and other key executives of national community banks and federal savings associations. The Credit Risk: Recognizing and Responding to Risk workshop on July 18 covers the roles of the board and management, credit risk…
Laying the foundation for open banking in the United States
June 12, 2023 / Source: CFPB
New digital banking technologies have the power to expand and open market access for American consumers and emerging businesses. In a more competitive market, Americans will be able to earn higher rates on their savings, pay lower rates on their loans, and more efficiently manage their finances. But the new technologies, and the competition they…
Post 5: Racial Differences in Educational Experiences and Attainment
June 11, 2023 / Source: Treasury
This is the fifth installment in a series of blog posts on racial inequality produced by the Office of Economic Policy. The other posts can be found at these links:  1. Racial Inequality in the United States, 2. Racial Differences in Economic Security: The Racial Wealth Gap, 3. Racial Differences in Economic Security: Housing, 4. Racial Differences in Economic…
Bank Management: Request for Information on Proposed Annual Consumer Trust in Banking Survey
June 11, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) is requesting information on a proposed new OCC survey about the publicâs trust in banking and bank supervision. The survey would be conducted annually, and it would be used to track and assess consumer trust in banks and banking supervision over time. Results from the…
Treasury Department Announces Framework to Promote Fairer, More Equitable Compliance Across Programs and Services
June 8, 2023 / Source: Treasury
Guidance a key step in ensuring accountability, transparency in compliance efforts as Department delivers services, payments, benefits WASHINGTON â Today, the U.S. Department of the Treasury announced a new effort  to help ensure fairness and increase transparency in the Departmentâs compliance and enforcement practices. The framework, laid out in a memo authored by Deputy Secretary of…
Agencies propose interagency guidance on reconsiderations of value for residential real estate valuations
June 8, 2023 / Source: FRB
Board of Governors of the Federal Reserve System Consumer Financial Protection Bureau Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Five federal regulatory agencies today requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions. The proposed guidance advises on policies that financial…
Real Estate Appraisals: Notice and Request for Comment on Proposed Interagency Guidance on Reconsiderations of Value of Residential Real Estate
June 8, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, and National Credit Union Administration (collectively, the agencies) today published a request for comment on a proposed interagency guidance on reconsiderations of value (ROV). Comments must be received within…
Semi-Annual Report of the Consumer Financial Protection Bureau
June 8, 2023 / Source: CFPB
The Bureau of Consumer Financial Protection is pleased to present our Semi-Annual Report to Congress for the period beginning April 1, 2022 and ending September 30, 2022. Read the full reportÂ
Office of Research blog: Update on student loan borrowers as payment suspension set to expire
June 7, 2023 / Source: CFPB
The pause on federal student loan interest, payments, and collections is now scheduled to end 60 days after June 30th, which means borrowers will have to start making payments soon. In April 2022, we provided an overview of the credit health of student loan borrowers during the first two years of the payment pause. And in an update…
The CFPB has entered the chat
June 7, 2023 / Source: CFPB
Answering customersâ questions, and helping them resolve problems, is the bedrock of relationship banking. Many financial institutions are automating these interactions through chatbots. The role of customer service chatbots has grown as financial institutions are moving from simple, rule-based chatbots toward more sophisticated technologies, including those supported by large language models and those marketed as…
Racial Equity Benefits All Americans
June 7, 2023 / Source: Treasury
By: Deputy Secretary of the Treasury Wally Adeyemo This week, the Treasury Department will host the third meeting of the Treasury Advisory Committee on Racial Equity (TACRE). TACRE is comprised of 25 experts drawn from academia, business, nonprofits, philanthropy, and other fields who help the Treasury Department ensure we are thinking about how our policies…
CFPB Issue Spotlight Analyzes âArtificial Intelligenceâ Chatbots in Banking
June 6, 2023 / Source: CFPB
Poorly deployed chatbots can impede customers from resolving problems The Consumer Financial Protection Bureau (CFPB) today released a new issue spotlight on the expansive adoption and use of chatbots by financial institutions. Chatbots are intended to simulate human-like responses using computer programming and help institutions reduce the costs of customer service agents. These chatbots sometimes…
Agencies issue final guidance on third-party risk management
June 6, 2023 / Source: FRB
Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Federal bank regulatory agencies today issued final joint guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology companies. The final guidance describes principles and considerations for banking organizations’…
Treasury Sanctions Individuals Linked to CJNGâs Arms Trafficking, Fuel Theft, and Money Laundering
June 6, 2023 / Source: Treasury
WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) designated two senior members of the Cartel de Jalisco Nueva Generacion (CJNG) engaged in trafficking high-caliber firearms from the United States and fuel theft in Mexico. Additionally, OFAC designated another individual and one Mexican entity that provide support to CJNG by…