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Treasury Announces Cyber Security Cooperation Memorandum of Understanding with the State of Israel
August 25, 2022 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury and the Ministry of Finance of the State of Israel (MOF) announced the finalization of a bilateral Memorandum of Understanding (“MoU”) on Cybersecurity Cooperation. The MoU builds on U.S. Deputy Secretary of the Treasury Wally Adeyemo’s visit to Israel in November 2021 that established a bilateral partnership…
Exploring the connection between financial assistance for medical care and medical collections
August 24, 2022 / Source: CFPB
In 2020, Americans spent $4.1 trillion on health care . Despite private insurance coverage and government programs like Medicare and Medicaid that cover all or part of the cost of medical treatments, consumers continue to incur significant medical expenses. By 2028, healthcare-related expenses are projected to reach $6.2 trillion. The Affordable Care Act (ACA) requires nonprofit hospitals…
Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the Indian Institute of Technology Bombay
August 24, 2022 / Source: Treasury
It’s great to be at the renowned IIT Bombay, and especially at the Society For Innovation and Entrepreneurship. This incubator, and the students and entrepreneurs here today, represent the incredible dynamism of the Indian economy – a dynamism that has helped launched leading global brands and powered India’s remarkable economic trajectory. Looking at some of…
Minutes of the Board’s discount rate meetings on July 18 and July 27, 2022
August 23, 2022 / Source: FRB
The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings on July 18 and July 27, 2022. The minutes are attached. https://www.federalreserve.gov/newsevents/pressreleases/files/monetary20220823a1.pdf
Treasury Releases Initial Information on Electric Vehicle Tax Credit Under Newly Enacted Inflation Reduction Act
August 22, 2022 / Source: Treasury
Today’s guidance marks a first step in the Biden Administration’s implementation of Inflation Reduction Act tax credits to lower costs for families and make electric vehicles more affordable WASHINGTON – Following President Biden’s signing the Inflation Reduction Act into law today, the U.S. Department of the Treasury and Internal Revenue Service published initial information on…
Supervisory Guidance on Multiple Re-Presentment NSF Fees
August 18, 2022 / Source: FDIC
The FDIC is issuing guidance to FDIC-supervised institutions to address certain consumer compliance risks associated with assessing multiple non-sufficient funds (NSF) fees arising from the re-presentment of the same unpaid transaction. Additionally, the FDIC is sharing its supervisory approach when a violation of law is identified, as well as expectations for full corrective action. See…
Technology, Innovation, and Financial Services
August 17, 2022 / Source: FRB
Governor Michelle W. Bowman, At the VenCent Fintech Conference, Little Rock, Arkansas Thank you, Commissioner Marshall, for the invitation to speak to you today. It’s really a pleasure to be here, finally in person at the Venture Center.1 Much has happened over the past few years, and I have been following your work closely. Technology Is…
Federal Reserve Board provides additional information for banking organizations engaging or seeking to engage in crypto-asset-related activities
August 17, 2022 / Source: FRB
The Federal Reserve Board on Tuesday provided additional information for banking organizations engaging or seeking to engage in crypto-asset-related activities. The emerging crypto-asset sector presents potential opportunities to banking organizations, their customers, and the overall financial system; however, crypto-asset-related activities may also pose risks related to safety and soundness, consumer protection, and financial stability. The…
Director Chopra’s Remarks on the Announcement Regarding the Cancellation of Loans for ITT Tech Students
August 16, 2022 / Source: CFPB
Thank you all for being here today. Two decades ago, there was a surge in subprime mortgage lending in our country. Mortgage lenders dangled the American dream in front of people’s eyes, but many of those lenders knew that those borrowers would probably crash and burn. The financial industry cashed in on fees and profited…
Treasury International Capital Data for June
August 15, 2022 / Source: Treasury
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for June 2022. The next release, which will report on data for July, is scheduled for September 16, 2022. The sum total in June of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net…
Accounting: Bank Accounting Advisory Series Updated
August 15, 2022 / Source: OCC
To: Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) today released an update to the Bank Accounting Advisory Series (BAAS). The BAAS contains staff responses to frequently asked questions…
CFPB Takes Action to Protect the Public from Shoddy Data Security Practices
August 11, 2022 / Source: CFPB
Financial companies may be held liable for unfairly putting customers’ data at risk. WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) confirmed in a circular published today that financial companies may violate federal consumer financial protection law when they fail to safeguard consumer data. The circular provides guidance to consumer protection enforcers, including examples of…
OCC to Host Virtual Innovation Office Hours
August 11, 2022 / Source: OCC
WASHINGTON – The Office of the Comptroller of the Currency (OCC) today announced that it will host virtual Innovation Office Hours on September 28–29, 2022, to promote responsible innovation in the federal banking system. Office Hours are one-on-one meetings with representatives from the OCC Office of Innovation to discuss financial technology (fintech), new products or…
Director Chopra’s Prepared Remarks at the 2022 National Association of Attorneys General Presidential Summit
August 10, 2022 / Source: CFPB
Thank you for inviting me to be here with you in Iowa to talk about consumer protection in the digital world. The pandemic accelerated the digitization of our daily lives. Health, transportation, education, and much more have been transformed. Financial services are no different. Banks are opening up storefronts in the metaverse. Relationship banking is…
CFPB Warns that Digital Marketing Providers Must Comply with Federal Consumer Finance Protections
August 10, 2022 / Source: CFPB
Tech firms that use behavioral targeting of individual consumers regarding financial products are liable for violations WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule laying out when digital marketing providers for financial firms must comply with federal consumer financial protection law. Digital marketers that are involved in the identification or…
CFPB Takes Action Against Hello Digit for Lying to Consumers About Its Automated Savings Algorithm
August 10, 2022 / Source: CFPB
Fintech’s Algorithm Wrongfully Depleted Checking Accounts, Leading to Overdraft Penalties for Customers WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is taking action against Hello Digit, LLC, a financial technology company that used a faulty algorithm that caused overdrafts and overdraft penalties for customers. Hello Digit was meant to save people money, but instead the…
FPB, DOJ Order Trident Mortgage Company to Pay More Than $22 Million for Deliberate Discrimination Against Minority Families
August 9, 2022 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) took action to end Trident Mortgage Company’s intentional discrimination against families living in majority-minority neighborhoods in the greater Philadelphia area. The CFPB and DOJ allege Trident redlined majority-minority neighborhoods through its marketing, sales, and hiring actions. Specifically, Trident’s actions discouraged…
Office of Research blog: Housing inflation is hitting low-income renters
August 9, 2022 / Source: CFPB
Inflation was higher over the last year than it’s been for nearly 40 years. Prices for many things have been rising. But not all prices rise at the same rate, so how someone experiences inflation depends on what they buy, how their income has changed, and what they own. This post considers one area where…
U.S. Treasury Sanctions Notorious Virtual Currency Mixer Tornado Cash
August 8, 2022 / Source: Treaury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned virtual currency mixer Tornado Cash, which has been used to launder more than $7 billion worth of virtual currency since its creation in 2019. This includes over $455 million stolen by the Lazarus Group, a Democratic People’s Republic of…
OCC Hosts Credit and Operational Risk Workshops in Orlando
August 8, 2022 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) will host two workshops September 13-14 in Orlando, Fla., for directors, senior management, and other key executives of national community banks and federal savings associations. The Credit Risk: Directors Can Make a Difference workshop on September 13 covers the roles of the board and management, credit…
Federal Reserve Board announces the individual capital requirements for all large banks, effective on October 1
August 4, 2022 / Source: FRB
Following its stress test earlier this year, the Federal Reserve Board today announced the individual capital requirements for all large banks, effective on October 1. Large bank capital requirements are in part determined by the Board’s stress test results, which provide a risk-sensitive and forward-looking assessment of capital needs. The “Large Banks Capital Requirements” table…
The Convergence of Payments and Commerce: Implications for Consumers
August 4, 2022 / Source: CFPB
In recent years, the payment space has moved from an ecosystem with clear constraints and established players to a rapidly evolving environment. While there has been significant attention paid to specific technologies and solutions (e.g., blockchain), there has been less attention paid to the broader changes occurring across the ecosystem. Retail banks, established payment networks,…
Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee
August 3, 2022 / Source: Treasury
Letter to the Secretary Dear Madam Secretary: Economic activity fell at a 0.9% pace in the second quarter of 2022, reflecting weaker demand growth and a 2pp drag from a decline in the pace of inventory accumulation. Residential investment declined at a 14% annualized rate as rising mortgage rates weighed heavily on the housing sector,…
FDIC Issues List of Banks Examined for CRA Compliance
August 3, 2022 / Source: Treasury
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 May 2022. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
Treasury Targets Companies Supporting Iranian Petrochemical Conglomerate
August 1, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against companies used by Iran’s Persian Gulf Petrochemical Industry Commercial Co. (PGPICC), one of the nation’s largest petrochemical brokers, to facilitate the sale of tens of millions of dollars’ worth of Iranian petroleum and petrochemical products from Iran…