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Treasury Targets Global Sanctions Evasion Network Supporting Russia’s Military-Industrial Complex
February 2, 2023 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed full blocking sanctions against 22 individuals and entities across multiple countries related to a sanctions evasion network supporting Russia’s military-industrial complex. Today’s action, taken pursuant to Executive Order (E.O.) 14024, are part of the U.S. strategy to methodically and…
Treasury Welcomes Clear Guidance on Pillar Two Global Minimum Tax, Tax Credit Protections
February 2, 2023 / Source: Treasury
Guidance Adopted by Consensus of the 142 Countries and Jurisdictions in the OECD/G20 Inclusive Framework Delivers Greater Certainty for U.S. Taxpayers and Protects Key Climate Incentives WASHINGTON – Today, the OECD/G20 Inclusive Framework released a package of technical and administrative guidance that achieves clarity on the global minimum tax on multinational corporations known as Pillar…
Director Chopra’s Remarks on Press Call for Credit Card Late Fees NPRM
February 1, 2023 / Source: CFPB
Good afternoon. The Consumer Financial Protection Bureau is proposing a rule that we project will reduce credit card late fees paid by Americans by $9 billion each year. Our goal is to ensure that the credit card market is fair and competitive and that the credit card industry is properly following a 2009 law passed…
CFPB Proposes Rule to Rein in Excessive Credit Card Late Fees
February 1, 2023 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule to curb excessive credit card late fees that cost American families about $12 billion each year. Major credit card issuers continue to profit off late fees that are protected by an expansive immunity provision. Credit card companies have also relied on this provision…
Home Mortgage Disclosure Act: Loan Origination Threshold Changes
February 1, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to inform banks1 and OCC examining personnel that the loan origination threshold for reporting Home Mortgage Disclosure Act (HMDA) data on closed-end mortgage loans has changed. Due to a recent court decision, the threshold for reporting is now 25 closed-end mortgage loans…
Federal Open Market Committee reaffirms its “Statement on Longer-Run Goals and Monetary Policy Strategy”
February 1, 2023 / Source: FRB
The Federal Open Market Committee, at its annual organization meeting this week, unanimously reaffirmed its “Statement on Longer-Run Goals and Monetary Policy Strategy,” often known as the consensus statement, and which articulates its approach to monetary policy. The reaffirmed statement is identical to the version initially adopted in August 2020. The Committee first adopted a similar…
Federal Reserve issues FOMC statement
February 1, 2023 / Source: FRB
Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation has eased somewhat but remains elevated. Russia’s war against Ukraine is causing tremendous human and economic hardship and is contributing to elevated global uncertainty. The Committee is highly attentive…
Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee
February 1, 2023 / Source: Treasury
January 31, 2023 Letter to the Secretary Dear Madam Secretary: GDP rose at a 2.9% annualized rate in the fourth quarter of 2022, reflecting a softer 0.8% growth rate of final sales to domestic purchasers, but a large 1.5pp boost from inventory accumulation. Consumption grew at a 2.1% rate, residential investment declined at a 26.7%…
Quarterly Refunding Statement of Assistant Secretary for Financial Markets Josh Frost
February 1, 2023 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury is offering $96 billion of Treasury securities to refund approximately $67.1 billion of privately-held Treasury notes and bonds maturing on February 15, 2023. This issuance will raise new cash from private investors of approximately $28.9 billion. The securities are: A 3-year note in the amount of $40…
Implementation of the FDIC’s Information Technology Risk Examination Program
February 1, 2023 / Source: OIG FDIC
February 1, 2023 The Office of Inspector General of the Federal Deposit Insurance Corporation has issued its report on Implementation of the FDIC’s Information Technology Risk Examination Program – otherwise known as InTREx. Cyber risks present some of the greatest systemic threats facing the financial services sector – both domestically in the United States, and globally. The…