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Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Countering the Financing of Terrorism, and Counter-Proliferation Finance Deficiencies
June 23, 2025 / Source: FinCEN
WASHINGTONâAt the conclusion of its plenary meeting this month, 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), updated its lists of jurisdictions with strategic AML/CFT/CPF deficiencies.[1] FinCEN is advising U.S….
Guidance on Referrals for Potential Criminal Enforcement:Â Notice
June 23, 2025 / Source: https://occ.gov/news-issuances/bulletins/2025/bulletin-2025-13.html
Summary The Office of the Comptroller of the Currency (OCC) is issuing guidance describing its plan to address criminally liable regulatory offenses in accordance with Executive Order 14294, âFighting Overcriminalization in Federal Regulations.â Note for Community Banks The OCCâs plan concerning criminally liable regulatory offenses applies to community banks. Highlights On May 9, 2025, the…
Speech – Unintended Policy Shifts and Unexpected Consequences
June 23, 2025 / Source: FRB
Thank you for the invitation to join you today.1 As the Federal Reserve’s Vice Chair for Supervision, I am responsible for, among other things, leading the Board’s Division of Supervision and Regulation in its work to promote the safe and sound operation of the U.S. banking system. While this includes the specific activities of bank supervision…
Federal Reserve Board announces that reputational risk will no longer be a component of examination programs in its supervision of banks
June 23, 2025 / Source: FRB
The Federal Reserve Board on Monday announced that reputational risk will no longer be a component of examination programs in its supervision of banks. The Board has started the process of reviewing and removing references to reputation and reputational risk from its supervisory materials, including examination manuals, and, where appropriate, replacing those references with more…
Technical correction and update to the CFPB’s credit invisibles estimate
June 23, 2025 / Source: CFPB
In 2015, the CFPB released a widely cited report that provided a benchmark for estimates of consumers with limited credit histories. More specifically, the report included estimates of the adult population in the United States who, in December 2010, did not have a credit record (âcredit invisibleâ) or who had insufficient credit history to have…
OCC Reports Mortgage Performance for First Quarter of 2025
June 22, 2025 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the first quarter of 2025. The OCC Mortgage Metrics Report, First Quarter 2025 showed that 97.6 percent of mortgages included in the report were current and performing at the end of the quarter, an increase…
Deputy Secretary Faulkender Lays Out Guiding Principles for Bank Secrecy Act Modernization
June 22, 2025 / Source: Treasury
WASHINGTON â Today, Deputy Secretary of the Treasury Michael Faulkender spoke at the 62nd Bank Secrecy Act Advisory Group (BSAAG)plenary meeting organized by the Financial Crimes Enforcement Network (FinCEN). At this public-private partnership event, Deputy Secretary Faulkender discussed the Trump Administrationâs guiding principles for Bank Secrecy Act (BSA) modernization. Key Excerpts of Remarks as Prepared for…
Treasury Targets Entities Procuring Sensitive Machinery for Iranâs Defense Industry
June 22, 2025 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is designating one individual and eight entities, and identifying one vessel as blocked property, for their involvement in the procurement and transshipment of sensitive machinery for Iranâs defense industry. The vessel, SHUN KAI XING, owned by Hong Kong-based Unico Shipping Co Ltd, was…
Treasury Sanctions Houthi Illicit Oil Trading and Shipping
June 22, 2025 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is taking its single largest action to date against Iran-backed Ansarallah, commonly known as the Houthis, targeting four individuals, 12 entities, and two vessels that have imported oil and other illicit goods in support of the terrorist group. This action includes…
Treasury Sanctions Cartel de Jalisco Nueva Generacion Leaders Under Counterterrorism Authorities
June 18, 2025 / Source: Treasury
Takes action against cartel member suspected in high-profile murder of Mexican TikTok influencer WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned five Mexico-based leaders of Cartel de Jalisco Nueva Generacion (CJNG). CJNG is a brutally violent cartel responsible for a significant share of fentanyl and other illicit drugs…
Treasury Endorses New International Payments Standards, Supports FATF Reports on Countering Illicit Finance
June 18, 2025 / Source: Treasury
WASHINGTON â On June 13, the Financial Action Task Force (FATF) concluded its joint plenary with the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL), the FATF-style regional body for Europe, in Strasbourg, France. The plenary agreed to release reports on proliferation financing sanctions evasion typologies and how…
Agency Information Collection Activities; Proposals, Submissions, and Approvals: Reports of Transportation of Currency or Monetary Instruments; Report of International Transportation of Currency or Monetary Instruments
June 18, 2025 / Source: FinCEN
Release Date June 18, 2025 Agency Information Collection Activities; Proposals, Submissions, and Approvals⊠Action Type Notice and Request for Comment, Forms Renewal/Update
CSBS Statement on Passage of Senate Stablecoin Act
June 18, 2025 / Source: CSBS
Washington, D.C.- CSBS President and CEO Brandon Milhorn Statement on Senate Passage of the GENIUS Act: âA national framework for stablecoins will only be successful if it protects consumers and financial stability. CSBS appreciates the efforts of the Senate to improve the GENIUS Act, moving the bill closer to these goals. In particular, Senate revisions to…
Senate passes GENIUS stablecoin bill, giving crypto industry first major legislative win
June 18, 2025 / Source: CNBC
The Senate on Tuesday passed the GENIUS Act, a landmark bill that for the first time establishes federal guardrails for U.S. dollar-pegged stablecoins and creates a regulated pathway for private companies to issue digital dollars with the blessing of the federal government. The bill passed with a 68-30 vote. Itâs a milestone day for the crypto industry, which put…
Federal Bank Regulatory Agencies Seek Comment to Address Payments and Check Fraud
June 17, 2025 / Source: FDIC
The federal bank regulatory agencies today announced a request for comment on potential actions to help consumers, businesses, and financial institutions mitigate risk of payments fraud, with a particular focus on check fraud. For purposes of the request for information, payments fraud generally refers to the use of illegal means to make or receive payments…
Statement by Secretary of the Treasury Scott Bessent on Introduction of the Senateâs One, Big, Beautiful Bill Text
June 17, 2025 / Source: Treasury
WASHINGTON â U.S. Secretary of the Treasury Scott Bessent issued the following statement upon release of the Senateâs version of the One, Big, Beautiful Bill Act: âWe applaud the Senateâs action to progress this critical legislation and expand upon President Trumpâs tax relief for hardworking Americans. The One, Big, Beautiful Bill will protect families and…
HUD, Ginnie Mae, and Korea Housing Finance Corporation Sign Agreement to Advance Affordable Housing and Strategic Housing Finance Cooperation
June 15, 2025 / Source: HUD
WASHINGTON – [June 13, 2025] – The U.S. Department of Housing and Urban Development (HUD), Government National Mortgage Association (Ginnie Mae), and the Korea Housing Finance Corporation (KHFC) signed a memorandum of understanding (MOU) to strengthen international cooperation in housing finance. The MOU underscores a shared commitment to expanding access to affordable housing, cultivating innovation, and supporting residential…
Federal Reserve Board announces that results from its annual bank stress test will be released on Friday, June 27, at 4:30 p.m. EDT
June 15, 2025 / Source: FRB
The Federal Reserve Board on Friday announced that results from its annual bank stress test will be released on Friday, June 27, at 4:30 p.m. EDT. Additionally, today the Board published its annual stress test methodology document, which provides details about the models used in the stress test. The Board’s stress test is one tool…
Secretary Scott Bessent’s Statement Before the Senate Finance Committee
June 12, 2025 / Source: Treasury
June 12, 2025 As prepared for delivery. Chairman Crapo, Ranking Member Wyden, and members of the committeeâIâm grateful to join you today. Treasury is committed to working with Congress to improve our nationâs finances, create new jobs, and strengthen the economy. We look forward to coordinating with you on the Presidentâs Budget and his tax…
Andrew Hughes Confirmed as Deputy Secretary of U.S. Department of Housing and Urban Development
June 11, 2025 / Source: HUD
WASHINGTON – The U.S. Senate today confirmed Andrew Hughes as the Deputy Secretary of the U.S. Department of Housing and Urban Development (HUD) with a vote of 51-43. In this role, Hughes will serve as HUDâs Chief Operating Officer, working under the leadership of the Trump administration and Secretary Scott Turner to restore HUD to its…
Secretary Scott Bessent’s Statement Before the Appropriations Subcommittee on Financial Services and General Government
June 11, 2025 / Source: Treasury
Chair Hagerty, Ranking Member Reed, and members of the subcommitteeâIâm grateful to join you today. Treasury is committed to working with Congress to improve our nationâs finances, create new jobs, and strengthen the economy. The Presidentâs Budget request for Treasury demonstrates our commitment to boosting growth, promoting efficiency within our agency, and targeting illicit actors…
Treasury Disrupts Sham Overseas Charity Networks Funding Hamas and the PFLP
June 10, 2025 / Source: Treasury
WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is sanctioning five individuals and five sham charities located abroad that are prominent financial supporters of Hamasâs Military Wing and its terrorist activities. The individuals and entities sanctioned today are responsible for funding Hamasâs Military Wing under the pretense of conducting humanitarian…
Michelle W. Bowman sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System
June 9, 2025 / Source: FRB
Michelle W. Bowman took the oath of office as Vice Chair for Supervision of the Federal Reserve Board on Monday. The oath was administered by Chair Jerome H. Powell in the press briefing room of the Board’s Martin building. President Trump nominated Ms. Bowman on March 24, 2025, and she was confirmed by the United…
Acting Comptroller of the Currency Releases Letter on Preemption
June 9, 2025 / Source: OCC
WASHINGTONâActing Comptroller of the Currency Rodney E. Hood today released a letter in response to correspondence from the Conference of State Bank Supervisors requesting the Office of the Comptroller of the Currency (OCC) rescind its preemption regulations. In the letter, Acting Comptroller Hood reaffirmed the OCCâs support and defense of preemption as a cornerstone of…
Treasury Sanctions âEl Chapoâsâ Children and Los Chapitos, a Fentanyl-Trafficking Faction of the Sinaloa Cartel
June 9, 2025 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned Los Chapitos, a powerful faction of the Mexico-based Sinaloa Cartel that facilitates illicit fentanyl trafficking and production. Los Chapitos-controlled laboratories are responsible for introducing fentanyl in counterfeit pills manufactured by the Sinaloa Cartel and trafficked to the United States. Gunmen linked…