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Agencies Issue Host State Loan-to-Deposit Ratios
May 12, 2025 / Source: FDIC
Joint Release Federal Deposit Insurance Corporation Federal Reserve Board Office of the Comptroller of the Currency Federal bank regulatory agencies today jointly issued updated host state loan-to-deposit ratios, as required by law (PDF). Each respective host state loan-to-deposit ratio shows the ratio of total loans in a state to total deposits in the state for all…
Speech – Economic Outlook
May 12, 2025 / Source: FRB
Thank you, Reamonn. It is an honor and a privilege to be asked to speak in the beautiful country of Ireland and here at the Central Bank of Ireland. The histories of the U.S. and Ireland are intertwined. Our friendship is enduring, and our economies are closely tied. The Irish economy and the Bank stand…
United States Department of the Treasury Announces New Appointment
May 11, 2025 / Source: Treasury
WASHINGTON — Secretary of the Treasury Scott Bessent announced today President Trump’s intent to nominate Jonathan McKernan to serve as the Undersecretary of Domestic Finance at the U.S. Department of the Treasury. McKernan has been an advisor at the Treasury Department while awaiting Senate confirmation to lead the Bureau of Consumer Financial Protection. During that time, McKernan…
Speech – Artificial Intelligence and the Labor Market: A Scenario-Based Approach
May 11, 2025 / Source: FRB
Thank you for the opportunity to speak to you today.1 In my remarks, I would like to address a key question facing economists, policymakers, and people all over the world: How will artificial intelligence, particularly generative artificial intelligence, or GenAI, affect workers and the labor market in the years ahead? Before I turn to that issue,…
OCC Issues Interim Final Rule on Bank Mergers
May 8, 2025 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today adopted an interim final rule amending its 2024 final rule related to its regulations for business combinations involving national banks and federal savings associations. The OCC also rescinded its 2024 policy statement on its review of applications under the Bank Merger Act. The interim final…
Acting Comptroller of the Currency Discusses Agency Priorities
May 8, 2025 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Rodney E. Hood today discussed agency priorities at the Building Societies Annual Conference in Birmingham, England. In his remarks, Acting Comptroller Hood highlighted the Office of the Comptroller of the Currency’s work to reduce regulatory burden, improve financial inclusion, support innovations in financial technology, and digital assets in the federal…
Treasury Increases Pressure on Firms Importing Iranian Oil
May 8, 2025 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is increasing pressure on Iran’s export of oil, designating the “teapot” refinery Hebei Xinhai Chemical Group Co., Ltd. and three port terminal operators in Shandong Province for their role in purchasing or facilitating the delivery of hundreds of millions of dollars’ worth of Iranian…
OCC Should Rescind Unlawful Preemption Rules
May 8, 2025 / Source: CSBS
Washington, D.C. – Recent Executive Orders compel the Office of the Comptroller of the Currency (OCC) to rescind its preemption regulations, the Conference of State Bank Supervisors (CSBS) said today in a letter to Acting Comptroller Rodney Hood. “The OCC’s preemption regulations are clearly unlawful, inconsistent with Supreme Court rulings, and contrary to the public interest,” said CSBS…
OCC Clarifies Bank Authority to Engage in Crypto-Asset Custody and Execution Services
May 7, 2025 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today clarified permissible bank activities related to crypto-asset custody and execution services. The OCC published Interpretive Letter 1184 to confirm that national banks and federal savings associations may buy and sell assets held in custody at the customer’s direction and are permitted to outsource to third…
Secretary Scott K.H. Bessent’s Statement Before the United States House of Representatives Committee on Financial Services
May 7, 2025 / Source: Treasury
As prepared for delivery Chairman Hill, Ranking Member Waters, and Members of the Committee—I’m grateful to join you today. At the IMF and World Bank Group Spring Meetings last month, I relayed an important message: America First does not mean America Alone. To the contrary, America First seeks to expand U.S. leadership in international institutions…
Federal Reserve issues FOMC statement
May 7, 2025 / Source: FRB
Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at…
CFPB Announcement Regarding Enforcement Actions Related to Buy Now, Pay Later Loans
May 6, 2025 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau is announcing today that it will not prioritize enforcement actions taken on the basis of the Truth in Lending (Regulation Z); Use of Digital User Accounts to Access Buy Now, Pay Later Loans, 89 Fed. Reg. 47,068 (May 31, 2024) (“Buy Now, Pay Later”). The Bureau will instead…
Secretary Scott K. H. Bessent’s Statement Before the United States House of Representatives Appropriations Subcommittee on Financial Services and General Government
May 6, 2025 / Source: Treasury
Chairman Joyce, Ranking Member Hoyer, and Members of the Subcommittee—I’m grateful to join you today. Treasury is eager to work with members of Congress to fund key priorities to strengthen our economy. And we look forward to coordinating with you on the President’s budget as soon as it is released. Today, I wish to highlight…
OCC Issues Request for Information on Community Bank Digitalization
May 5, 2025 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a request for information (RFI) on the key challenges and barriers faced by community banks in the adoption and implementation of digital banking solutions. New and emerging technologies can be important tools for community banks to meet customer demand, increase revenue, improve efficiencies, and…
FDIC Issues List of Banks Examined for CRA Compliance
May 5, 2025 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in February 2025. The CRA is a 1977 law that requires the FDIC to assess a bank’s record…
Treasury Sanctions Burma Warlord and Militia Tied to Cyber Scam Operations
May 5, 2025 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the Karen National Army (KNA), a militia group in Burma, as a transnational criminal organization, along with the group’s leader Saw Chit Thu, and his two sons, Saw Htoo Eh Moo and Saw Chit Chit, for their role in facilitating cyber scams that harm U.S….
Readout: U.S. Department of the Treasury Hosts Roundtable on Opportunities to Lower Costs and Maintain Availability of Homeowners Insurance
May 4, 2025 / Source: Treasury
WASHINGTON – Today, the Federal Insurance Office (FIO) at the U.S. Department of the Treasury hosted a roundtable discussion with representatives from the insurance sector, including insurers, reinsurers, brokers, state regulators, resilience and consumer groups, and academics to discuss ways to lower costs and maintain availability of homeowners insurance as part of the Trump Administration’s…
HUD Seeks Feedback from Tribal Leaders on Burdensome Environmental Regulations
May 4, 2025 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner instructed the Office of Public and Indian Housing (PIH) to request comments and feedback from Tribal leaders regarding burdensome environmental regulations and how HUD can reduce challenges associated with the environmental review process. “HUD is working quickly to eliminate all burdensome regulations…
HUD Secretary Scott Turner Statement on President Trump’s Discretionary Budget
May 4, 2025 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner today released the following statement on President Trump’s Fiscal Year (FY) 2026 discretionary budget. “President Trump’s bold budget proposes a reimagining of how the federal government addresses affordable housing and community development. It rightfully provides states and localities greater flexibility while thoughtfully…
Treasury Targets Major Mexican Cartel Involved in Fentanyl Trafficking and Fuel Theft
May 1, 2025 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned three Mexican nationals and two Mexico-based entities involved in a drug trafficking and fuel theft network linked to the Cartel Jalisco Nueva Generacion (CJNG). This network generates hundreds of millions of dollars annually, benefitting CJNG, through a slew of criminal…
Acting Comptroller of the Currency Discusses Financial Literacy
May 1, 2025 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Rodney E. Hood discussed the importance of financial literacy at the U.S. Department of Treasury Financial Literacy Roundtable on April 30. The roundtable discussion, Empowering Americans in Underserved Communities through Financial Literacy, focused on ways to empower Americans in underserved rural and Native communities through financial literacy and education. In his…
FinCEN Finds Cambodia-Based Huione Group to be of Primary Money Laundering Concern, Proposes a Rule to Combat Cyber Scams and Heists
May 1, 2025 / Source: FinCEN
WASHINGTON — Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a finding and notice of proposed rulemaking (NPRM) pursuant to Section 311 of the USA PATRIOT Act that identifies Cambodia-based Huione Group as a financial institution of primary money laundering concern and proposes to sever its access to the U.S. financial system….
2024 Consumer Response Annual Report
May 1, 2025 / Source: CFPB
This annual report analyzes complaints submitted by consumers to the CFPB between January and December 2024. Full Report Consumer Response annual report
CFPB Keeps Its Enforcement and Supervision Resources Focused on Pressing Threats to Consumers
April 30, 2025 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau is announcing today that, with respect to the regulation titled Small Business Lending Under the Equal Credit Opportunity Act (Regulation B), implementing Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, 88 Fed. Reg. 35,150 (May 31, 2023), it will not prioritize enforcement or supervision…
HUD Mortgagee Letter 2025-13
April 30, 2025 / Source: HUD
This Mortgagee Letter (ML) replaces policies established in ML 2022-01, Expansion of the Exclusive Listing Period for HUD Real Estate Owned Properties, and ML 2022-08, Expanding Affordable Housing Supply Through FHA’s Claims Without Conveyance of Title (CWCOT) Process.