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Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Finance Deficiencies
July 4, 2024 / 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…
OCC Guidelines Establishing Standards for Recovery Planning by Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches: Notice of Proposed Rulemaking
July 4, 2024 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) is proposing to revise its guidelines establishing standards for recovery planning by certain large insured national banks, federal savings associations, and federal branches (recovery planning guidelines) at 12 CFR 30, appendix E. The OCC invites the public to comment on all aspects of the proposal….
HUD Updates Tools to Help Americans Buy Homes
July 4, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD), through its Federal Housing Administration (FHA), is making available translated versions of 19 single family mortgage documents used in the servicing of FHA-insured mortgages. These documents will be available in Chinese, Korean, Spanish, Tagalog, and Vietnamese. The educational resources are accessible from FHA’s language access…
CFPB Exams Find Loan Servicing Failures, Illegal Debt Collection Practices, and Issues with Medical Payment Products
July 2, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights sharing key findings from recent examinations of auto and student loan servicing companies, debt collectors, and other financial services providers. The report also highlights consumer complaints about medical payment products and identifies concerns with providers preventing access to deposit and prepaid account…
Joint Statement on the EU-U.S. Financial Regulatory Forum
July 2, 2024 / Source: Treasury
Brussels — The EU–U.S. Joint Financial Regulatory Forum took place on 25-26 June 2024, with participants exchanging views on topics of mutual interest as part of their regular financial regulatory dialogue. The dialogue was hosted by the European Commission and the U.S. Department of the Treasury. EU participants included representatives of the European Commission, the European…
U.S. Department of the Treasury Announces New Funding to Support Technical Assistance for Small Businesses as Part of the Biden-Harris Administration’s Investing in America Agenda
July 2, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of plans for an additional $10 million in technical assistance (TA) funding allocated to four states, two territories, the District of Columbia, and one Tribal government under the American Rescue Plan Act’s State Small Business Credit Initiative (SSBCI) TA Grant Program. Included in…
CFPB and FHFA Release Updated Data from the National Survey of Mortgage Originations for Public Use
July 1, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) today published updated loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO). The data also provide updated mortgage performance and credit information for a nationally representative sample of mortgage borrowers from 2013 to 2021. Since…
Treasury Sanctions Mexico- and China-Based Money Launderers Linked to the Sinaloa Cartel
July 1, 2024 / Source: Treasury
Washington — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned a Mexico-based money launderer and China-based members of a money laundering organization with criminal links to the Sinaloa Cartel as part of ongoing efforts to disrupt the flow of illicit narcotics into the United States. This action is the…
Federal Reserve Board fines Silvergate Capital Corporation and Silvergate Bank $43 million for deficiencies in Silvergate’s monitoring of transactions in compliance with anti-money laundering law
July 1, 2024 / Source: FRB
The Federal Reserve Board on Monday fined Silvergate Capital Corporation and Silvergate Bank $43 million for deficiencies in Silvergate’s monitoring of transactions in compliance with anti-money laundering laws. The Board’s action was taken in coordination with an action by the Department of Financial Protection and Innovation of the State of California, the state supervisor of…