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Treasury Sanctions Russians Connected to Gross Human Rights Violations and Corrupt Leader of Belarus
March 15, 2022 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated four individuals and one entity pursuant to the Sergei Magnitsky Rule of Law Accountability Act of 2012 (the Russia Magnitsky Act). These Russia Magnitsky Act targets were involved in concealing events surrounding the death of renowned Russian whistleblower Sergei…
Treasury International Capital Data for January 2022
March 15, 2022 / Source: Treasury
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for January 2022. The next release, which will report on data for February, is scheduled for April 15, 2022. The sum total in January of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net…
Safely sending money to loved ones in conflict areas
March 14, 2022 / Source: CFPB
Amid the ongoing war in Ukraine, many people in the United States are trying to help family and friends in Ukraine and those who have fled the country, including finding ways to send them money directly. We have a number of resources aimed at helping you safely send money overseas, as well as to help…
Using the Homeowner Assistance Fund program to help borrowers prevent foreclosure
March 14, 2022 / Source: CFPB
By Lorelei Salas – MAR 14, 2022 As of March 1, 2022, over 768,000 mortgage borrowers remain in active forbearance. Many of these consumers are seriously delinquent and at risk of foreclosure unless they receive loss mitigation assistance from their servicers. The CFPB remains focused on preventing avoidable foreclosures to the maximum extent possible and expects…
WHAT THEY ARE SAYING: State and Local Leaders, New Data Highlight Impact of American Rescue Plan on Anniversary
March 11, 2022 / Source: Treasury
One year after President Biden signed the American Rescue Plan Act into law, our country is in the midst of one of the strongest periods of economic growth in a century. Enacted during a severe public health and economic crisis, the American Rescue Plan has made a difference in the lives of millions of Americans…
Treasury Sanctions Kremlin Elites, Leaders, Oligarchs, and Family for Enabling Putin’s War Against Ukraine
March 11, 2022 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a new round of sanctions targeting Russian and Kremlin elites, oligarchs, and Russia’s political and national security leaders who have supported Russian President Vladimir Putin’s brutal and illegal invasion of Ukraine. Today’s actions include designating regime elites and business…
Treasury Targets Russian Individuals and Entities Supporting DPRK Weapons of Mass Destruction and Ballistic Missile Programs
March 11, 2022 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today sanctioned two individuals and three entities for supporting the DPRK’s ongoing development of its weapons of mass destruction (WMD) and ballistic missile programs in violation of multiple United Nations Security Council resolutions (UNSCRs). The DPRK has conducted 11 ballistic missile…
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies March 2022
March 10, 2022 / 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 to combat money laundering, counter the financing of terrorism, and combat weapons of mass destruction proliferation financing (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with strategic AML/CFT/CPF…
New effort focused on financial issues facing rural communities
March 10, 2022 / Source: CFPB
By Shawn Sebastian – MAR 10, 2022 The Consumer Financial Protection Bureau has launched a new initiative to focus on financial issues facing rural America. Our effort will initially focus on rural banking deserts, discriminatory and predatory agricultural credit, and manufactured housing. There is no single rural America–from Appalachia and the Deep South to rural…
Treasury and IRS Announce Aggressive Plan to End Pandemic Inventory Backlog This Year
March 10, 2022 / Source: Treasury
Today, Deputy Secretary of the Treasury Wally Adeyemo and IRS Commissioner Charles P. Rettig traveled to the IRS Campus in Philadelphia where they thanked employees for their tireless efforts and outlined an aggressive plan that will end the pandemic backlog this year. “Since the pandemic began, IRS employees have been called on to go above…
CFPB Director Chopra Statement on President Biden’s Digital Assets Executive Order
March 9, 2022 / Source: CFPB
WASHINGTON, D.C. — Today, CFPB Director Rohit Chopra released the following statement on President Biden’s Executive Order , Ensuring Responsible Development of Digital Assets: “Today’s Executive Order recognizes that the dramatic growth in digital asset markets has created profound implications for financial stability, consumer protection, national security, and energy demand. The Consumer Financial Protection Bureau is committed to working…
Shining a Spotlight on Workers’ Financial Experiences
March 9, 2022 / Source: CFPB
By Emma Oppenheim – MAR 09, 2022 There are troubling signs that too many American workers face financial hardship, even as the economy recovers and unemployment remains relatively low. Larger firms dominate many markets , while fewer workers are directly employed by the larger firms that exert significant influence over labor conditions within their markets and supply chains. In response…
FACT SHEET: The Impact of the American Rescue Plan after One Year
March 9, 2022 / Source: Treasury
One year after President Biden signed the American Rescue Plan Act into law, our country is in the midst of one of the strongest periods of economic growth in a century. Enacted during a severe public health and economic crisis, the American Rescue Plan has made a difference in the lives of millions of Americans…
U.S. Treasury Guidance on President Biden’s Executive Order
March 8, 2022 / Source: Treasury
WASHINGTON – Following President Biden’s announcement today banning the import of Russian oil, liquefied natural gas, and coal to the United States – a significant action with widespread bipartisan support that will further deprive President Putin of the economic resources he uses to continue his needless war of choice — the U.S. Treasury released one General License…
Treasury Launches Consumer Education Effort on Digital Assets
March 8, 2022 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury announced today that the Financial Literacy and Education Commission (FLEC) would form a new subgroup on digital asset financial education, which will operate alongside the FLEC’s current workstream analyzing the impact of climate change on household and community financial resilience. Through this group, the FLEC will work…
Large Bank Supervision: Updated Comptroller’s Handbook Booklet and Rescission
March 8, 2022 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) issued today an updated “Large Bank Supervision” booklet of the Comptroller’s Handbook. The “Large Bank Supervision” booklet is prepared for use by OCC examiners in connection with their examination and supervision of midsize and large national banks and federal savings associations as well as foreign-owned U.S. branches…
No FEAR Act Annual Report for fiscal year (FY) 2021
March 8, 2022 / Source: CFPB
MAR 08, 2022 The CFPB presents its Notification and Federal Employee Antidiscrimination and Retaliation Act of 2002 (No FEAR Act) Annual Report of Fiscal Year (FY) 2021. This report summarizes the Bureau’s EEO complaint activity, the most significant accomplishments in our EEO program, our strong commitment to abide by civil rights and whistleblower protection laws…
New Treasury Report Finds Corporate Concentration, Anti-competitive Practices Have Stifled Wages for Workers and Reduced their Power in the Marketplace
March 7, 2022 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury, in consultation with the U.S. Department of Justice, the U.S. Department of Labor and the Federal Trade Commission, issued a new report on competition in the labor market today. The report, “The State of Labor Market Competition in the U.S. Economy,” finds that the American labor market…
Acting Comptroller Discusses Climate Risk Management, Diversity and Inclusion
March 7, 2022 / Source: OCC
News Release 2022-22 | March 7, 2022 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed climate-related financial risk and the importance of promoting diversity and inclusion in the banking industry at the Institute of International Bankers Annual Washington Conference. Related Links Remarks (PDF) Acting Comptroller of the Currency Michael J. Hsu
FinCEN Provides Financial Institutions with Red Flags on Potential Russian Sanctions Evasion Attempts
March 7, 2022 / Source: FinCEN
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today issued a FinCEN Alert, advising all financial institutions to be vigilant against potential efforts to evade the expansive sanctions and other U.S.-imposed restrictions implemented in connection with the Russian Federation’s further invasion of Ukraine. The alert provides examples of red flags to assist in identifying suspected sanctions evasion activity…
Joint Statement on the U.S.-EU Joint Financial Regulatory Forum
March 7, 2022 / Source: Treasury
WASHINGTON – U.S. and EU participants in the U.S. – EU Joint Financial Regulatory Forum (“the Forum”) met virtually on March 1-2, 2022, to exchange views on topics of mutual interest as part of their ongoing financial regulatory dialogue. EU participants included representatives of the European Commission, the European Banking Authority (EBA), the European Securities…
Treasury Sanctions Hizballah Financiers in Guinea
March 4, 2022 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two key Hizballah financiers operating in Guinea pursuant to Executive Order (E.O.) 13224, as amended. This action is aimed at disrupting Hizballah’s business network in West Africa, which relies on bribery and influence to circumvent the rule of law….
Remarks by Secretary of the Treasury Janet L. Yellen at Stanford Institute for Economic Policy Research’s 2022 Economic Summit
March 4, 2022 / Source: Treasury
As prepared for delivery Let me start by thanking the Stanford Institute for Economic Policy Research, and especially Director Mark Duggan, for inviting me to participate in today’s event. SIEPR has an impressive track record of supporting high-quality, impactful economic policy research, and it is an honor to be part of this organization’s Economic Summit….
FATF Strengthens Financial Transparency Standards and Updates Evaluation Methodology
March 4, 2022 / Source: Treasury
WASHINGTON – Today the Financial Action Task Force (FATF) concluded its sixth plenary since the start of the ongoing COVID-19 pandemic, in a hybrid virtual/in-person session. The FATF agreed upon a revised standard to combat the misuse of anonymous shell companies and set the stage for its members and the broader global FATF network to…
FDIC Issues List of Banks Examined for CRA Compliance March 2022
March 4, 2022 / Source: FDIC
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 December 2021. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…