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Technology’s Impact on the Post-Pandemic Economy
October 4, 2022 / Source: FRB
Governor Philip N. Jefferson At “Technology-Enabled Disruption: Lessons from the Pandemic and the Path Ahead,” a conference organized by the Federal Reserve Banks of Atlanta, Dallas, and Richmond Good morning, and thank you. It is a pleasure to be here today. I am happy to be giving my first speech as a member of the…
CFPB Takes Action Against Choice Money for Remittance Failures
October 4, 2022 / Source: CFPB
Company did not provide accurate fee, exchange rate, and other key information for money transfers. Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) is taking action against Choice Money Transfer (Choice Money) for multiple violations of the Remittance Transfer Rule and the Electronic Fund Transfer Act (EFTA). The CFPB found the company did not…
Treasury Takes Additional Sanctions Actions Across Bosnia and Herzegovina
October 3, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two individuals and one business entity in Bosnia and Herzegovina (BiH) pursuant to Executive Order (E.O.) 14033. These designations follow OFAC’s September 26, 2022 designation of a corrupt state prosecutor in BiH and build on other recent sanctions imposed on…
PRESS RELEASE: Financial Stability Oversight Council Releases Report on Digital Asset Financial Stability Risks and Regulation
October 3, 2022 / Source: Treasury
WASHINGTON — The Financial Stability Oversight Council (Council) today released its Report on Digital Asset Financial Stability Risks and Regulation. The Council voted to approve the report in response to Section 6 of President Biden’s Executive Order 14067, “Ensuring Responsible Development of Digital Assets.” As called for by the Executive Order, the report reviews financial stability…
Update to Cybersecurity Resource Guide for Financial Institutions
October 3, 2022 / Source: FFIEC
The Federal Financial Institutions Examination Council, on behalf of its members, released an update to the October 2018 Cybersecurity Resource Guide for Financial Institutions. The updated resource guide now includes ransomware-specific resources to address the ongoing threat of ransomware incidents. Details are available at https://www.ffiec.gov/cybersecurity.htm, under the subheading “FFIEC Resources”.
Federal Reserve Board finalizes updates to the Board’s rule concerning debit card transactions
October 3, 2022 / Source: FRB
The Federal Reserve Board on Monday finalized updates to the Board’s rule concerning debit card transactions. Pursuant to statute, the updates specify that debit card issuers should enable at least two payment card networks to process all debit card transactions, including “card-not-present” transactions, such as online payments.1 The final rule is substantially similar to the proposal…
Acting Comptroller of the Currency Issues Statement on FSOC’s Report on Digital Asset Financial Stability Risks and Regulation
October 3, 2022 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today released the following statement in support of the Financial Stability Oversight Council’s (FSOC) Report on Digital Asset Financial Stability Risks and Regulation. I would like to start by thanking Secretary Yellen, the member agencies, and all the staff for carefully examining the dynamics and structures within…
Plain Writing Act Compliance Report 2022
October 2, 2022 / Source: CFPB
The Consumer Financial Protection Bureau’s ninth annual Plain Writing Act Compliance Report is presented to fulfill the Bureau’s statutory responsibilities pursuant to the Plain Writing Act of 2010. Our commitment to the goals of the Plain Writing Act is central to the Bureau’s mission to make consumer financial markets work for consumers. Fundamental to our…
Consolidated Reports of Condition and Income for Third Quarter 2022
October 2, 2022 / Source: FDIC
The attached materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the September 30, 2022, report date and provide guidance on certain reporting issues. This Financial Institution Letter and the attached Supplemental Instructions should be shared with the individual responsible for preparing the Call Report at your institution. Please plan to complete as early…
Global Financial Stability Considerations for Monetary Policy in a High-Inflation Environment
October 2, 2022 / Source: FRB
At “Financial Stability Considerations for Monetary Policy,” a research conference organized by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York, New York, New York I want to start by thanking Anna Kovner, Rochelle Edge, and Bill Bassett for organizing this conference. The current global environment highlights…
Agencies announce forthcoming resolution plan guidance for large banks and deliver feedback on resolution plan of Truist Financial Corporation
October 2, 2022 / Source: FRB
The Federal Deposit Insurance Corporation and the Federal Reserve Board on Friday jointly announced they anticipate issuing guidance to help certain large banks further develop their resolution plans. Resolution plans, required by the Dodd-Frank Act and commonly known as “living wills,” describe a financial company’s strategy for rapid and orderly resolution under bankruptcy in the…
Treasury Imposes Swift and Severe Costs on Russia for Putin’s Purported Annexation of Regions of Ukraine
October 2, 2022 / Source: Treasury
TREASURY SANCTIONS INTERNATIONAL SUPPLIERS FOR SUPPORTING RUSSIA’S DEFENSE SECTOR AND WARNS OF COSTS FOR THOSE OUTSIDE RUSSIA WHO PROVIDE POLITICAL OR ECONOMIC SUPPORT FOR RUSSIA’S PURPORTED ANNEXATION WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 14 persons in Russia’s military-industrial complex, including two international suppliers, three key…