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READOUT: FinCEN Hosts Public-Private Dialogue on Cyber-Related Terrorism Financing
November 6, 2023 / Source: FinCEN
WASHINGTON—On November 2, the Financial Crimes Enforcement Network (FinCEN) hosted a FinCEN Exchange focused on the threat posed by the illicit use of convertible virtual currency in light of Hamas’ brutal terrorist attacks in Israel and the critical role the financial industry plays in detecting terrorism financing. The Exchange included presentations by FinCEN and Federal…
FinCEN and the Bureau of Industry and Security (BIS) Issue Joint Notice and New Key Term for Reporting Evasion of U.S. Export Controls Globally
November 6, 2023 / Source: FinCEN
WASHINGTON, D.C. – Today, the Department of Commerce’s Bureau of Industry and Security (BIS) and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a joint notice highlighting a new Suspicious Activity Report (SAR) key term (“FIN-2023-GLOBALEXPORT”) for financial institutions to reference when reporting potential efforts by individuals or entities seeking to evade U.S….
Inter-Agency Working Group Releases New Report on Treasury Market Resilience Efforts
November 6, 2023 / Source: Treasury
WASHINGTON– The Inter-Agency Working Group on Treasury Market Surveillance (IAWG)—which is composed of staff from the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the U.S. Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission—today issued a staff progress report…
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
November 5, 2023 / Source: FinCEN
WASHINGTON—The 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…
FSOC Approves Analytic Framework for Financial Stability Risks and Guidance on Nonbank Financial Company Determinations
November 5, 2023 / Source: Treasury
WASHINGTON – The Financial Stability Oversight Council (Council) today unanimously voted to issue final versions of a new analytic framework for financial stability risks and updated guidance on the Council’s nonbank financial company determinations process. The Council’s new Analytic Framework for Financial Stability Risk Identification, Assessment, and Response (Analytic Framework) offers a detailed public explanation…
Treasury Designates Virtual Currency Money Launderer for Russian Elites and Cybercriminals
November 5, 2023 / Source: Treasury
Treasury imposes consequences on money launderer responsible for moving funds on behalf of Russian elites and ransomware actors WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Ekaterina Zhdanova, a Russian national, for her role in laundering and moving funds using virtual currency on behalf of Russian elites. This action…
CFPB Issues New Report on State Community Reinvestment Laws
November 2, 2023 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published a new analysis on state Community Reinvestment Act laws, highlighting how states ensure financial institutions’ lending, services, and investment activities meet the credit needs of their communities. The report examined the laws of seven states (Connecticut, Illinois, Massachusetts, New York, Rhode Island, Washington, West Virginia)…
Treasury Hardens Sanctions With 130 New Russian Evasion and Military-Industrial Targets
November 2, 2023 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) continues to disrupt the networks and channels through which Russia attempts to sustain its beleaguered military. Today’s sanctions focus on individuals and entities abetting Russia’s unconscionable war against Ukraine by providing Russia with much-needed technology and equipment from third countries. Additionally,…
Treasury’s Federal Insurance Office Advances First Insurer Data Call to Assess Climate-Related Financial Risk to Consumers
November 1, 2023 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Federal Insurance Office (FIO) took a critical next step to proceed with its first-ever data collection from insurers to assess climate-related financial risk to consumers across the United States. FIO’s data collection will obtain previously unavailable insurance data at a ZIP Code level on a consistent,…
Telephone Consumer Protection Act: Revised Interagency Examination Procedures and Rescissions
November 1, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) today published the revised interagency examination procedures for the Telephone Consumer Protection Act (TCPA). The OCC, Federal Deposit Insurance Corporation, and the National Credit Union Administration have revised the interagency examination procedures to reflect amendments to the TCPA that became effective on October 25, 2021.1…
Commercial Lending: Venture Loans to Companies in an Early, Expansion, or Late Stage of Corporate Development
November 1, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to inform banks1 about policy guidance that applies to commercial loans to early-, expansion-, and late-stage companies. This bulletin refers to these loans as “venture loans.” There is heightened uncertainty and higher probability of failure associated with new business ventures. The OCC…
Servicemembers continue to face major financial challenges
November 1, 2023 / Source: CFPB
Financial readiness is critical to military readiness. That is why the CFPB is working hard to ensure that servicemembers get the protections they are entitled to under the law. Despite our progress, there is still work to be done. Below, we discuss three major protections that the CFPB is working to secure for all servicemembers….
Economy Statement by Eric Van Nostrand, Acting Assistant Secretary for Economic Policy, for the Treasury Borrowing Advisory Committee
October 30, 2023 / Source: Treasury
INTRODUCTION The United States continues to deliver strong economic growth amid resilient labor markets, even as core inflation continues to cool. In the third quarter, real GDP grew at the fastest rate since late 2021, boosted by strong household consumption and a stronger build in private inventories. Labor force participation rate rose to a post-pandemic…
Treasury Announces Marketable Borrowing Estimates
October 30, 2023 / Source: Treasury
Sources and Uses Table WASHINGTON — The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the October – December 2023 and January – March 2024 quarters. During the October – December 2023 quarter, Treasury expects to borrow $776 billion in privately-held net marketable debt, assuming an end-of-December cash balance of…
Joint Statement on the U.S.-UK Financial Innovation Partnership Meeting 7th September 2023
October 30, 2023 / Source: Treasury
WASHINGTON – The fourth official meeting of the U.S.-UK Financial Innovation Partnership (FIP) took place in Washington, D.C., on September 7, 2023.  The U.S. Department of the Treasury hosted the Regulatory Pillar of the FIP with His Majesty’s Treasury.  Participants gathered to exchange views on topics of mutual interest and to deepen ties between U.S….
Treasury Targets Additional Sources of Support and Financing to Hamas
October 29, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed a second round of sanctions on key Hamas-linked officials and financial networks following the October 7 barbaric attacks on Israel and its civilian population. Today’s action targets additional assets in Hamas’s investment portfolio and individuals who are facilitating sanctions…
FDIC Advisory Committee on Economic Inclusion to Meet Next Week
October 29, 2023 / Source: FDIC
WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet on Thursday, November 2, 2023, to discuss updates from Committee members about key challenges facing their communities and organizations.  Panel presentations will discuss the final Community Reinvestment Act (CRA) rule, research informing the next FDIC multi-year economic inclusion strategic…
The U.S. Economy in Global Context
October 26, 2023 / Source: Treasury
Eric Van Nostrand, Acting Assistant Secretary for Economic Policy Tara Sinclair, Deputy Assistant Secretary for Macroeconomics The U.S. economy in 2023 outperformed expectations along three key dimensions: growing economic output, labor market resilience, and slowing inflation. This month, the IMF released its latest World Economic Outlook (WEO), which provides an important occasion to consider U.S….
BREAKING NEWS: JUDGE EXTENDS TBA’S SEC. 1071 INJUNCTION TO NATIONWIDE COVERAGE
October 26, 2023 / Source: TBA
Moments ago, US District Court Judge Randy Crane extended the partial injunction issued to TBA, Rio Bank, and the ABA to apply nationwide to all entities subject to the Section 1071 Final Rule. This is a huge win for the industry! In his Order, Judge Crane enjoined the CFPB from implementing and enforcing the Sec….
CFPB Report Finds Credit Card Companies Charged Consumers Record-High $130 Billion in Interest and Fees in 2022
October 25, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released its biennial report to Congress on the consumer credit card market. The report found that in 2022 credit card companies charged consumers more than $105 billion in interest and more than $25 billion in fees. Total outstanding credit card debt eclipsed $1 trillion for the…
Federal Reserve Board requests comment on a proposal to lower the maximum interchange fee that a large debit card issuer can receive for a debit card transaction
October 25, 2023 / Source: FRB
The Federal Reserve Board on Wednesday requested comment on a proposal to lower the maximum interchange fee that a large debit card issuer can receive for a debit card transaction. The proposal would also establish a regular process for updating the maximum amount every other year going forward. By law, the Board is required to…
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Proposed Rule Regarding Lifetime Banking Bans for Certain Criminal Offenses
October 24, 2023 / Source: CFPB
One of the biggest challenges that banks face today is recruiting and retaining qualified employees. The Federal Deposit Insurance Act prohibits banks from employing people convicted of certain criminal offenses.1Â Today, the FDIC is proposing rules that implement recently enacted legislation to revise this prohibition by excluding certain offenses, like drug possession.2 I support the proposed…
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Final Rule Implementing the Community Reinvestment Act
October 24, 2023 / Source: CFPB
Banks are not ordinary businesses. They are critical infrastructure of the economy. This is why we provide them with many public benefits, and in exchange, they have obligations to meet the “convenience and needs” of the communities they serve. The final rule is the product of compromise between the Federal Deposit Insurance Corporation, the Office…
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Final Guidance Regarding Climate-related Risks
October 24, 2023 / Source: CFPB
In October 2021, Secretary of the Treasury Janet Yellen convened the Financial Stability Oversight Council to issue a report to address climate-related risk throughout the financial system . This report laid out a series of recommendations and considerations to address these risks. Today’s guidance document builds on this effort. Climate change is real. Private industry and governments…
United States and European Union Hold Sixth Joint Committee Meeting under the Bilateral Agreement on Prudential Measures Regarding Insurance and Reinsurance
October 24, 2023 / Source: Treasury
On the 24th of October 2023, the United States and the European Union held the sixth meeting of the Joint Committee established under the U.S.-EU Agreement on Prudential Measures Regarding Insurance and Reinsurance (“the Agreement”). The United States and the European Union signed the Agreement on September 22, 2017, and it entered into force on…