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Treasury Sanctions Drug Traffickers Operating Across Europe and North America
July 19, 2023 / Source: Treasury
WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned three Belgian nationals and one Mexican national for international drug trafficking, including cocaine and fentanyl. Those designated today are involved in the importation and distribution of narcotics destined for U.S. and European markets. âTodayâs actions underscore the importance of our…
Senior Deputy Comptroller for Large Bank Supervision Testifies on Climate-Related Financial Risks
July 18, 2023 / Source: OCC
WASHINGTONâOffice of the Comptroller of the Currency (OCC) Senior Deputy Comptroller for Large Bank Supervision Greg Coleman today testified before the U.S. House of Representativesâ Committee on Financial Servicesâ Subcommittee on Financial Institutions and Monetary Policy on the agencyâs supervision of climate-related financial risks. In his testimony, Mr. Coleman discussed the OCCâs supervision activities at…
Furthering the Vision of the Fair Housing Act
July 18, 2023 / Source: FRB
At “Fair Housing at 55âAdvancing a Blueprint for Equity” National Fair Housing Alliance 2023 National Conference, Washington, D.C. Thank you for the invitation to join you in commemorating 55 years since the Fair Housing Act became law.1Â Along with the Voting Rights Act, the Fair Housing Act was an essential step in making good on the…
Treasury International Capital Data for May
July 18, 2023 / Source: Treasury
Washington â The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for May 2023. Â The next release, which will report on data for June 2023, is scheduled for August 15, 2023. The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was…
Joint Statement by Rohit Chopra, Director of the United States Consumer Financial Protection Bureau, and Didier Reynders, Commissioner for Justice and Consumer Protection of the European Commission
July 17, 2023 / Source: CFPB
WASHINGTON, D.C. â Today, Rohit Chopra, Director of the United States Consumer Financial Protection Bureau, and Didier Reynders, Commissioner for Justice and Consumer Protection of the European Commission, announced the start of an informal dialogue between the CFPB and the European Commission on a range of critical financial consumer protection issues. Read joint statement. ###
HUD Seeks Public Input to Enhance Accessibility and Usability of Programs, Paving the Way for Improved Housing Solutions
July 17, 2023 / Source: HUD
HUD publishes a Request for Information asking the public how the agency can make programs easier to access and use WASHINGTONÂ – Today, the U.S. Department of Housing and Urban Development (HUD) published a Request for Information asking the public how the agency can make its programs easier to access and use. HUD has taken a…
Building on Filing Season 2023 Success, IRS Continues to Improve Service, Pursue High-Income Individuals Evading Taxes, Modernize Technology
July 16, 2023 / Source: Treasury
WASHINGTON – Thanks to Inflation Reduction Act resources, the IRS delivered dramatically improved service in Filing Season 2023. The IRS achieved an 87% Level of Service, exceeding Secretary of the Treasury Janet L. Yellenâs goal of 85%. Through the end of Filing Season, the IRS answered 3 million more calls, cut phone wait times to…
New Treasury Department Data Shows American Rescue Plan Funding Drove Key Investments in Economic Development in Communities Across the Country
July 16, 2023 / Source: Treasury
Alongside data, Treasury releases new analysis detailing how Treasuryâs State and Local Fiscal Recovery Funds, passed as part of the American Rescue Plan, are being used to increase housing stability, strengthen workforces, support small business, and close the digital divide WASHINGTON â Today, the U.S. Department of the Treasury released State and Local Fiscal Recovery Funds (SLFRF) data through…
Office of Research blog: Initial Fresh Start program changes followed by increased credit scores for affected student loan borrowers
July 13, 2023 / Source: CFPB
In April 2022, the Department of Education announced Fresh Start , a one-time program to help an estimated 7.5 million  borrowers with defaulted federal student loans avoid the negative effects of default and gain access to benefits, such as additional federal student aid, eligibility for new government loans, and a temporary end to involuntary collection activity. According to the…
State Partners and CFPB Sue Prehired For Illegal Student Lending Practices
July 13, 2023 / Source: CFPB
Education outfit induced borrowers to take on debt based on false promises about jobs and income, engaged in bait-and-switch tactics on âincome-shareâ loans WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) joined with several state attorneys general and a state regulator to take action against Prehired for deceptive marketing and debt collection practices. Prehired…
2022 Financial Institution Diversity Self-Assessments: Voluntary Self-Assessments Accepted Now through September 30, 2023
July 13, 2023 / Source: FDIC
Summary: In accordance with Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, FDIC-supervised financial institutions are encouraged to voluntarily conduct and submit self-assessments of their diversity policies and practices by September 30, 2023. Statement of Applicability:Â The contents of, and material referenced in, this FIL apply to all FDIC-supervised financial…
Treasury Sanctions Illicit Fentanyl Network Run by Key Sinaloa Cartel Family Members
July 12, 2023 / Source: Treasury
Close relatives of âLos Chapitosâ and Zamudio Lerma families targeted in collaboration with Government of Mexico WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned 10 individuals, including several Sinaloa Cartel members and fugitives, as well as one Mexico-based entity, pursuant to Executive Order (E.O.) 14059. Those sanctioned today…
Ensuring consumers receive critical lending protections
July 12, 2023 / Source: CFPB
Today, the Consumer Financial Protection Bureau (CFPB) joined the State of Maine to help ensure that consumers receive critical consumer protections when taking out loans. Maine law incorporates the federal Truth in Lending Act. That law provides crucial consumer protections, including requiring lenders to provide precise information about the amount of a loan, its interest…
Treasury Sanctions Official Linked to Corruption in Serbia
July 11, 2023 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned an individual in Serbia pursuant to Executive Order (E.O.) 14033. The designation of Aleksandar Vulin (Vulin) underscores the United Statesâ determination to hold accountable those engaged in corrupt dealings that further their own political agendas and personal interests at the expense…
Treasury Calls for Large Position Reports
July 11, 2023 / Source: Treasury
The U.S. Department of the Treasury is calling for Large Position Reports from those entities whose positions in the Treasury Bill of June 8, 2023 equaled or exceeded $10.2 billion as of Friday, April 28, 2023, or Friday, May 5, 2023. This Bill has CUSIP 912796ZP7 and was originally auctioned as a 182-Day (i.e., 26-Week)…
Minutes of the Board’s discount rate meetings from May 22 through June 14, 2023
July 11, 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 from May 22 through June 14. The Board’s process for setting the discount rate is distinct from the process…
CFPB Takes Action Against Bank of America for Illegally Charging Junk Fees, Withholding Credit Card Rewards, and Opening Fake Accounts
July 11, 2023 / Source: CFPB
Bank of America will pay more than $100 million to harmed consumers, and $150 million in penalties to CFPB and Office of the Comptroller of the Currency WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to pay more than $100 million to customers for systematically double-dipping on fees imposed on…
OCC Assesses $60 Million Civil Money Penalty Against Bank of America Related to Bankâs Overdraft Program
July 11, 2023 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today announced a $60 million civil money penalty against Bank of America, N.A., for violations of law relating to its practice of assessing multiple overdraft and insufficient funds fees against customers for a single transaction. The OCC found that Bank of America charged customers tens of…
Holistic Capital Review
July 10, 2023 / Source: FRB
Thank you to the Bipartisan Policy Center for the opportunity to speak today. I’m here to report on my holistic review of capital for large banks and to outline steps that I believe are appropriate to update our capital standards so that banks can continue to serve our communities, households, and businesses.1 The review was…
HUD Represented the United States at the G7 Sustainable Urban Ministersâ Meeting
July 10, 2023 / Source: HUD
Secretary Fudge and Deputy Assistant Secretary Dr. Johnson addressed pressing global topics like carbon neutral, inclusive cities and digitization. WASHINGTONÂ – U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge traveled to Takamatsu, Japan to attend the G7 Sustainable Urban Ministers’ Meeting on July 8th and 9th. Leading the U.S. Delegation, the Secretary…
CFPB, U.S. Department of Health and Human Services, and U.S. Department of Treasury Launch Inquiry into Costly Credit Cards and Loans Pushed on Patients for Health Care Costs
July 9, 2023 / Source: CFPB
Public input will bolster agenciesâ broad efforts to safeguard consumers against predatory medical debt and collections practices WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB), U.S. Department of Health and Human Services (HHS), and U.S. Department of Treasury (Treasury) launched an inquiry into high-cost specialty financial products, such as medical credit cards and installment…
New Treasury Department Data Shows Homeowner Assistance Fund Helped Keep More than 300,000 Families In Their Homes
July 9, 2023 / Source: Treasury
Treasuryâs Homeowner Assistance Fund, passed as part of the American Rescue Plan, has reached more underserved communities than prior federal mortgage assistance and foreclosure prevention programs WASHINGTON â The U.S. Department of the Treasury today released Homeowner Assistance Fund (HAF) data through March 31, 2023, which demonstrates a substantial increase in assistance to homeowners. As of March…
HUD Announces More Than $3.1 Billion to Help People Experiencing Homelessness
July 6, 2023 / Source: HUD
In response to a growing homelessness crisis, HUD makes largest-ever single-year investment in communitiesâ homelessness response systems. WASHINGTONÂ – The U.S. Department of Housing and Urban Development (HUD) today announced that it will provide more than $3.1 billion in competitive funding to homeless services organizations across the country for supportive services and housing programs for people…
CFPB to distribute more than $3.5 million to consumers who were charged illegal fees to reduce or eliminate their federal student loans
July 6, 2023 / Source: CFPB
This month, more than 7,100 people who were charged illegal advance fees by Timemark, Inc. to renegotiate, settle, reduce, or alter the terms of their federal student loans will receive a check in the mail. Payments will be sent on July 6, 2023, through Epiq Systems. If you do not receive a check and believe…
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
July 5, 2023 / Source: FinCEN
WASHINGTONâThe Financial Crimes Enforcement Network (FinCEN) is informing U.S financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), issued a public statement at the conclusion of its plenary…